Electronic Funds Transfer

money · technology · banking

Money moves fast. Instead of waiting days for a paper check to arrive, electronic funds transfer can move money between bank accounts in minutes or even seconds.

Banks talk to banks. Your money can travel from one bank to a completely different bank through special computer networks that all the banks use together.

It's all digital. No physical cash or checks needed. Your bank's computer tells the other bank's computer to move the money, and everything happens automatically.

Works worldwide. Electronic funds transfer lets you send money to people in other countries too, though it might take a bit longer and cost a small fee.

Protected and tracked. Each transfer gets a special number so both banks can keep track of exactly where your money went and make sure it arrived safely.