What is an Electronic Money Transfer? An electronic Funds Transfer (EFT) is when money is transferred electronically from one bank account to another bank account. This term applies when both the sending and receiving accounts are within the same financial institution and when the transfer is made between accounts held in multiple institutions. An electronic money transfer is done via computer systems without the need for human intervention. The term Electronic Money Transfer refers to any transfer of funds initiated electronically via credit card; computer; point-of-sale (POS) or ATM. The transfer could be for any purpose including debit transfers, mortgage payments, payroll payments, credit transfers and more. Electronic Money Transfers are known by different names in different systems including Electronic Funds Transfer (EFT); giro transfer or Direct Deposit (used to deposit salaries directly in employees’ bank accounts). It is often used as an umbrella term for all money transfers made electronically. Read more https://www.gbofintech.com/wire-bank-transfers-vs-telegraphic-transfers-vs-iban-money-transfers/ U