What an EFT payment is and how to send one
An EFT (electronic funds transfer) moves money from your bank account to someone else's bank account through the banking system. You initiate it from your bank's website, mobile app, or by phone, and the bank handles the rest. The money does not leave your account immediately—it takes one to three business days to arrive, depending on the banks involved and the time you send it.
To send an EFT, you need the recipient's name, bank account number, and routing number (a nine-digit code that identifies their bank). You enter these details into your bank's transfer form, choose the amount and date, and confirm. Your bank then sends the instruction through the ACH (Automated Clearing House) network, which is the system that processes most EFTs in the United States.
EFTs are cheaper than wire transfers—usually free or under $2—and safer than sending a check or cash. They work for paying bills, sending money to family, paying contractors, or transferring between your own accounts at different banks.
Key Takeaways
- An EFT takes one to three business days to arrive because it moves through the ACH clearing network, not instantly like a wire transfer.
- You need the recipient's full name, account number, and routing number to send an EFT; if any detail is wrong, the money may bounce back.
- Most banks offer EFTs free or for a small fee through their website or app, and you can schedule them in advance or send them immediately.
- Once an EFT is sent, you cannot cancel it after the bank processes it, so double-check the account number and amount before confirming.
Where to find your recipient's routing number and account number
The routing number appears on the bottom left of a check, printed as a nine-digit code. If the recipient does not have a check, they can find it by logging into their bank's website or app, calling their bank's customer service line, or asking their bank directly. Many banks also publish routing numbers on their website under "bank information" or "routing numbers."
The account number is usually on the check as well (the middle set of numbers on the bottom), or the recipient can find it in their online banking portal or by calling their bank. Make sure you get the correct account number—a single digit wrong will send the money to the wrong account, and you will have to contact your bank and the recipient's bank to recover it.
If the recipient is outside the United States, you will need their IBAN (International Bank Account Number) or SWIFT code instead, and the transfer will take longer and may cost more. Most U.S. banks handle international transfers, but some charge $15 to $50 per transfer.
How to send an EFT through your bank
Log into your bank's website or open the mobile app. Look for a button or menu labeled "Send Money," "Transfer," "Pay," or "Move Money." Click it and select "Transfer to Another Bank" or "External Transfer" (the exact wording varies by bank).
Enter the recipient's name, routing number, and account number. Some banks ask for the account type (checking or savings); if yours does, ask the recipient which one they use. Enter the amount and the date you want the money sent. If you want it to go today, choose "Send Now" or "Same Day" (though same-day transfers may cost extra or have a limit). If you want it to go on a future date, choose "Schedule" and pick the date.
Review all the details—especially the account number and amount—before you confirm. Once you click "Confirm" or "Send," the transfer is submitted to your bank. You will receive a confirmation number; save it in case you need to reference the transfer later.
How long an EFT takes and when the money arrives
Standard EFTs take one to three business days. This means if you send money on a Friday, it will not arrive until Monday or Tuesday, because the banking system does not process transfers on weekends or federal holidays. If you send it on a holiday, the clock does not start until the next business day.
Some banks offer "next business day" or "same business day" transfers for an extra fee (usually $0 to $15). These move faster because they bypass the standard ACH queue, but they still cannot arrive on weekends or holidays. Check your bank's transfer options to see what speeds are available and what they cost.
The recipient's bank may also hold the money for a day or two if the account is new or if the transfer amount is unusually large. This is a fraud prevention measure. If the money does not arrive within three business days, contact your bank and provide the confirmation number from your transfer.
What happens if you send money to the wrong account
If you enter the wrong account number, the money will go to a different account at the same bank. The recipient's bank is not required to return it automatically. You must contact your bank immediately with the confirmation number and explain the error. Your bank will then contact the other bank and ask them to reverse the transfer.
The receiving bank will investigate and may freeze the account or contact the account holder to ask them to return the money. This process can take one to two weeks. If the account holder refuses to return it or has already spent it, recovery becomes much harder and may require legal action.
If you enter the wrong routing number, the money may bounce back to your account after a few days, or it may go to a completely different bank. Either way, contact your bank as soon as you realize the error. Do not send the money again until your bank confirms what happened to the first transfer.
EFT limits and why your bank might reject a transfer
Most banks set daily and monthly limits on how much you can transfer via EFT. These limits vary widely—some banks allow $10,000 per day, others allow $25,000 or more. If you try to send more than your limit, the transfer will be rejected. You can usually increase your limit by calling your bank or adjusting it in your online banking settings, though some banks require you to wait a few days before the new limit takes effect.
Your bank may also reject a transfer if the account number format is wrong, if the recipient's name does not match the account, if you do not have enough money in your account, or if your account is flagged for suspicious activity. If your transfer is rejected, your bank will send you a notice explaining why. Read it carefully and fix the problem before you try again.
If you are sending a large amount or sending money frequently, your bank may ask you to verify the transfer by phone or by answering security questions. This is normal and is meant to prevent fraud. Have your confirmation number ready when you call.
EFT fraud protection and what to do if money goes missing
The Electronic Funds Transfer Act (EFTA) protects you if someone steals your account information and sends money without your permission. If you report the fraud within two business days, your bank must return the money. If you report it between two and 60 days, your bank must return the money unless they can prove you were negligent. After 60 days, you have no protection.
If you send money to someone and they do not deliver what they promised (for example, you pay for an item that never arrives), an EFT is not protected the same way a credit card is. You will have to pursue the matter through small claims court or by contacting the recipient's bank directly. This is why EFTs are riskier for purchases from strangers than credit cards are.
If money goes missing from your account and you did not authorize the transfer, contact your bank immediately. Provide the confirmation number, the date, the amount, and the recipient's account number. Your bank will investigate and may reverse the transfer if they find it was fraudulent. Keep records of all your transfers and review your bank statements regularly.
Frequently Asked Questions
Can I cancel an EFT after I send it?
It depends on timing. If you cancel before your bank processes the transfer (usually within a few hours of sending), your bank can stop it. Once it is processed and sent to the ACH network, you cannot cancel it. Contact your bank immediately if you need to cancel; have your confirmation number ready. If the transfer has already been processed, your only option is to ask your bank to request a reversal from the receiving bank.
What is the difference between an EFT and a wire transfer?
An EFT takes one to three business days and usually costs nothing or a few dollars. A wire transfer arrives the same day or next business day but costs $15 to $50. Wires are faster and more certain to arrive, but EFTs are cheaper. Use an EFT for routine payments and bills; use a wire for urgent transfers or large amounts where speed matters.
Do I need the recipient's name to match their account exactly?
Most banks require the name to match closely, but minor differences (like "Robert" vs. "Bob") usually do not cause a problem. However, if the name is very different or spelled wrong, the receiving bank may reject the transfer or hold it for review. Ask the recipient how their name appears on their account and enter it exactly that way.
What if the recipient's bank is outside the United States?
Domestic EFTs only work between U.S. banks. For international transfers, you will need to use a wire transfer or an international money transfer service. These take longer (three to seven business days) and cost more ($15 to $50 or higher). Ask your bank about international transfer options and fees before you send.
Can I set up automatic recurring EFT payments?
Yes. Most banks allow you to schedule recurring transfers for bills or regular payments. Set it up in your online banking portal by entering the recipient's information, the amount, and the frequency (weekly, monthly, etc.). The bank will send the transfer automatically on the date you choose. You can change or cancel a recurring transfer anytime before it processes.