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Some of the most common ways to send or receive money electronically include ACH, EFT, and wire transfers.
An EFTS payment is essentially an electronic personal check, whereas a wire transfer is more like an electronic cashier's check. EFTS transfers are often called "ACH transfers", because they take place through Automated Clearing Houses. One important way ACH transfers differ from wire transfer is that the recipient can initiate it.
Electronic funds transfer (EFT) is the transfer of money from one bank account to another, either within a single financial institution or across multiple institutions, via computer-based systems. The funds transfer process generally consists of a series of electronic messages sent between financial institutions directing each to make the debit ...
Continue reading → The post EFT Payments vs. Bank Wires appeared first on SmartAsset Blog. Even gifts, once done by cash or check, are being taken over by electronic transfers.
ACH Deposit vs. Wire Transfer: What’s the Difference? Wire transfers are another way to electronically transfer money. However there are some important differences. Unlike ACH deposits, wire ...
The term electronic payment refers to a payment made from one bank account to another using electronic methods and forgoing the direct intervention of bank employees. Narrowly defined electronic payment refers to e-commerce —a payment for buying and selling goods or services offered through the Internet, or broadly to any type of electronic ...