Electronic funds transfer or EFT refers to the computer-based systems used to perform financial transactions electronically. An EFT is the electronic exchange or transfer of money from one account to another, either within the same financial institution or across multiple institutions.

The term is used for a number of different concepts:

• Cardholder-initiated transactions, where a cardholder makes use of a payment card
• Direct deposit payroll payments for a business to its employees, possibly via a payroll services company
• Direct debit payments, sometimes called electronic checks, for which a business debits the consumer's bank accounts for payment for goods or services
• Electronic bill payment in online banking, which may be delivered by EFT or paper check
• Transactions involving stored value of electronic money, possibly in a private currency
• Wire transfer via an international banking network (generally carries a higher fee)
• Electronic Benefit Transfer

In 1978 U.S. Congress passed the Electronic Funds Transfer Act to establish the rights and liabilities of consumers as well as the responsibilities of all participants in EFT activities in the United States.