noun

EFT

ee-ef-TEE

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EFT (noun) means the movement of money from one bank account to another by computer, without paper cheques or cash changing hands. Example: “Wages are paid by EFT on the last working day of the month.”

noun

The movement of money from one bank account to another by computer, without paper cheques or cash changing hands.

"Wages are paid by EFT on the last working day of the month."

"The supplier accepts card payment or EFT."

chiefly British, regional A small newt, especially a young one in the stage of its life when it lives on land rather than in water.

"Bright orange efts crossed the damp path after the rain."

How to use EFT

Learner’s notes

In plain EnglishMoving money between bank accounts electronically.

When to use it

The payment sense is standard in banking and business; the newt sense is rare and mostly rural or literary.

Memory tip

In South Africa and Australia "EFT" is the ordinary word for an online bank transfer; in Britain people more often say "bank transfer".

Trace the full origin ↓

Easily confused with

EFT vs ACH EFT vs wire transfer

Common pairings

pay by EFT EFT payment EFT details

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C2 · Advanced serendipity Fortunate discoveries made entirely by accident.

Gen Z slang rizz Charm — the ability to attract a romantic interest.

B2 · Intermediate empathy The capacity to share another person’s feelings.

C1 · Advanced nonchalant Casually calm and relaxed; unconcerned.

Internet slang delulu Delusional — believing something against the odds.

Etymology nostalgia Greek nostos “return home” + algos “pain”.

C2 · Advanced serendipity Fortunate discoveries made entirely by accident.

Gen Z slang rizz Charm — the ability to attract a romantic interest.

B2 · Intermediate empathy The capacity to share another person’s feelings.

C1 · Advanced nonchalant Casually calm and relaxed; unconcerned.

Internet slang delulu Delusional — believing something against the odds.

Etymology nostalgia Greek nostos “return home” + algos “pain”.

Test yourself on “EFT” A quick quiz — meaning, synonyms & usage →

Fill the gap

Can you complete this real example?

Wages are paid by _____ on the last working day of the month.

Etymology

In the banking sense an initialism of electronic funds transfer. The amphibian sense is a separate and much older word, Old English efeta; 'newt' developed from it when 'an ewt' was misheard as 'a newt'.

Origin: English

Synonyms

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bank transfer electronic transfer wire transfer newt

Related words

newt triton

Rhymes for EFT

left deft theft cleft

See all rhymes for EFT →

Frequently asked questions

What does EFT stand for in banking?

Electronic funds transfer. It is a general term for any payment moved between accounts electronically, which includes direct debits, standing orders, card payments and online bank transfers.

What is the difference between EFT and a wire transfer?

EFT is the umbrella term for all electronic account-to-account payments, while a wire transfer is one specific type, usually processed individually and settled the same day. All wire transfers are EFTs, but most everyday EFTs, such as salary payments, are not wire transfers.

Is an eft the same as a newt?

An eft is a newt, but the word usually names the juvenile land-dwelling stage rather than the adult that returns to water to breed. In ordinary conversation most people simply say newt.

What is the meaning of EFT?

"EFT" (noun) means the movement of money from one bank account to another by computer, without paper cheques or cash changing hands.

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