BEFTN stands for Bangladesh Electronic Funds Transfer Network, however, it is now simply known as Electronic Funds Transfer or EFT in the workplace. A consumer can use BEFTN to conduct financial transactions with another bank's customer from his bank account.
To make the paper-based financial transaction system more safe and dynamic, the introduction of paperless fund transfer technology is the key.
On February 26, 2011, Bangladesh Bank began operations in BEFTN. This technology is currently accessible in the majority of the country's public and commercial banks.
Customers may use BEFTN to conduct a variety of transactions online or in person. Customers can go to the bank and complete BEFTN with the assistance of bank employees. However, in the age of Fintech, a consumer may do BEFTN from his own home using his smartphone. The customer's phone merely has to have his bank's mobile app for this to work.
1. The exact bank account name and number of the recipient.
2. Recipient bank name, branch name and bank routing number.
3. Recipient's mobile number.
4. Customer or sender's own name, address, voter ID card number and mobile number.
5. The purpose of the money transaction must be written.
6. Lastly, the customer has to sign a letter of consent stating that he is not doing any kind of money laundering through this transaction.
You'll be amazed to learn that in the financial year 2019-2020, a total of 50.44 million credit transactions worth 2458.54 billion taka were made in the country through BEFTN! And a total of 3.83 million debit transactions were made that were worth 229.60 billion taka. This pace of transactions is a good indicator of BEFTN's popularity.
If a client has a problem with a BEFTN transaction, he or she should first contact his or her bank branch. If the problem is not fixed, the complaint should be forwarded to Bangladesh Bank's General Manager's e-mail address (email@example.com).