Is EFT An Easier Method Of Money Transfer?

Do you know it is quicker and secure to send money to Nigeria with a bank transfer method?

EFT is the process where one account is directly connected to another, and the transfer is made through electronic mediums. There are many Electronic Funds Transferring methods all around the globe. EFT is very important. This form of funds transfer has been around ever since technology in our lives took a huge leap before the start of the 21st century.

Electronic Funds Transfers are used every day by us. They are used in the form of credit cards and debit cards. They are used in the form of money transfers, used in other forms like direct payments etc. This showcases the importance of Electronic Funds Transfer to us. EFT is also very useful in Nigeria. People need an electronic source of money transfer to stop the flow of black money and improve the economy. If you want to send money to Nigeria online, then there are many ways you can opt to send money, which will be discussed below.

What Are The Different Types of Electronic Funds Transfers?

There are many different types of Electronic Funds Transfers. They are the following:

  1. Direct deposits
  2. Online bill payments
  3. Direct debit transfers
  4. ATM transfers or withdraws
  5. Wire transferring

How Do All The Types Of Electronic Funds Transfer Operate?

Electronic Funds Transfers operate through a special network called Automated Clearing House, short name is ACH. ACH is a hub of financial institutions interconnected and jammed together to constantly be in contact so that fast transfers can be made that are orderly and organized. Corporations and businesses mainly use this form of money transfer to Nigeria, but individuals can use them.

Why Choose EFT, What Are Its Uses?

EFT has many uses; it is considered more convenient than brick-and-mortar banks or any remittance agencies. These are the following uses EFTs can provide for people, they are:

1.     It Is Environmentally Friendly And On Top Of That It Saves Money:

It is environmentally friendly because it is entirely electronic, unlike banks that only use paper all the time. This is like remittance agencies that use paper and even receipts, so many receipts are made when transfers are made or received. It can exasperate the situation when it comes to the environment. To halt this and save lots of money, businesses can opt for a much greener alternative to banks and remittance agencies, and that is through EFT (Electronic Funds Transfers). EFTs can help them save money and keep them environmentally friendly, as, in the future, that is the way every country is moving forward to—becoming friendly.

2.     The Transfer Is Fast:

It is fast because the money is in electric form rather than physical—it is purely digital. It can be transferred in a matter of seconds, rather than days, as compared to brick-and-mortar banks. In this day and age, money has to be fast. Things need to be quick, or businesses can get slow, and they can experience a lot of financial loss. Whenever you need an online money transfer to Nigeria, it is a quick option for you.

3.     They Are Always Available:

Whenever you want to send money, you can, and the services are open all the time. Only an online money transfer service can offer this, unlike banks that are closed after 5 pm.