Electronic Funds Transfer

Electronic Funds Transfer (EFT) is a digital way of moving money between bank accounts without using cash or checks. It allows individuals and businesses to transfer funds quickly and securely through electronic systems, such as online banking, ATMs, or payment networks. EFT is commonly used for direct deposit of salaries, paying bills, or transferring money internationally. It reduces the need for physical handling of money, speeds up transactions, and enhances security. Overall, EFT simplifies and streamlines the process of sending and receiving money electronically.