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how do I set up electronic funds transfer

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Q: How do I set up electronic funds transfer?
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How long does it take to transfer money from NAB to WestPac online?

Its pretty much instant. All you have to do is go online type in your login info and transfer the funds. Provided you have enough money in your account and the other person is set up.


How does Western Union money transfer work?

Western Union is a wire money transfer in which one can go into a designated location and send money to a distant location as needed. The recipient can either pick up cash at a Western Union location in their area, or have money deposited into a checking account of their choice. It is basically just an electronic transfer of funds.


How do you send money from another bank account to chase bank account?

You have to set up an electronic transfer through your bank, in your case Chase bank. When you set up an online transfer through your bank, they will process the request to transfer money through the Automated Clearing House (ACH). Once the payment goes through, the money will be put into your Chase account and taken out of the account at the other bank...


What is the difference between EFT and ACH money transfers?

Debit and ATM transactions are processed through an "EFT" (electronic funds transfer) network that is set up to verify and debit funds in real time using an encrypted personal identification number for authorization purposes; these networks are connected to ATM Machines and Point of Sale terminals running debit-card and credit-card transactions. Some privately owned EFT Networks are PLUS, Star, Cirrus, and Interlink. Electronic checks are processed through the shared ACH Network that banks use for moving money between institutions; this system does not check funds availability in real time and the authorization is based on a signature or other authenticating means, just like paper checks. Electronic checks can be returned for insufficient funds.


Difference between NEFT and rtgs?

NEFT stands for National Electronic Funds Transfer and RTGS stands for Real Time Gross Settlement. Both of them are electronic funds transfer schemes provided by banks to citizens of India. But, NEFT is for smaller amounts (Usually a few thousands up to maybe 1 or 2 lacs) and the money will be received in the target account the next working day, whereas RTGS is for large amounts (usually atleast a few lacs) and the money would be received in the target account within hours.

Related questions

Can you set up a playdotcom account with no credit or debit card or PayPal?

No. The site uses electronic funds transfer when you buy or sell something. Therefore you need a way of transferring money to/from your bank account.


Who was the inventor of BACS electronic transfer of funds system between banks?

The inventor of the Bankers' Automated Clearing Services (BACS) was Dennis Gladwell. It was started in 1968 as a way to set up electronic bank transfers between banks, eliminating the need for paper documents.


Do you receive a PayPal card after you sign up?

No - Paypal is intended as an electronic funds transfer system. You register a bank account with them, and the funds are deducted from that account when you make an online purchase, and elect to use Paypal to pay for it.


One of the drawbacks of electronic funds transfer is?

Chances of funds deposited accidentally into a different persons account are significant. When you make an electronic payment, if you enter one or more digits of the receivers account number incorrectly, the bank may end up making the payment to the wrong customer.


What do you mean by Centralized Funds Management System?

CFMS Stands for Centralised Funds Management System. It is a sort of Electronic fund transfer system. It is a system set up, operated and maintained by Banks to enable operations on accounts maintained at various offices of the Bank, through standard message formats in a secure manner. The Bank has a Central System which interacts with the subsystems in its various branches to perform operations on the accounts maintained by the Bank. To transfer funds from one branch to another, a request message is sent from the source branch to the Central system of the Bank.


How long does it take to transfer money from NAB to WestPac online?

Its pretty much instant. All you have to do is go online type in your login info and transfer the funds. Provided you have enough money in your account and the other person is set up.


What does pet stand for on a bank payment?

I can't say for sure but according to my research the most likely candidate is Preauthorized electronic transfer. Check the payment again and see if you have set this up at your bank or online for a preauthroized fund transfer.


How does Western Union money transfer work?

Western Union is a wire money transfer in which one can go into a designated location and send money to a distant location as needed. The recipient can either pick up cash at a Western Union location in their area, or have money deposited into a checking account of their choice. It is basically just an electronic transfer of funds.


How do you send money from another bank account to chase bank account?

You have to set up an electronic transfer through your bank, in your case Chase bank. When you set up an online transfer through your bank, they will process the request to transfer money through the Automated Clearing House (ACH). Once the payment goes through, the money will be put into your Chase account and taken out of the account at the other bank...


Difference between NEFT and rtgs?

NEFT stands for National Electronic Funds Transfer and RTGS stands for Real Time Gross Settlement. Both of them are electronic funds transfer schemes provided by banks to citizens of India. But, NEFT is for smaller amounts (Usually a few thousands up to maybe 1 or 2 lacs) and the money will be received in the target account the next working day, whereas RTGS is for large amounts (usually atleast a few lacs) and the money would be received in the target account within hours.


What is difference between NEFT and RTGS?

NEFT stands for National Electronic Funds Transfer and RTGS stands for Real Time Gross Settlement. Both of them are electronic funds transfer schemes provided by banks to citizens of India. But, NEFT is for smaller amounts (Usually a few thousands up to maybe 1 or 2 lacs) and the money will be received in the target account the next working day, whereas RTGS is for large amounts (usually atleast a few lacs) and the money would be received in the target account within hours.


What is the difference between EFT and ACH money transfers?

Debit and ATM transactions are processed through an "EFT" (electronic funds transfer) network that is set up to verify and debit funds in real time using an encrypted personal identification number for authorization purposes; these networks are connected to ATM Machines and Point of Sale terminals running debit-card and credit-card transactions. Some privately owned EFT Networks are PLUS, Star, Cirrus, and Interlink. Electronic checks are processed through the shared ACH Network that banks use for moving money between institutions; this system does not check funds availability in real time and the authorization is based on a signature or other authenticating means, just like paper checks. Electronic checks can be returned for insufficient funds.