EFT
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.”
How to use EFT
Learner’s notesIn plain EnglishMoving money between bank accounts electronically.
The payment sense is standard in banking and business; the newt sense is rare and mostly rural or literary.
In South Africa and Australia "EFT" is the ordinary word for an online bank transfer; in Britain people more often say "bank transfer".
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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'.
Synonyms
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Rhymes for EFT
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.