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Every Money Transfer And Remittance Term You Need To Know: Letter E

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E


Last updated: October 05, 2022


Electronic Funds Transfer (EFT)

Electronic Funds Transfer (EFT) is an electronic movement of money from one entity to another. Usually, the entities involved in an EFT are bank accounts. However, they can also be individuals or businesses; the money still moves between bank accounts owned by the concerned parties.

ACH transfers, direct debits, wire transfers, and any types of digital money transfers are all examples of various types of EFT.

Also see: Bank Transfer, Wire Transfer
Further reading: Payment Methods for Money Transfer



Electronic Payment Method

An electronic payment method is a digital, non-manual way of paying for your money transfer. Bank transfers, credit and debit card payments, and ACH payments are all examples of electronic payment methods.

As opposed to electronic payment methods, you can also fund your transfer with non-electronic payment methods like cash, provided your money transfer company supports that.

Also see: Non-Electronic Payment Method, Local Payment Method, Payment Method
Further reading: Payment Methods for Money Transfer



Electronic Wallet

An electronic wallet is the digital twin of a physical wallet. You can hold money, cryptocurrency or any other assets in an electronic wallet. Electronic wallets are also called digital wallets, and are fairly popular these days.

In the context of remittances and money transfers, an electronic wallet is a delivery method that you could potentially use to pay your overseas recipient.

Also known as: Digital Wallet, Mobile Wallet
Also see: Delivery Method, Delivery Option, GCash Wallet, Mobile Money Transfer
Further reading: Delivery Methods for Money Transfer



Exchange Rate

Simply put, an exchange rate is the price of one currency relative to the other. Exchange rates are normally expressed as a fraction with the source currency as the numerator and the target currency as the denominator.

For example, USD/CAD means the price of 1 US Dollar in Canadian Dollars.

Also known as: Currency Exchange Rate, Foreign Exchange Rate, FX Rate
Further reading: Currency Exchange Rates: What Are They, How They Change, and More



Exchange Rate Alert

An exchange rate alert is a utility service provided by money transfer companies or other players in the remittance ecosystem that you can use to get notified for updates related to currency exchange rates.

Setting up an exchange rate alert saves you time and money as you no longer have to monitor rates manually.

Also see: Currency Exchange Rate, Exchange Rate, Foreign Exchange Rate, FX Rate
Further reading: Currency Exchange Rates: What Are They, How They Change, and More