Electronic funds transfer (EFT) is the electronic transfer of money from one bank account to another, either within a single financial institution or across multiple institutions, via computer-based systems, without the direct intervention of bank staff. Electronic Funds Transfer EFT is a system of transferring money from one bank account directly to another without any paper money changing hands One of. In eCommerce — EDI means interchange data electronically, EFT means to transfer money from one bank to another, Email is to exchange. Electronic Fund Transfer EFT | Digital Payment | E-commerce | Mathur Sir Classes. Are electronic funds transfers safe? EFTs are an extremely safe and time-tested method of transferring money. An electronic funds transfer system (EFTS) is a transfer system in which money can be transferred to business or individual accounts without requiring paper.