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What is an EFT?

20 Sep

The process of sending money to Kenya has become very convenient and faster thanks to new online advancements that transformed the world payments. It is however shocking how many people are ignorant of what an EFT actually is, so I thought it would be suitable to demystify what should be common knowledge to everyone at this stage.

An electronic funds transfer(EFT) is a process whereby money is transferred from one place to another electronically. Computers are used to process payments in a variety of ways. The EFT procedure is a quick and efficient way to transfer money from one account to another.

EFT is used millions of times a day the world over. If you are earning a salary, your cash may be placed into your bank account by EFT. You can then withdraw money from an automated teller or use your debit card to pay for goods and services. Using your debit card in a store to pay for goods is another example of EFT.

EFT has simplified the money transferring process. Once money has been paid into an account using this procedure, it should be available immediately. Some banks and processes may hold up the transfer of funds in order to verify and process the transfer.

EFT has made buying and selling on the Internet a much simpler way to conduct business. Many Internet sites allow you to pay for goods by electronic fund transfer. This speeds up the transaction process, as money can be passed between accounts in real time. You can see when money has been deposited into your account within seconds of the other person sending it.

 
 

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