stranger

 Profile Answers by stranger 

• Feb 27th, 2006

 

EET is electronic fund tranfer and wire is wire .ADa  johnae poyi panichayada

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Vamsi Kiran Palla

• Apr 18th, 2006

 

Hi,

  The Payment methods Electronic and Wire are modes of Electronic Fund Transfers . These modes might differ in the formats and documents involved at the site level. WIRE is a kind of outdated method used by remote sites for payments in ORACLE. Jargon might be different but the actual mode is same of either of them.

Regards

Vamsi

Sreenivasan Kandhasamy

• Dec 21st, 2006

 

Hello,

We use EFT payment method to make payment within the country where as WIRE is used to make an international payment(outside the country) through the intermediate bank.

Thanks

Sreeni

Sweete

 Profile Answers by Sweete 

• Jun 20th, 2008

 

Hi,

WIRE:

Wire is transfer of amount due directly to the supplier's bank it is an electronic transfer of funds

This mode of payment is used for international suppliers.

It can be paid in foreign currency or USD.

Wire payments are same day payments.

EFT:

EFT ensures funds transfer from one bank account to another using electronic links.

Can be used to make payments into domestic banks (within US) in USD only.

It is faster than check payments.

Thanks,
Sweete.

SHAKIR LOKHANDWALA

 Profile Answers by SHAKIR LOKHANDWALA 

• Jan 17th, 2009

 

EFT is a money transfer related to your account its a transfer which made from bank to a particular account

Wire is a bank to bank tranfer for example western union money transfer

chinnaguntupalli

 Profile Answers by chinnaguntupalli 

• Sep 13th, 2009

 

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

Cody2727

 Profile Answers by Cody2727 

• May 8th, 2011

 

Wire is when you use a company, such as Western Union to send money anywhere, including institutions and corporations, electronically, through a company that charges a fee for it's service.  EFT is an electronic financial transfer, either in or out, through the bank.  There is no fee for EFTs.

e46fanman

 Profile Answers by e46fanman 

• Aug 29th, 2011

 

There are many reasons to transfer funds from entity to entity, but there are really only two methods of transferring these funds. These methods are by either electronic funds transfer, called "EFT" or "ACH," or by wire transfer. Both methods of transferring funds have their advantages and disadvantages.

Electronic Funds Transfer

An electronic funds transfer, as the name suggests, allows for the transfer of funds electronically. These transfers move through what's called the ACH, or Automated Clearing House, and thus have a small settlement period, usually around two days.

Wire Transfers

A wire transfer is still a transfer of funds carried out electronically, but these funds are not passed through ACH before being completed, so there is virtually no settlement time. The account holders for both the sender and receiver of funds must agree to the amount beforehand, and each account holder is verified so there are no issues in the transaction.


Read more: Difference Between Wire Transfers & EFT | eHow.com http://www.ehow.com/list_7380266_difference-between-wire-transfers-eft.html#ixzz1WRueZSwe

DHANANJAY KUMAR RAY

• Nov 3rd, 2011

 

EFT and WIRE are the most popular form of electronic payment method. EFT stands for electronic fund transfer and it is one of the fastest mode of electronic payment after WIRE. EFT is a batch oriented mechanism for transferring funds from one bank to another because of which clearing & settlement takes around 2 to 4 days. On the other hand, WIRE transfers payment directly to the vendors account on the NBD (next business day).Sometimes these expenses has to shared (partially/fully) by the vendor. WIRE is more expensive and faster than EFT.

Wire is used for outside vendors (not belong to the same country)and EFT is used for Local Vendors.