Meaning of “electronic funds transfer” in the English Dictionary

business-english dictionary

"electronic funds transfer" in Business English

See all translations

electronic funds transfernoun [ C or U ]

uk us abbreviation EFT BANKING, E-COMMERCE

a system of moving money from one bank or bank account to another electronically, using computer systems:

Businesses and individuals may pay their taxes by electronic funds transfer.

(Definition of “electronic funds transfer” from the Cambridge Business English Dictionary © Cambridge University Press)