electronic funds transfer Meaning in the Cambridge English Dictionary Cambridge dictionaries logo

Meaning of “electronic funds transfer” in the English Dictionary

"electronic funds transfer" in Business English

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electronic funds transfernoun [C or U]

uk   us   ( abbreviation EFT) BANKING, E-COMMERCE
a ​system of ​movingmoney from one ​bank or ​bankaccount to another ​electronically, using ​computersystems: Businesses and ​individuals may ​pay their ​taxes by ​electronicfundstransfer.
(Definition of electronic funds transfer from the Cambridge Business English Dictionary © Cambridge University Press)
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