What is the meaning of electronic funds transfer (EFT)?

electronic funds transfer > EFT

electronic funds transfer (EFT) is an electronically based rather than paper-based system of transferring funds to and from accounts. Two main EFT remittance methods are wire transfers and automated clearing house (ACH).

Barry Goldsmith
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APABarry Goldsmith. (2010). electronic funds transfer (EFT). Retrieved September 21, 2026, from http://smartdefine.org/electronic_funds_transfer_(eft)/definitions/1152849
ChicagoBarry Goldsmith. 2010. "electronic funds transfer (EFT)" http://smartdefine.org/electronic_funds_transfer_(eft)/definitions/1152849 (accessed September 21, 2026).
HarvardBarry Goldsmith 2010, electronic funds transfer (EFT), Smart Define, viewed 21 September, 2026, <http://smartdefine.org/electronic_funds_transfer_(eft)/definitions/1152849>.
MLABarry Goldsmith. "electronic funds transfer (EFT)" 21 October 2010. Web. 21 September 2026. <http://smartdefine.org/electronic_funds_transfer_(eft)/definitions/1152849>