Giropay Brokers 2020 – Which Brokers Accept Giropay Deposits ?

giropay brokersGiropay is a German online-banking payment system which enables clients to make secure purchases online via direct online bank transfers. The internet payment system allows real-time transactions, making it a convenient option for Forex traders looking for instant funding to their trading accounts.

In addition, the high levels of security combined with the lack of chargeback rights mean the risk of fraud is very low.

In this useful guide, we take a look in detail at brokers and trading platforms which accept Giropay as an internet payment method, including the advantages and disadvantages of trading using Giropay and who may benefit from this alternative internet payment method.

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Overview

The payment system was introduced initially in Germany in 2006 and is owned by Giropay GmbH. The brand grew quickly and by 2010, the company had processed almost 6 million transactions, with record-breaking new customer sign-ups each month.

Today, the internet payment system is very popular and processes more than one million transactions every month. In fact, within Germany, Giropay transactions account for more than 60% of commercial banking transactions.

According to the firm, 85% of German consumers have used Giropay at least once as a payment solution.

As a direct bank e-system, the money is collected straight from your bank account. This means very little preparation is required, with Giropay simply acting as an intermediary between the broker and your bank.

The improvement and accessibility of internet banking is one of the key factors which has led to the rise in popularity of Giropay’s service. To ensure the service works seamlessly with users’ preferred banking methods, Giropay supports both desktop and mobile transactions.

There are a vast number of FX sector traders in Germany, so many brokers are already geared up to accept Giropay for Forex transactions. In addition, the integrity of the brand ensures that a wide variety of brokers are willing to accept the payment method with confidence.

As a service which is predominantly geared towards the German market, it is only available in Germany and a few surrounding countries. At present, this availability does not extend to the UK.

However, the system itself is similar to a variety of payment methods, such as the Canadian Interac Online service, the Dutch iDEAL system, Trustly within the UK and Secure Vault Payments which is popular in the United States.

If you are familiar with the interface and various security features of these systems, you may find them an alternative to Giropay.

Advantages

  • It is very quick to set up as payments are processed through your usual internet banking facility, with Giropay acting as an intermediary.
  • There is no need to enter debit or credit card details online, making Giropay one of the safest payment methods.
  • Payments are guaranteed up to a maximum of 5,000 Euro.
  • Funds are added to trading accounts instantly, as payments are processed in real-time.
  • It is free to register with Giropay and transaction fees are low, with costs reducing as payment amounts increase.
  • Giropay is one of the most trusted online payment platforms in Germany.
  • Since it is a German payment solution, the service is localised in terms of language and currency support.

Drawbacks

  • As a German company, the majority of banks providing access to the service are German.
  • Customers are not given an option to file for a chargeback.
  • Although it is an easy process, more than one stage is involved when making a deposit.
  • It is not possible to make a withdrawal through Giropay.
  • The only currency supported is Euro.
  • If you are based in the UK, the service will be unavailable, unless you hold a German current or savings account.
  • As a German payment method, there may be limited acceptance of Giropay by brokers which do not operate in Germany.

Speed of Giropay Payments

Making a deposit via Giropay is very quick, with funds loaded into your trading account instantly. In fact, it is estimated that it takes users between 5 and 6 minutes to complete a Giropay transaction.

A user will have up to 5 minutes to log into their bank and up to 5 minutes to complete the payment process once logged in, otherwise the transaction will time out.

In some cases, there may be a delay in receiving the authorisation confirmation from the user’s bank, which could result in the transaction timing out. However, this is very rare and usually, authorisation is received within the required timeframe.

Unlike traditional bank transfers which can take up to 5 working days, this method is one of the quickest ways to make an internet payment.

Security

The Giropay online payment solution is very secure and uses AES 356-bit encryption, combined with TLS 1.2 for secure payment transmission.

As there is no need to provide your debit or credit card details, Giropay is one of the safest ways to fund Forex accounts.

The parent company, Giropay GmbH, is regulated by the Federal Financial Supervisory Authority which is a sign of its commitment to adhering to all regulations.

The exact level of security will depend on the customer’s bank, which will provide either two-factor authentication or the simpler PIN and TAN security system. For transactions of less than 30 Euro, a TAN may not be required.

Instead of providing confidential information to a third-party, both systems ensure no sensitive information is shared with the merchant.

However, it is worth noting that there is no chargeback right available for consumers choosing to use this payment method.

To ensure the highest level of security possible, Giropay advises users not to share their PIN, account details or SSN with any third parties.

In addition, Giropay state that invoices are never sent via email and if any emails are received which ask for personal information, they should not be trusted.

Deposits and Withdrawals

To begin using Giropay, customers simply need to enable their online banking and ensure it is set up to use a transaction authentication number (TAN) and PIN or two-factor authentication. The steps involved in making a payment are as follows:

  1. To make a deposit using Giropay, simply select Giropay as your preferred deposit method within your trading account. It is possible to make a payment up to a maximum amount of 50,000 Euro and the minimum amount is 0.10 Euro.
  2. You will then be redirected to the Giropay website, where you will need to select your bank.
  3. Giropay will redirect you to your bank’s online banking login page, where your bank will display the transaction information.
  4. You will then need to enter your PIN and your bank will send a remittance slip to confirm the transaction, which includes the TAN. This unique number needs to be entered to confirm the transaction. Alternatively, if your bank offers two-factor authentication, the transaction can be confirmed digitally.
  5. The payment will be processed, and your account will reflect the new balance instantly. If there is not enough available in your account to process the transaction it will be refused.
  6. The merchant will receive real-time confirmation of the payment and you will be redirected back to the merchant’s confirmation page.

It is also possible to use Giropay to fund a variety of e-wallets such as PayPal and Skrill. If you prefer the flexibility of using e-wallets, the Giropay service provides an additional way to fund your account.

While making deposits using Giropay is straightforward, it is not possible to make a withdrawal using Giropay. To make a withdrawal from your broker account you will need to pick an alternative method. Our recommendation would be to use one of the e-wallets for withdrawals, as many of these can sync with Giropay for making deposits.

Although the Giropay service is designed to support both desktop and mobile devices, the exact availability of mobile device support will depend on the user’s bank.

Many banks offer mobile login pages, however not all online banking services are fully optimised for mobile use.

Giropay Fees or Costs

It is quick and easy to set up a Giropay account, all you need is a German bank account and proof of identification. There are no fees for opening a Giropay account.

The exact cost of deposits is calculated on a per-transaction basis, ranging between 0.9% and 1.2%. The cost will decrease as the transaction value or volume increases. Although, there is a minimum transaction fee of €0.08 for each transaction.

In addition, it is worth considering that if you fund an e-wallet using Giropay, the e-wallet themselves may charge. The majority of banks and brokers won’t charge you for using Giropay, although you should always check terms and conditions before making a deposit.

For example, there are some payment methods which result in fees to accounts, such as Skrill, Neteller and Entropay. Although, this does mean Giropay could provide a free alternative.

If you are only making small deposits, these relatively small fees are unlikely to be much of a deterrent. However, if you are making high-value deposits into your trading account on a regular basis, the fees may start to mount up.

Is Giropay a good choice for Traders

Giropay is a popular payment method in Germany, thanks to its flexibility, security and charge-free transactions and it is clear that it could offer many Forex traders with a convenient and safe payment solution.

However, it is not widely available to UK users, as a German bank account is required to use the service. Although, as the service continues to gain popularity, it is likely more banks will begin to support Giropay payments. This will, in turn, mean that a growing number of brokers begin to accept Giropay as a payment method.

It is very similar to e-wallets such as Skrill and Neteller, although the payment process requires fewer steps.

So, if you are based in Germany or hold a German bank account and are looking for an alternative, Giropay could offer a fast alternative.

It will particularly appeal to users who do not want to enter their debit or credit card details online, especially when the high levels of security are taken into account.

However, you should bear in mind that it can only be used to make deposits and an alternative method will be required if you want to make a withdrawal from your trading account.

Despite the limited availability, Giropay is a hugely popular internet payment method which is well-suited for use within the Forex trading industry. Although it may not suit users outside of Germany yet, if you do hold a German bank account, Giropay has plenty to offer.

FAQ

Which currencies are accepted through Giropay?

Giropay only supports payments in Euro, which is not as issue for most users, as they are required to hold a German bank account to use the service.

Which countries can use Giropay?

Although Giropay is predominantly offered in Germany, there are other countries which use the service, such as Austria and the Netherlands.

Which banks support Giropay?

The majority of German cooperative and Sparkassen banks support Giropay payments. However, the only major private bank is Deutsche Postbank.

Despite the limitations, Giropay estimate they can provide a service to roughly 17 million online banking customers in Germany.

What languages does Giropay support?

As a German payment solution, Giropay only supports the German language.

Does Giropay offer customer support?

Yes, Giropay offer 24/7 online customer support via their website. They also offer a phone support service and support via their Facebook and Twitter social media pages.

The Giropay website address is: www.giropay.de and the support telephone number for customers is: +49 721 476 663544. The registered office address is Giropay, GmbHAn der Welle 4, 60322 Frankfurt, Hessen, Germany.

How will a Giropay transaction appear on my bank statement?

The transaction description on your bank statement will be the name of the broker, rather than Giropay.

The Giropay service is simply an intermediary payment processor and your payment will still be made to your trading account.