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For Domestic Payments (where the receiving bank is located within Canada)
- Payments sent via Regular will be routed via Electronic Funds Transfer (EFT). EFT is the cheapest & fastest way to send payments domestically within Canada - We recommend to always use this option when available
- Payments sent via Priority will be routed via SWIFT (despite the name, Priority SWIFT is slower compared to EFT and can attract fees - We recommend to avoid SWIFT wherever EFT is available)
For International payments (where the receiving bank is outside Canada)
- Payments sent via Priority will be routed via SWIFT
ATTN: When sending payments it is important you select the correct payment method for the accounts you wish to pay. Sending a payment via Priority SWIFT to a EFT account will result in a failed payment.
Time Frame Overview
| Payment Type | SWIFT (Priority) | Local (Regular) |
|---|---|---|
| Cutoff time (UK Time) | 4:45 pm | 4:00 pm |
| Delivery time frame | 0 days | 0 days |
| Maximum payment size | No limit | CAD 200,000 |
| Payment Scheme | SWIFT | Electronic Funds Transfer (EFT) |
| Destination countries | Any (excluding sanctioned countries) | Canada |
| Traces | Yes | No |
| Recalls | Yes | No |
| Ultimate payer displayed? | Yes | No |
To set up Canadian EFT payments
Step 1 - add Beneficiary and choose Regular payment method.
Step 2 - add the EFT payment details.
For more details on how to set up a Beneficiary follow this link - Add or Set up a Beneficiary to Pay
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