electronic funds transfer

Meaning

1. 1nouncountable or uncountablebusinessfinancetechnical

   The movement of money from one bank account to another using computers or electronic systems, with no paper involved.

   Grammar: Can be countable (an electronic funds transfer) or uncountable (by electronic funds transfer). Often shortened to EFT.

   Patterns

   • by electronic funds transfer
   • an electronic funds transfer from something to something
   • electronic funds transfer system

   The company pays all its suppliers by electronic funds transfer.

   An electronic funds transfer usually reaches the other account within one working day.

   The bank charges a small fee for each electronic funds transfer.

Word forms

Common combinations

by electronic funds transfer

Salaries are paid by electronic funds transfer on the last day of the month.

electronic funds transfer system

The electronic funds transfer system was down for two hours.

make an electronic funds transfer

You can make an electronic funds transfer from your mobile banking app.

electronic funds transfer fee

There is no electronic funds transfer fee for domestic payments.

Synonyms and how they differ

wire transfer

Often used for international or urgent transfers; 'electronic funds transfer' is the broader, more technical term.

bank transfer

The everyday term; 'electronic funds transfer' sounds formal and is common in contracts and regulations.

direct deposit

Refers specifically to paying someone's salary or benefits straight into their account, not transfers in general.

Word family

transfer noun

The general act of moving money, people or things from one place to another.

transfer verb

To move money or something else from one account or place to another.

Commonly confused: electronic funds transfer or electronics funds transfer?

Practice

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