A system for transferring bank deposits long used in most European countries and offered as a service by the UK Post Office from 1968 and by UK CLEARING BANKS shortly afterwards. Instead of a transfer being effected by a cheque, the holder of a giro...

A giro, also called a direct deposit, is a banking term for a method of payment. It is almost the opposite of a cheque. A cheque is given to a payee who deposits it in a bank, but a giro is given by the payer to their bank, which transfers funds into...