Both Transferwise and Xoom (owned by PayPal) offer a similar money transfer service, but there are subtle differences that give each of them an advantage over the other depending on the application.
EFTs can be confusing because they go by many names depending on the country and payment system, but it’s all the same process. In the United States, they are often referred to as an “electronic check,” “e-check,” or ACH. The United Kingdom refers to EFTs as “bank transfer” or “bank payment.” Several European countries employ the term “giro transfer” but it’s all the same idea. Money moving from one account to another through an electric process.