ATM transactions include transfers between a savings account and a checking account. Global ACH payments include SEPA (Single Euro Payments Area) payments in the EU for its 36 member-states. Several payment methods can be considered electronic funds transfers (EFTs). Recipients get a notification that an amount of money has arrived from a payer and whether the status of funds is pending or available for use. EFT payments are also called e-Payments because each transaction is completed online and doesn’t include paper checks in the payment process. What is an EFT Payment?ĮFT payment ( electronic funds transfer) is a term that includes many types of electronic payments, including ACH transfers and wire transfers. Electronic funds transfers include ACH, wire transfer, instant eWallet payments, and other digital payment methods. What is Electronic Funds Transfer (EFT)?Īn electronic funds transfer ( EFT) is a broad term for a payer sending money and a payee receiving money through an online payment system. An ACH payment happens when money is moved from one bank to another and is defined as either a direct deposit or direct payment. But they are both digital payments, and in fact, ACH is a type of EFT payment. The main difference between EFT and ACH payments is that EFT is an umbrella term for all digital payments, whereas ACH is only a specific type of digital payment.
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