Electronic Funds Transfer
What is Electronic Funds Transfer (EFT)?
Money that is transmitted from one bank account to another bank account electronically without the involvement of the bank’s staff member, whether it is sent within a single bank or includes various banks, is known as Electronic Funds Transfer.
Example of Electronic Funds Transfer (EFT)
- In businesses, payments are made to suppliers and vendors.
- EFT is usually used in the case of electronic remittance of government taxes.
- Money transfer through ATM or mobile application.
Related: Direct Deposit, ACH