EFT Abbreviation

Looking for EFT abbreviation? We have got you covered in this guide. We have listed down different possible abbreviations of EFT in various groups like Business, Medical, Job Title, Academic & Science, Transport & Travel, and Sports.

FullFormFactory is the largest source of abbreviations generated in different ways using AI and verified by our community. You can see all the abbreviations in different categories popularity-wise followed by the most popular abbreviation of EFT in the image.

Popular abbreviations of EFT:

Searching for EFT abbreviation / EFT full form leads to different results in different categories. The below table illustrates the popular acronyms among them.

You can download this image and share it on social media. If you are a website owner, you can add appropriate citations to use this EFT full form, meaning image.

What does EFT mean?

EFT is the short form for Electronic Funds Transfer. It is a mode of payment digitally from one bank account to another. It is termed direct since it involves transferring the payment directly into the bank account, independent of any intermediary without the requirement of any documentation.

It is one of the easiest modes of payment and with the advent of the internet to the local masses, EFTs have gathered much support. They have been preferred over other modes of payments such as offline bank transfers or checks.

Process of EFT

EFT is preferred today simply because of the ease they provide to the customers. It is a fairly simple process that involves raising a payment request by the sender from the sender’s bank account through payment gateways. Through these gateways, the payment reaches the bank account of the receiver in a matter of seconds, while some payments may take a working day.

Various EFT modes

EFT comprises a variety of payment methods such as:

• Direct deposits – funds transfer directly into the receiver’s bank account and can be done within seconds.
• ATM payments – transfers take place through ATMs set up in the locality. The individual can use the debit card to withdraw money or to transfer money to some other account.
• Card transactions – payments take place through debit and credit cards which provide payment facilities anytime anywhere.

Benefits of EFT

EFTs have a bundle of benefits accommodated with them. These benefits have made the payment mode one prominent method. Some of them are:

• EFTs are quick, reliable and don’t require any intermediary such as an employee or visiting a bank facility.
• Since no offline banking facility is required, no documentation is needed.
• Very cost and time-efficient mode of payment
• No extra hassle is required in Electronic Funds Transfer.
• No sender-receiver interaction is needed and payments can be done from the comfort of home.
• Less possibility of human errors and frauds.

Are EFTs safe?

One thing that people often raise is the security aspect of EFTs. Although they are safe and secure, people look at them with an eye of suspicion. EFTs are a very secure mode of payment as the transfers occur through certified trusted payment gateways having secure protocols. It is always recommended to complete payments through a trusted payments company and after having some knowledge regarding it.