EFT (Electronic Funds Transfer)
The electronic transfer of funds from one account to another, including direct debits, online payments and wire transfers.
Related terms
Wire Transfer
An electronic transfer of funds across a network administered by banks and transfer service agencies around the world, moving money directly from one bank or credit union to another.
Read full definitionACH (Automated Clearing House)
A network used for electronic payments and money transfers. ACH is popular in the United States for domestic transactions, including direct deposit, payroll and bill payments.
Read full definitionMoney Transfer
The movement of money from country to country across a variety of volumes and currencies. Common types include electronic funds transfers, wire transfers, giro and money orders.
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BACS
Bankers’ Automated Clearing Services, the process for making sterling payments via domestic UK banks. Mostly used for direct credits and direct debits, BACS payments tend to take three business days to clear.
Read full definitionBIC (Bank Identifier Code)
Also known as a SWIFT code, a standard format used to identify a specific bank during an international transaction.
Read full definitionCash Transfer
The movement of funds from one entity to another. When moving cash from one country to another, the term is often used interchangeably with currency transfer, foreign exchange and currency conversion.
Read full definitionCHAPS
Clearing House Automated Payment System, a faster way of making sterling payments that are usually cleared on the same working day.
Read full definitionClearing House
An organisation, institution or third party that settles a financial obligation between a buyer and seller, ensuring all parties honour and settle the agreements they have committed to.
Read full definitionCross-Border Payment
A transaction involving a money transfer between two entities in different countries. These payments typically involve currency conversion and are subject to foreign exchange regulations.
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