How to perform International EFT. Part I

EFT stands for Electronic Fund Transfer. It is performed via a computerized system that performs many payments through a single payment order. Each International EFT performed this way is instantly recorded, and the recipient can draw the money transferred and use it. International EFT saves the sender as well as the recipient a lot of time and money, as there is no need to wait for the transfer to be processed and become effective and handling fees are much lower than that paid for processing money orders sent by mail. The data in each International EFT is being encrypted, and this way is kept secure. International EFT may be performed in two ways:

·         Directly to the recipient's bank account

·         Into a prepaid credit card

The prepaid credit card is becoming increasingly popular, as it allows individuals to receive international payments even without having their own checking account.

Among the companies that perform International EFT services is Payoneer, based in New York. International EFT by Payoneer has proved to be efficient and many international companies are using this service. In order to illustrate this point, an example will suffice. Among the over 1,000 clients of Payoneer is MediaWhiz, an advertizing company based in the states of New York and Florida that specializes in online advertizing and is serving over 3,000 private businesses. This company was established in 2001, that is, even before Payoneer was established. In order to pay its affiliates, MadiaWhiz has chosen to become a Payoneer partner and ordered prepaid credit cards for all of its affiliates. As a company as big and as powerful as MediaWhiz chose to use Payoneer services, this should be viewed as a proof for the abilities of Payoneer in the field of International EFT.