An EFT payment refers to all electronic payments when money is transferred between two Canadian accounts that are not done via wire transfer.
An Electronic Funds Transfer (EFT) or a direct deposit allows companies to streamline their payables and receivables for everything like invoices from service providers to employee salaries through easy payments between different users' bank accounts in Canada.
What is the difference between an EFT transfer and a wire transfer? An EFT transfer is a way to transfer money between two accounts that are both located in Canada. A wire transfer is a transfer between two accounts – but they aren't required to both reside in Canada.
Can you make EFT payments to the United States or internationally? No, EFT payments can only take place between two accounts that are in Canada.
What is the difference between an EFT transfer and a wire transfer?
An EFT transfer is a way to transfer money between two accounts that are both located in Canada. A wire transfer is a transfer between two accounts – but they aren't required to both reside in Canada.