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Wire transfers and Electronic Funds Transfer (EFT) systems are similar in many ways, and yet differ greatly in terms of their uses and evolution. While wire transfers have long been and continue to be a reliable and popular means for transmitting large sums of money, EFT systems have grown so large that they permeate nearly all aspects of modern business and employment. EFT has become so popular that even the IRS now accepts electronic payments online for both individual and business taxes.

Wire Transfers
A wire transfer is simply a transfer of money between two banks through a secure system such as Fedwire for banks within the Federal Reserve system, or Clearing House Interbank Payments System (CHIPS), which is owned jointly by its members. Traditionally, for an individual (or business entity) to conduct a wire transfer, he must furnish his bank with the receiving information of the recipient's bank in order to initiate the transaction. Generally the sending and receiving banks must hold reciprocal accounts with each other, but the use of a third bank (and thus the payment of additional fees) that holds an account with both may be used. There are, however, several consumer-oriented wire transfer services that will allow you to transmit money over great distances without holding an account with any bank, often at higher fee rates. The most popular example of this type of service is Western Union.
Electronic Funds Transfers
EFT systems simply take the traditional paper check transaction cycle and bring it into the Digital Age. Instead of the receiver's bank using a paper check to initiate a transfer from the sender's bank, a digital signal is generated upon the execution of a transaction and sent through an intermediary known as a clearinghouse.


Read more: Wire Transfer Vs. EFT | eHow.com http://www.ehow.com/about_5412170_wire-transfer-vs-eft.html#ixzz0wKPKLH75

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