Fotos Aylin Villanueva

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


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