Digital money transfers - Sending money to another person via digital platforms - is a modern convenience that makes transferring funds easier, quicker and enables remote sends.

To start, let's note the distinction between digital money transfers and an electronic funds transfer (EFT), which is the electronic transfer of money from one bank account to another. EFT covers transactions such as direct deposits, credit and debit card transactions, wire transfers, and online bill payments. While a money transfer app or site can add the option to include connections to bank, credit and debit card accounts, it's the peer-to-peer (P2P) experience.

There's also potential cross-over with remittance transactions – sending money cross-border to another person. While many money transfer apps or sites only work within one country, a few are starting to include cross-border payments.