Many people want to make transactions to Pakistan as they work in other countries. They want to send money back to their relatives as they rely on it for their well-being. Hence, an easier way to send money would be perfect in this situation. Instead of using cash and checks, there is a better way to send money to Pakistan, which is through EFTs (Electronic Funds Transfer).
Many businesses run in Pakistan as it is a growing economy. Ever since the advent of the internet, Pakistan has been slowing in its GDP and is making itself known on the world stage. Many business owners want to a safe, secure, and fast way to make transactions to their employees. They have to pay many people, such as their utility providers, workers, vendors, and other people. People also consider online money transfer to Pakistan for their families, as it is fast.
What Does EFT Mean?
EFT means “Electronic Funds Transfer”. It is a way to transfer money electronically from one account to a different account. The accounts that are going through the transactions can be in the same bank or other banks. It doesn’t matter. In EFT, the money transferred is transferred through electronic means. Electronic Funds Transfer (EFT) is strictly regulated by the EFTA (Electronic Funds Transfer Act), which means it is safe and secure.
What Is Procedure Of EFT (Electronic Funds Transfer) Payment?
EFT payments are operated through the ACH network known as Automated Clearing House. Because of this network, all the financial institutions are interconnected. Money can be transferred easily because of this reason. After authorization, the funds from one account can be easily transferred to another account.
There usually aren’t any fees connected to it for transferring money in electronic payment, but through ATM transactions, there can be some fee deducted. Still, through online money transfer service such as ACE money transfer, money isn’t deducted—hence through online transfer method, like ACE, you can send money online without any additional fee.
What Are Different Types Of EFT (Electronic Funds Transfer) Payments?
Following are the different types of EFTs:
This is a quick way to transfer money. This form of money transfer is utilized when a large sum needs to be transferred, i.e., for paying down payments for houses, apartments, buildings, etc.
Through this form of EFT payment, you can quickly pay your employees. Once the payroll has been organized, you can ask your direct deposit servicer agents to transfer the amount to the employees. The amount that has been set will be transferred to each employee accordingly.
ATMs are just electronic banks. You can simply go to any ATM and send money to another account. You can withdraw cash, transfer funds as mentioned before, and make deposits. ATMs are easily accessible and can be found in markets.
These are electronic cheques, which are pretty self-explanatory. You have to add the IBAN (bank account number) and the routing number to make the payment appropriately.
Online Money Transfers
Through this money transfer service, you can send money through a mobile app or website of the service anytime. Use ACE money transfer for money transfer to Pakistan, an online money transfer service that provides better exchange rates coupled with 24/7 customer service.