Are Electronic Fund Transfers & Wire Transfers the Same Thing?

In the 21st century, writing checks for payments has become a thing of the past. People are more inclined to using modern, contemporary methods of payment. While many people use cheques to pay for their bills, send money, and other services, Electronic Fund Transfer (EFT) enables you to do the same along with sending money to another bank account or any other associated financial institution. 

The process is isolated from the direct intervention of staff and is generally managed via computer-based systems. A wire transfer also offers people to send money online across the network administered by banks and transfer agencies. 

You can send money in the form of cash via relevant cash office facilitation centres. ACE Money Transfer facilitates people with a wide range of money transfer facilities across the globe. Visit the official portal of ACE Money Transfer for instant updates on exchange rates and better guidance. 

Electronic Funds Transfer vs Wire Transfer

People are well aware of the concept of Electronic Funds Transfer (EFT) and wire transfer. But today, we are going to discuss in detail electronic funds transfer and wire transfer. To understand the critical difference between the EFT and Wire Transfer, we will study the characteristics in-depth. 

Send Money with Electronic Funds Transfer

The modern world is advancing with electronic payments, accomplishing multiple payment goals. A significant proportion of employers is found to deliver electronic payments through direct deposit. Clients can make repeated payments with a one-time setup. 

There are multiple online apps available in the market to accommodate instant payments. But ACE Money Transfer conquers the league with the introduction of electronic funds transfer. People can send money to their loved ones, friends, and families with the aid of an online money transfer app or portal. 

How to Send Money with a Wire Transfer?

People can send money through electronic transfer of funds across a network of banks or agencies worldwide. The sender usually provides information regarding the recipient, such as bank account details and amount. 

The wire transfer generally takes around a maximum of two business days to process the transaction. The Office of Foreign Assets Control observes the international wire payments to control terrorist funding or money laundering. 

If you are looking to send a wire transfer, you can always count on ACE Money Transfer. Accompanied by the extensive network of associations and affiliations, ACE strives to deliver hassle-free electronic wire transfers. 

Send Money Internationally with Wire Transfer

The wire transfer assists transfer of funds, usually from one financial institution to the other. There is no physical transfer of funds among banks or financial institutions. Instead, information is exchanged between banking institutions regarding the recipient and amount. 

The sender pays upfront for the transaction at their associated bank. The bank will then send a payment request to the receiving bank via a secure system. The bank of the recipient will gather all the necessary information from the bank requesting a money transfer. 

Once all the required verification is done, the bank will deposit the amount into the recipient’s account. Later on, the inter-bank exchange is carried out to settle the score. 

Wire transfers other than the non-bank members do not require bank account numbers. One of the emerging non-bank wire transfer companies is ACE Money Transfer, managing international money transfer services for many countries. 

The Bottom Line

The future of money transfer aims at providing convenient money transfer facilities. People can manage the remote transfer of funds through electronic transfer of funds. There is no need to be physically available at the financial institution. ACE Money Transfer delivers efficient electronic wire transfer services all around the world. People can send money as a domestic transfer of funds and across the borders to meet the financial requirements.