what is eft vs wire
What is the difference between an Electronic Funds Transfer (EFT) and a Wire? Electronic Funds Transfer (EFT) An EFT (also sometimes referred to as Direct Deposit) is a method of electronically paying a vendor or person instead of issuing a cheque. Overall, EFT is the preferred method of electronic payment â this is the lowest cost option of payment
A wire is also a method of electronically paying a vendor or person. issued because of currency or geographic limitations. due to the manual handling by both UofA and for the banks. physically located outside of North America (Canada and USA vendors can be paid by EFT).