What is the difference between GIRO-EFT and wire transfer?


It is our understanding that a giro account is an account at a Post Office -- mostly referenced to foreign countries -- and is similar to a bank account from which funds can be transferred. A definition of giro from WordReference.com (see definition here) is "a British financial system in which a bank or post office transfers money from one account to another when they receive authorization to do so." A giro-EFT appears to be the similar to a wire transfer, where some banks such as Citigroup offer same-day transfers like a U.S. domestic wire transfer.

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