Domestic receivables, with efficiency.
Collect receivables with ease. With EFTs, money is transferred between bank accounts on the same day or next day, and can be in either CAD or USD. EFTs may also be scheduled up to 60 days in advance, and are great for things like recurring payments using templates.
Sending payments with EFTs is an efficient way to move money. Learn more here.
Automated. Efficient. Secure. These are EFTs.
Save time and money
Eliminate the uncertainty that comes with receiving cheques and the time it takes to deposit them while offering your customers a convenient way to pay.
Control your receivables
Take control of your cash flow by knowing when and how much money is coming into your business.
Schedule receivables easily
Spend more time growing your business and less time on cheque-related tasks with future-dated transactions and real time reporting.
Make individual or multiple transactions easily
You’re covered for those multiple payments (such as collecting rent from multiple tenants) and single payments (such as collecting payment for an equipment sale) in Canadian or US dollars.
Prioritize security and control
Customize your user access, reporting and workflow approvals to meet your EFTs Collect Money needs.
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.
Key product details
| Electronic Funds Transfer (EFT) fees | $125 implementation fee $15.95 monthly fee $10 per file $0.15 per item1 |
| Single EFTs (One-Off Payments) fees | $2.50 per transaction |
Frequently Asked Questions
You can only use EFTs for transactions within Canada. EFTs can be in either Canadian (CAD) or US (USD) dollar transactions as long as the other financial institution involved in the transaction is located in Canada as well. EFTs can't be used for cross-currency or cross-border payments.
EFTs are exchanged with other financial institutions on business days (Monday-Friday) only.
The schedule of exchanges on business days are:
CAD funds: 5: 30 am, 1:30 pm and 5:30 pm MT.
USD funds: 5:30 am MT.
Can I send or collect EFTs on a weekend or holiday?
EFTs cannot be sent or collected on weekends or on any Canadian federal holidays listed by Payments Canada.
Customize your user access, apply workflow approvals and create transaction limits based on your business needs.
Yes, a Pre-Authorized Debit (PAD) agreement is required with the receiver, and must be signed before you can collect money.
Yes, you are able to save receiver details.
Recurring EFT payments are not available. However, EFT payments can be future dated up to 60 calendar days in advance.
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.
Ready to get started?
Still getting paid with cheques? With EFTs, there's a better way.
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