Can you do EFT, money order while on vacation?

Celebrating Eid al-Adha, citizens ask: “Are there EFT transactions and money orders during the holiday?” explore the question. Will EFT transactions and money transfers take place from the Internet or mobile branches during Eid al-Adha? Here are the details…

CAN EFT TRANSACTIONS AND TRANSFERS BE MADE ON HOLIDAYS?

EFT transactions will not be possible on the Internet or mobile branches, since the banks will be on official holidays during the holidays. The EFT order given will be transferred to the account given the order after the start of work on July 3rd.

Since the money transfer transaction is made between the same banks, it can be done on the day and time you want.

WHAT DOES EFT MEAN?

EFT is short for Electronic Funds Transfer System, which allows you to exchange money between institutions and individuals over the Internet. You can also make EFT transactions from banks, but the transactions you will make over the Internet are easier and more effortless. There are 4 elements at this stage: the sender, the bank, the recipient’s bank and the recipient. As soon as you enter this information correctly, your money is processed and the bank approval process begins. First, the amount you deposit and the sufficiency of your account are checked, and if there are no problems, approval is given. The EFT fee is definitely deducted from your account, but these are their own charging systems determined by the banks and their amounts are variable. You can make your EFT transactions between 08:00 and 17:00 Monday through Friday, excluding holidays. Online transactions made outside of these hours are carried over to the next day.

WHAT IS A TRANSFER?

Remittance transactions are generally known as inter-account money transfers. As with EFT, you cannot make a transfer to another bank. Transfer transactions can be made by letter, computer or bank. Approval from the account holder is required for the transfer to take place, and the transaction begins as soon as the bank receives this approval. Since the transfer is done within the bank itself, it can be done automatically without the approval of an authorized person, so if you are using internet banking or mobile banking, you can do the transfer process 24 hours a day. of the day, even if it’s midnight, the money you send will be instantly in the recipient’s account. The amount of the transfer varies from one bank to another. For example, some banks allow their clients, who receive their pensions from them, to make free transfers. You can make transfers for free using the mobile applications of some banks, at the same time, if the account of the person to whom the transfer is made is in the same branch as you, many banks do it for free. As in EFT, this process is not very easy, more information is requested of you and is more time consuming.

DIFFERENCES BETWEEN EFT AND REFERENCES

– EFT allows you to send money to different bank accounts, but you can do this between your own accounts.
– EFT has a shorter confirmation time
– The information that is requested for the EFT transaction is less and less, this process takes more time in the money order.
– The EFT fee is usually more expensive and the wire transfer fee is cheaper.