Electronic Fund Transfer

Electronic Funds Transfer (EFT):

 EFT system permits transfer of funds from an account at any branch of a member bank in any city to any other account at any branch of any member bank in any other city
 This system utilizes the service branches of the member banks. It facilitates the transfer of funds from one place to another place within the country quickly and safely.

Tools of EFT

 Internet Banking
 Online banking (or Internet banking) allows customers to conduct financial transactions on a secure website operated by their retail banks. The common features fall broadly into several categories:
Forms of Internet Banking

Transactional

 Financial transactions, electronic bill presentment and payment
 Funds transfer between a customer's own checking and savings accounts, or to another customer's account
 Investment purchase or sale
 Loan applications and transactions, such as repayments

Non-transactional

 Viewing online statements, check links, chat
Remittance Services:
 Remittance houses worldwide provide remittance transfer services through various forms of E-Banking starting from basic PC based software to web based instant payment solutions
 Today’s fast changing electronic banking channels have massively improved the flow of remittance across the world:

• Western Union Money Transfer
• MoneyGram
• XPress Money