Electronic funds transfer systems. For example, in the United States, they may be referred to as "electronic checks" or "e-checks". In the United Kingdom, the term "bank transfer" and "bank payment" are used, while in several other European countries "giro transfer" is the common term. EFTs include, but are not limited to: Electronic funds transfer Electronic funds transfer (EFT) are electronic transfer of money from one bank account to another, either within a single financial institution or across multiple institutions, via computer-based systems, without the direct intervention of bank staff. According to the United States Electronic Fund Transfer Act of 1978 it is
Telegraphic transfer for domestic transfers or a SWIFT transfer for international transfers. The term is also used to describe other electronic funds transfer methods and, incorrectly, low cost everyday payment methods such as BACS (Bankers' Automated Clearing Services) payments, Faster Payments Service and SEPA credit transfers. Although the United Kingdom is part of SEPA with the consequent low costs of intra-SEPA payments, most UK banks charge for SEPA credit transfers as if they were telegraphic transfers, unlike banks in other non-Eurozone SEPA countries such as Switzerland and Sweden where SEPA credit transfers are charged at similar low fees to domestic payments. In