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Benefit of Electronic Funds Transfer

Illustrate the benefit of Electronic Funds Transfer?

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Benefit of Electronic Funds Transfer:

The main benefit of EFT is to pay or obtain payment rapidly. Multiple financial institutions might deal with the help of EFT. Use of all bank's ATM can be possible due to EFT system. Direct deposit, direct debit, wire transfer and online banking are the main techniques of electronic fund transfer. One of the biggest companies which offer EFT service is the Western Union.

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