ETF ELECTRONIC FUND TRANSFER

 

Yes, in a way, an Electronic Funds Transfer (EFT) can be similar to a virtual account, depending on how the payment process is set up.

Here’s the distinction:

• EFT is a broad term that refers to any type of electronic transfer of funds between banks or financial institutions. It includes transfers via systems like wire transfers, ACH (Automated Clearing House), and even the use of virtual accounts in some cases.

• Virtual Account: This is a specific type of EFT payment method, where you are provided with a unique account number to use for a specific payment (like for visa fees). The virtual account is a temporary account that routes the payment to the correct destination when you make the transfer.

Key Point:

When you select EFT in the U.S. visa payment process, you are likely being asked to make a payment through a virtual account, especially if you are transferring funds from your bank. The bank or payment service generates a unique virtual account number for your payment, which directs your funds to the appropriate account for your visa application.

So, in this case, EFT may involve using a virtual account number for the payment.

Would you like to know more about how to complete the payment via EFT?