the recipients account is registered or fund transfer to that account has been taken place previously, the fund transfer is immediate. Both wire transfer and EFT mainly involve the transferring of money and/or funds from a person/business to the other. As wire transfer and EFT (electronic fund transfer) are related to one another, it is a good to know the difference between wire transfer and EFT. Wire transfer is bank-to-bank transaction and more useful and convenient for fund transfers internationally while EFT, in addition to wire transfer, is also suitable for domestic transactions like paying for bills, groceries and other merchants. Thank you for your feedback. January 27, 2011 Posted by, admin, wire Transfer vs EFT. The first time a client pays using their bank, VersaPay makes a small micro-deposit to verify the user account ownership. These are our banking details so you can set up an Electronic Fund Transfer with your bank: Our iban is: IE36aibk, our BIC is: aibkie2D, did this answer your question?
EFT is the process of wire transfer, or in other words, wire transfer is one of the many concepts that uses electronic fund transfer. If a client wishes to pay by credit card, VersaPay can set you up with a merchant account. Wire transfer is a type of electronic fund transfer where going to the bank and filling up withdrawal slips or deposit slips is not necessary. This is the fastest way to transfer money from one account to another. The process wherein funds (money) are transferred electronically via a computer system is called EFT or Electronic Fund Transfer. EFT is beneficial in a way that when money is being transferred to another country, the currency is automatically calculated and converted.
Electronic funds transfer, a type of financial transaction.
Exchange-traded fund, a type of fund designed to mirror indexes or specific grouping.
Common examples of EFT that one may have encountered already are credit cards, debit cards, electronic bill payments, wire transfers, direct debit.
How do I set up an Electronic Funds Transfer ( EFT ) on my bank account to pay my Electric Ireland bill?
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