Sending money online is getting more and more popular nowadays. And the reason behind this is that now you have access to track your money 24/7. Well sending money online is a bit different than sending a money order to your loved ones. First of all the money that is going to be transferred is not going to be in the form of physical form, but instead, it will be in the form of electronic cash.
And that is why when you need to send it then it will be simply transferred to the other bank account with the help of the internet. Now as you know that you need to have a bank account in which all your money is being kept safe, so the same is the case with this type of currency as well. You also need either a bank account or EFT account which is also known as Electronic Fund Transfer.
EFT is not just the name of a single account, but it is a term used for registering yourself with the companies offering to money transfer services online. Just like PayPal, you just need to get yourself registered with your account and providing them with all your information. And then you just have to transfer your money to that account, and you will be ready to send it to anywhere in the world.