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.