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Electronic funds transfer or EFT refers to the computer-based systems used to perform financial transactions electronically. The term is used for a number of different concepts: * Cardholder-initiated transactions, where a cardholder makes use of a payment card * Direct deposit payroll payments for a business to its employees, possibly via a Payroll Services company * Direct debit payments from customer to business, where the transaction is initiated by the business with customer permission * Electronic bill payment in online banking, which may be delivered by EFT or paper check * Transactions involving stored value of electronic money, possibly in a private currency * Wire transfer via an international banking network (generally carries a higher fee) * Electronic Benefit Transfer
Wiki User
∙ 15y ago
Wiki User
∙ 12y agoElectronic funds transfer is a system through which a customer can transfer money to another customers account without having to physically visit the bank. For ex: if I have to give you Rs. 1000 for some reason, I can either visit you and give it or give you a cheque. Alternately, I can login to my bank account online and add you as a payee and then send the money electronically. That is electronic funds transfer.
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how do I set up electronic funds transfer?
how do I set up electronic funds transfer
What is an 820 transaction in regards to an electronic funds transfer?
An 820 Transaction in regards to an Electronic Funds Transfer is the software program that starts the transfer process. An 820 Transaction and the EFT are actually the same thing.
How long for electronic fund transfer to take place?
how long for elctronic transfer of funds
Full form of NEFT?
National Electronic Funds Transfer
What is the full form of NEFT?
National Electronic Funds Transfer.
What is the full form of EFT?
electronic funds transfer (EFT)
What has the author Thomas F Horan written?
Thomas F. Horan has written: 'Electronic payment systems' -- subject(s): Electronic funds transfers 'Electronic funds transfer systems' -- subject(s): Electronic funds transfers
In bank process what is meant by NEFT?
National electronic funds transfer.......
What is NEFT code?
NEFT stands for National Electronic Funds Transfer. It is an electronic funds transfer service that is available for the citizens of India to transfer funds electronically from one bank to another. All banks have a unique NEFT code using which the bank name and the branch can be identified. Whenever you initiate a funds transfer request using NEFT, the NEFT code of the bank which is supposed to receive the funds is mandatory.
What services does Banrural have to offer?
Banrural is a money transfer service. Some of the services they offer include: Arch Electronic Funds Transfer, Bank Electronic Funds Transfer, and sending money all across the world from the comfort of your own home.
What is a bank transfer?
A bank transfer is an alternative term for a wire transfer - a transfer of funds between banks via electronic means.
What does ACH Transfer offer their customers?
Automatic Clearing House or ACH is also more commonly known to consumers as an Electronic Funds Transfer. It allows an electronic transfer of funds from one financial institution or account to another. Enabling time saving and efficient transfers of funds from consumers or businesses.
