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Some of the most common ways to send or receive money electronically include ACH, EFT, and wire transfers.
ACH and wire transfer are terms used to describe different ways of sending money electronically. Both are widely used, but ACH is more common when individuals are paying bills, receiving paychecks ...
Continue reading → The post EFT Payments vs. Bank Wires appeared first on SmartAsset Blog. Even gifts, once done by cash or check, are being taken over by electronic transfers.
An EFTS payment is essentially an electronic personal check, whereas a wire transfer is more like an electronic cashier's check. EFTS transfers are often called "ACH transfers", because they take place through Automated Clearing Houses. One important way ACH transfers differ from wire transfer is that the recipient can initiate it.
Credit transfer: non-immediate transfer of funds between accounts at different financial institutions for payments by retail customers and non-urgent business-to-business payments. Direct debit payment of consumer bills such as mortgages, loans, utilities, insurance premiums, rents, and any other regular or membership style payment. These type ...
A value transfer system may fall into one or more of these groups: Retail value transfer systems: Traditional retail value transfer systems, e.g. Bank transfer, Wire transfer, Post offices transfer service or specialist companies such as Western Union; Internet-only value transfer systems, e.g. Electronic money such as PayPal, eGold, Liberty ...
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The term electronic payment refers to a payment made from one bank account to another using electronic methods and forgoing the direct intervention of bank employees. Narrowly defined electronic payment refers to e-commerce —a payment for buying and selling goods or services offered through the Internet, or broadly to any type of electronic ...
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