Electronic transfers are methods of moving money from one bank account to another without using physical cash or checks. This process can be done through various platforms, including online banking, mobile apps, and automated clearing houses (ACH). Electronic transfers are often used for paying bills, sending money to friends, or making purchases. These transfers are typically fast and secure, allowing funds to be available almost immediately or within a few business days. They can involve different types of transactions, such as wire transfers or peer-to-peer (P2P) payments, making it easier for individuals and businesses to manage their finances efficiently.