Glossary

Electronic Funds Transfer (EFT)

Electronic funds transfer or EFT refers to the computer-based systems used to perform financial transactions electronically. An EFT is the electronic exchange or transfer of money from one account to another, either within the same financial institution or across multiple institutions. Two main EFT remittance methods are wire transfers and automated clearing house (ACH).

Related Terms

Ready to start reducing your returns and ensure compliance?