Is a wire transfer an eft? Wire transfers are technically also EFTs — but EFTs cover many different payments types, which can include: What are the differences between a wire transfer and an electronic funds transfer? As we’ve seen, electronic fund transfers can cover a pretty broad range of payment types. What are electronic funds transfers (EFTs) & wire transfers? Electronic Funds Transfers (EFTs), which include Automated Clearing House (ACH) transfers and wire transfers, offer a few ways of doing that. Although ACH and wire transfers both enable electronic payments, they vary somewhat by speed, cost and limitations. These differences make each type of transfer more appropriate for different purposes. What is an EFT payment? To get started, let’s look at each in turn with a quick definition. EFT stands for electronic funds transfer. EFT payments cover many different payment types — the key is that for an EFT money must move from one account to another electronically. ACH payments and wire transfers are actually both EFTs. What is EFT ACH & Wire transfer? Think about it like this: EFT is a general term that encompasses all electronic payments. Since ACH and wire transfers are electronic payments, they’re considered EFTs but have a number of key differences: