Streamlines domestic payables and receivables (CAD/USD). Money is transferred between different users’ bank accounts within Canada.
Electronic Funds Transfer
Streamlines domestic payables and receivables (CAD/USD). Money is transferred between different users’ bank accounts within Canada.
Contact us- Reduces administration time and expense
- Improves cash flow management
- Faster payments - Funds deposited directly into accounts, same day or next day.
- Convenient - Save payment information online to make recurring payments.
- Send multiple payments at a time.
- Versatile – Pay expenses, employees, suppliers. Collect rent, membership fees, insurance premiums.
Account Details
- Funds can only be sent within Canada
- Online review and approval of payments
- Low cost of payment
- Avoid late fees by scheduling payments up to 60 days in advance.
Related Services
Enhanced online business banking to approve and submit payments, check balances, EFTs, Wires, and more.
Deposit a cheque with your smartphone
Make multiple money movements at the same time
Resources
Frequently Asked Questions
What is an EFT payment? EFTs allow you to set up recurring electronic payments, send multiple payments and debits simultaneously, save payment information online, and accept payments seamlessly - allowing you to stop sending and receiving paper checks for bill payments. EFTs are payment systems offered by and accepted by all major banks and credit unions. |
How do I send EFT payments? To set up a payment to another account, you need their bank account number, their institution number, branch number and account number, and their transit number. |
How do I receive EFT payments? |
How much does an EFT payment cost? |
Can you make EFT payments to the United States or internationally? |
Are e-cheques or electronic cheques EFT payments? |
Are EFT payments safe? |
Can I send money in both USD and Canadian dollars? |
What are the benefits and downsides of an EFT? The downsides of using EFT payments are that they take a little while to initially set up, take up to four business days to process, and you get charged a fee to send them. |
How long does it take to process an EFT payment? |
What is the difference between ACH and EFT payments? |
What is the difference between an EFT transfer and a wire transfer? |
Can I cancel an EFT payment? |
Why use an EFT instead of cheques? |
Prefer to talk to us
Contact Us
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Fees are billed in the currency of the subscribed accounts.
Separate EFT service agreements must be set up if both USD and CAD EFT transactions are required.
Technical Integration Services (TIS) related to non-standard requirements (if any) are billed separately per Scotiabank’s published TIS pricing schedule, which is available upon request
Available only in Canada.