Domestic payables, done efficiently.
EFTs are also great for collecting receivables like rent, membership fees and premiums with EFTs. Learn more here.
Go digital. Skip cheques. Start using EFTs today.
Save time and money
Eliminate writing cheques and ensure your bills are paid on time every month, so you can avoid pesky late-payment charges.
Control your payables
Once a cheque is in the mail, it's hard to know when it will clear your account. Avoid uncertainty by choosing the best time to make the payment.
Schedule payments with ease
Spend more time growing your business and less time writing cheques - with future-dated transactions, real-time reporting and template features.
Make individual or multiple transactions easily
Easily send funds to any account number of new vendors in Canadian or US dollars.
Make quick last-minute payments
Did a payment deadline sneak up on you? Pay it quickly and on time with Single EFTs Send Money.
Automate EFT Payment Processes
With Direct Connectivity MFT (Managed File Transfer) using Secure File Transfer Protocol (SFTP) you can submit multiple EFT payments with just one file between systems outside of online banking. Ask your Relationship Manager today.
Are your current payments efficient and secure?
Our helpful guides, webinars and articles will help you evaluate your current payment methods and learn about other options.
Key product details
| Electronic Funds Transfer (EFT) fees |
|
| Single EFTs fees | $2.50 per transaction |
Frequently Asked Questions
You can only use Electronic Funds Transfer for transactions within Canada. You can use EFT for Canadian (CAD) or US (USD) dollar transactions as long as the other financial institution is in Canada. Single EFTs Send Money can't be used for cross-currency and cross-border payments.
CAD EFTs and Single EFTs Send Money will be processed on the same day as long as they're submitted before 5:30pm MT.
USD EFTs must be submitted one business day before the earliest transaction due date.
Customize your user access, apply workflow approvals and create transaction limits based on your business needs.
Yes, you can save all payee details.
Transaction types are controlled by Payments Canada. If you're not sure of the transaction type or code, try entering a keyword (such as payroll or rent) in the Transaction type field when creating a file or template.
Customize your user access, apply workflow approvals and create transaction limits based on your business needs.
Yes, you can save all payee (receiver) details.
Ready to get started?
Still sending a cheque each month? There's a better way with EFTs (Direct Deposit).
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All fees are subject to change without notice.