What is the difference between EFT & Wire?
EFT-Electronic Funds Transfer is basically batch of payments are transferring from one bank to another bank with specified time lines. EFT payments are also called as BACS if it is UK, ACH in US for domestic payments. Foreign payments are called as SWIFT payments.
WIRE: Wire can be used to release payments for local or international, Different countries will be named in different ways viz., CHAPS for Local Payments made in UK, WIRE for all international payments made from UK and Local & foreign payments made in all other countries
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