Electronic Funds Transfer (EFT) is the electronic exchange, transfer of money from one account to another, either within the same financial institution or across multiple institutions, through computer-based systems.
- Enough funds or credit balance in local or foreign denomination available on the customer’s
account for transfer.
- Beneficiary’s names and account details.
- Name and address of recipient Bank.
- Transfer of funds is faster.
- Risk associated with the physical movement of large sums of cash is avoided.
- Convenient and faster.