“ Urabitur Varius Eros Rutrum Consequat Mauris Aewa Sollicitudin Enim Condimentum Luctus Enim Justo Non Molestie Nisl ”

What is an EFT?

An electronic funds transfer (EFT) is a digital method for moving money from one bank account to another quickly and securely, both domestically and internationally. The term encompasses a wide range of electronic transactions, including deposits, payments, and debits, completed without needing paper documents.

Almost all transactions today are EFTs such as ACH deposits, wire transfers, and credit card payments. Each has their own characteristics, but they all let you move money quickly and securely across the globe without the need for physical documents.

Key takeaways:

• Electronic funds transfers (EFTs) allow businesses to send and receive payments electronically.
• Wire transfers are a type of EFT designed to seamlessly transfer funds between accounts internationally, quickly and securely.
• Domestic transfers, like ACH payments, are a popular EFT choice for issuing payroll, paying bills, and setting up recurring payments.

From paying suppliers and employees to receiving customer payments, money constantly moves in and out of your business. Most of these payment transactions are likely made through electronic fund transfers (EFTs).

Globally, EFTs are the primary source of sending and receiving payments. By 2027, cross-border payments like EFTs could grow to $250 trillion US.1 To better understand how EFTs work and their benefits, we’ll explore the different types and how using cross-border transfers can benefit your business.