How do I do an EFT in Canada?
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. How much does an EFT payment cost? It depends on the volume of transactions per month.
Is EFT same as E transfer?
One further distinction is that EFTs can only be used to transfer money between bank accounts in your name, whereas Interac e-Transfers can be used to send money to a third party—like the colleague who spotted you lunch money the day you forgot your wallet.
What is EFT deposit Canada?
Electronic fund transfer is a system of transferring money from one bank account directly to another without any paper money changing hands. In Canada, EFT's are done as direct deposits, where international EFTs are done by wire transfer.