![]() With us, you can make both USD and Canadian dollar EFT payments to accounts based in Canada. Like with all our online banking processes, ScotiaConnect uses several industry-leading security protocols to protect our customers.Ĭan I send money in both USD and Canadian dollars? Yes, an eCheck is a type of electronic funds transfers that uses the automated clearing house payment system to help you send and receive money between you and your suppliers and customers at different financial institutions.ĮFT payments are a safe payment option for transferring money between two accounts in Canada. ![]() No, EFT payments can only take place between two accounts that are in Canada.Īre e-cheques or electronic cheques EFT payments? It depends on the volume of transactions per month.Ĭan you make EFT payments to the United States or internationally? In order to receive an EFT, you need to share your banking details with the person sending you one, including your institution number, your branch number and account number, and your transit number. 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. ![]() You can set up one-time or recurring EFT transactions and allow up to three layers of approval for sending or receiving money. EFTs are payment systems offered by and accepted by all major banks and credit unions.ĮFT payments can be set up through the ScotiaConnect platform. 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.ĮFTs 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.
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