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International EFTs are also highly cost-effective and fast.

Wire transfers are a specific type of EFT, where payments are sent from one bank account to another through messaging networks like SWIFT or Fedwire. They can be processed directly through your bank or using a third-party money transfer service.

A large cash transaction report must be submitted to FINTRAC when a reporting entity receives $10,000 or more in cash in the course of a single transaction, or when it receives two or more cash amounts totalling $10,000 or more made within 24 consecutive hours by or on behalf of the same person or entity.

Here's why: Canadian banks currently process transactions in batches, as opposed to in real-time, which is why it takes 2 to 3 business days for bills to be paid, or for money to show up in your bank account when you use EFT.

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.

To make an EFT payment, the sender must know the recipient's bank account information. If you're making an EFT payment, you must authorize the funds transfer. Then, the money is taken from your account and deposited into the recipient's account. There might be a fee for some EFT transactions.

FINTRAC – Electronic Funds Transfer Report Form – Financial Transactions and Reports Analysis Centre of Canada.