How to Send Money by EFT
You can send money via EFT, Electronic Fund Transfer, in a number of ways depending on the destination of the money. The rules will be different if you are sending money within the U.S. versus internationally. You will also need specific banking details for the recipient you are paying, which can be a bank, business, or individual. EFTs are a convenient feature of online banking, offering the ability to send payments within about three to five banking days.
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Instructions
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Log into your account at your bank's online banking website. Choose the "Payments," "Transfer," or "Online Payments" tab, depending on your bank's online interface. For most large online banking systems, it would be the Transfer tab.
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Enter the details of the person or business you wish to pay (the payee), including the bank name, routing number, and account number for the payee. Specify a nickname or label for this payee when prompted.
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Verify the details on the next screen to make sure you have entered all the data correctly. Edit as needed or click next.
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Look at the data one more time to be certain the payee information is correct. Click on the "Make Payment" option once you are ready to proceed.
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Enter the amount of the payment you wish to send. Specify which account the funds should be withdrawn from. Select the date the EFT will be sent to the recipient's account.
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Verify all of the details on the next screen. Edit as needed and press "Send" when you are ready.
Save a copy of the confirmation message you receive regarding the transaction. Print a copy for your records, if needed.
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Verify that the money has been debited from your account within a week after sending the EFT. Follow up with the business or individual as needed to ensure they have received the funds.
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Tips & Warnings
When scheduling your EFT, keep in mind that it will take three to five banking days for the transaction to post to the payee's account and longer if the money is being transmitted overseas.
If you need to send money more rapidly, ask your bank about its wire-transfer services, especially if you have to send money overseas. There will usually be a fee of at least $25 for this service.
Some money-transfer services such as MoneyGram, ATM Cash or Xoom for international EFTs will offer a faster service than your bank and have competitive rates compared with the usual wire-transfer fees.
Compare the transaction fees of your bank with the main money-transfer services. Choose which service you wish to use based on the cost, speed and the security available on the transactions.
Not all EFTs can be completed online, depending on vendor and destination of the funds, particularly if they are being sent overseas.
Be sure to check all of the account numbers involved before initiating any EFT or wire transfer at your bank. Your bank will also charge a fee if the funds are returned and an additional fee if you decide to try to send the money again.
Some MoneyGram, ATM Cash and Xoom transactions cannot be deposited as an EFT in a business or personal account but must be completed by being collected in person from a collection office.
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