Electronic Funds Transfer (EFT)

What is Electronic Funds Transfer (EFT)?

Electronic Funds Transfer (EFT) is the electronic movement of money from one bank account to another, without the use of paper checks or cash.

EFT can be carried out through various methods, such as online banking, wire transfers, direct deposit, and automated clearing house (ACH) transactions. It is a secure, efficient, and cost-effective way to transfer funds, and is widely used for both business-to-business and consumer payments.

Can EFT be used for international payments?

Yes. EFT can be used for international payments, although the exact method varies depending on the countries and financial institutions involved. For example, a wire transfer allows money to be sent directly between bank accounts in different countries, and is widely used for higher-value transactions.

In the UK, BACS (Bankers' Automated Clearing Services) is a domestic EFT system used to transfer funds between banks. International EFT transactions may be subject to additional regulations and fees, and can take longer to complete than domestic transfers.

EFT and MIDAS

EFT is one of several payment methods we accept for new purchases, subscription renewals, and upgrades of our MIDAS room booking software.