Bank transfer and EFT are methods that enable the transfer of funds between bank accounts. A bank transfer is conducted between accounts at the same bank, while EFT is conducted between accounts at different banks.
Why Do They Differ?
They differ in terms of processing time, fees, and transaction speed. A bank transfer is typically instant and free of charge. EFT, on the other hand, is processed within specific time windows. Understanding these differences gives users the advantage of choosing the most suitable transfer method.
Why Does It Offer an Alternative for Businesses?
Each customer may bank with a different institution. Offering both bank transfer and EFT options therefore simplifies payment acceptance. Additionally, awareness of this distinction is effective in operational planning during bulk payment processes.
