#Electronic Fund Transfer

EFT or Electronic Fund Transfer lets you effortlessly transfer money to another bank or e-wallet (i.e. Electronic Fund Transfer (EFT) are services that allow users to transfer and receive money digitally or electronically - as long as both the payor and payee’s accounts are on the same EFT network. They handle and facilitate the transfer and movement of funds from one account to another, so the transactions are done in a direct line. While the two may seem similar at first glance, they differ widely in transaction fees, fund transfer time, availability, and so much more. It is available for fund transfer 24/7 - even on holidays and weekends. And, all transfers and monetary movements are processed in real-time and recipients can expect funds to enter their accounts almost instantaneously. However, it is significant to note that fund transfers are limited to PHP 50,000 per transaction, and transaction fees are dictated by the bank and are charged to the sender’s account. Pros: • Real-time transfers • Receive fund transfers in seconds • Best used for urgent and time-sensitive transactions • Available 24/7 even during weekends and holidays Cons: • PHP 50,000 limit per transaction What is PESONet? Read more in our articles including "InstaPay vs PESONet: Which EFT service should you use?" and "BSP eyes zero-fee electronic fund transfers, payments to MSMEs".