Skip writing cheques with Electronic Funds Transfers (EFTs)
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.
Handle individual transactions easily
You’re covered for those single payments, like purchasing new equipment or dealing with a new vendor 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.
Maintain security and control
Customize your user access, reporting and workflow approvals to meet your one-off payment needs.
Key product details
| Electronic Funds Transfer (EFT) fees |
|
| Single EFTs (One-Off Payments) fees | $2.50 per transaction |
| Cross-currency and cross-border payments | Not available |
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.
Ready to get started?
Still paying your bills by phone or mailing a cheque each month? There's a better way with Direct Deposit.
Find the right payment solution for your business.
All fees are subject to change without notice.