Electronic Funds Transfer versus Wire Payment

Electronic Funds Transfer (EFT) is a payment and collection service that offers clients the ability to electronically process transactions within Canada. Transactions can be performed in Canadian and US Dollars. Typically the transactions are of high volume and low value for non-urgent payments.

Wire payments are transactions executed internationally as well as within Canada; they can be funded in Canadian and US Dollars. Wire payments are mainly used for low volume and high value transactions; they are efficient for time sensitive payments.

If you are interested in subscribing to either of these Online Banking for Business  services, please contact your Bank of Montreal Sales Representative for additional information.