11/8/2023 0 Comments Eft shady business![]() Interac e-transfers are limited to relatively small financial transactions, whereas you can send much more significant amounts via EFTs. Still, those are relatively rare, and the “culprit” for the delay is usually one of the financial institutions involved, not the transfer protocol.Ī major con of Interac e-transfers is the amounts you can transfer. Of course, it might take longer in some exceptional cases. ![]() While an EFT might take two to three days, an Interac e-transfer is mostly instantaneous or takes about 30 minutes. They are both safe, but there is a reason why Interac e-transfer is becoming one of the most preferred ways of transferring funds from one bank account to another in Canada: it’s significantly faster. The competition is a bit tough between an EFT and an Interac e-transfer. That is, banks usually have caps on EFT amounts, but you might be able to transfer a significantly hefty amount using a cheque. Can be used for both one-off and recurring payments, while a fresh cheque has to be written for each paymentĬheques win in one area.Are significantly safer from cheque frauds.They have to be written, physically transported, verified, and processed Do not require too much time and are less resource-draining than cheques.EFTs are better than cheques because they: ![]() ChequeĪ physical paper cheque might seem like a thing of the past, but even though it’s discouraged by almost all business and governmental entities, it’s still used. There are a few other methods you can transfer funds from one bank account to another, but there are two that can be adequately compared with an electronic funds transfer: a cheque and an Interac e-Transfer. One of the reasons some EFTs take such a long time is that amounts over $10,000 are usually monitored, but there might be other checks as well. Moreover, certain EFTs are monitored by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).
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