You May Still Be Wondering...
Are electronic funds transfers safe? 🔐
Yes. So long as you're making your EFT through a legitimate bank or financial services provider, you can be virtually guaranteed that your money will be safe. However, despite the all-round security of modern banks and their funds transfer protocols, you're still at risk of being scammed by a third party, particularly when it comes to credit card payments. Always be sure that the person to whom you're sending an EFT is indeed a credible and legitimate person or institution.
Is an electronic funds transfer the same as a direct deposit? 📥
No. An EFT is a general term used to describe any type of payment method that's made electronically. A direct deposit, on the other hand, is a specific term used to describe a type of EFT whereby money is deposited into a person's bank account. This process can also be done physically, and not necessarily electronically.
Are electronic funds transfers immediate? 🚀
No, but they're usually fairly fast. Depending on your country, EFTs sent domestically can take anywhere from a few seconds to a few days to arrive in the recipient's account, while EFTs sent internationally tend to take around three days to arrive, on average.
Are EFTs and ACH payments the same? 🗽
More or less. An Automated Clearing House (ACH) payment is just one of the many different types of electronic funds transfers out there, and happens to be the one that's used domestically within the United States.
Are electronic funds transfers free? 💲
It depends. Many banks around the world offer their customers the ability to send EFTs free of charge, while others have small fixed fees or variable fees associated with each transfer. International EFTs (wire transfers), on the other hand, are pretty much never free, and typically cost anywhere between US$25 and US$40 per transfer.
Do electronic funds transfers go through on weekends? 🍹
No. Banks almost always process payments only on weekdays. This means that if you send an EFT on either a weekend or on a bank holiday, you'll have to wait for the next working day for the processing of your payment to begin.
Are EFT and wire transfers the same? 🔁
No. Wire transfers are a type of electronic funds transfer, whereas electronic funds transfers themselves are used to define a broad range of digital money transfer methods.