BEFTN: Bangladesh Electronic Funds Transfer Network

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.

BEFTN’s Area of Services:

• Any sort of credit transfer, such as international or domestic remittance, interest and principal of savings certificates, retirement benefits, monthly salary-allowance, dividend, interest, and so on can be done by using EFT credit.
• In addition, EFT debit can be used to recover utility costs such as electricity, water and gas bills, loan installments and insurance premiums from a customer's bank account.
• The electronic fund transfer option is now available twice a day in the latest update of BACH. During bank holidays, this service will not be offered in banks or online.
• BEFTN Fee: There is currently no fee for using BEFTN to transfer funds.
• Transferring money via BEFTN takes only one working day. Money can now be moved instantly if you can transact before 10 a.m.

How to use BEFTN:

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.

Information required for BEFTN transaction:

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.

BEFTN's current status:

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.

Where to report any transaction issues:

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 (gm.psd@bb.org.bb).