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Email this6:25 am
November 8, 2018
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I had EFT (not Interac) that cleared during same business day.
Monday morning I sent few thousand dollars from one bank to another. Expected funds arrive to destination by Tuesday-Wednesday. To my surprise, they appeared at destination account before end of Monday.
It used to be that EFT takes 2-3 business days, so I wonder if what I saw is an exception or a new rule?
6:55 am
December 7, 2011
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I had the same experience 3 or 4 times only.
In all other times EFT usually appeared at destination account in 1 business day, rarely 2 business days.
7:07 am
August 4, 2010
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The wording by banks is just going to be a CYA estimate. I think Payments Canada can do current EFTs same day in certain circumstances, and an overnight batch isn't mandatory in the middle? So it would depend on when you submit, when the originating back dumps the request into the payment system, when the receiving institution processes the other side, and posts to client visibility. Either side might do their thing as part of an overnight batch, even if you don't miss whatever internal cutoffs they have. It's really going to depend on the banking pair, time of day, and other factors, and may not even be a possibility for some transfer pairs.
I seem to remember that EQ->TD was noticably speedy, although I'm not sure if I ever got a true same-day EFT/bill payment or not.
7:43 am
April 6, 2013
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Yes, the Payments Canada ACSS system can do same day direct deposits. See previous thread ETF normal transfer times?
It depends on the originating and receiving Payment Canada members. Some members have zero-day serviceability and can make funds from an incoming direct deposit available within two hours of the cutoff time (9:30 am, 4:30 pm, or 9:00 pm Eastern) that the direct deposit is received by.
The "0", "1", and "2" business day serviceability are only for incoming direct deposits. Serviceability of incoming pre-authorized debits is not included.
Direct clearers (like Royal Bank, CIBC, and TD Bank) are required by Rule F1, section 6 to provide "0" day serviceability for accounts at its own branches.
8:58 am
January 7, 2020
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My experience has varied, depending on the sending and receiving banks
If I transfer money from Manulife (comes out in the morning), it reliably arrived at TD by 5:30 (or so) in the afternoon
(Of course, I had to initiate the transfer at Manulife the day before)
Also, if I remember correctly, my transfers from Duca arrived same day at TD
9:18 am
April 27, 2017
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When you transfer money in from your linked bank, Wealthsimple makes a portion of the funds available immediately. How much varies but at least $20K is available to invest right away.
When transferring larger amounts to their chequing account, a portion is available to spend right away but the bulk can take up to 5 days to clear (although it shows and starts earning interest right away).
For ETFs to other linked FIs, like RBC, tangerine or Simplii, the money is always cleared by the end of the same day but not instantaneously. And that's regardless of the amount. They don’t guarantee it but that's what I am seeing every time.
12:52 pm
December 12, 2009
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Alexandre said
I had EFT (not Interac) that cleared during same business day.Monday morning I sent few thousand dollars from one bank to another. Expected funds arrive to destination by Tuesday-Wednesday. To my surprise, they appeared at destination account before end of Monday.
It used to be that EFT takes 2-3 business days, so I wonder if what I saw is an exception or a new rule?
Yes, this is actually more common, as Payments Canada added a third daily clearing batch run a few years ago.
It's quite common for my pre-authorized debits to come out of my one bank early that morning (usually by 7:30 am Pacific Time) and by 2:30-5:30 pm Pacific Time go into my other bank.
This is with Tangerine Bank, EQ Bank, and Scotiabank. Note they clear through Direct Clearer members.
You should no longer plan for multiple business days for EFTs.
Cheers,
Doug
11:01 am
February 10, 2023
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I don't understand why some banks force transfers to linked accounts to the following day... or push them to Monday if you date them for the weekend. Given that everything is handled electronically with no human involvement, why do they still insist on using the concept of a business day?
8:32 pm
April 6, 2013
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Because no transfers are settled between the banks through the Payments Canada ACSS system except on business days.
In the ACSS, there are no automatic funds transfer (AFT) cutoff times during non-business days. Any AFT's received on the weekend, after the 9 pm Eastern time cutoff on Friday, are treated as if they were received by the 9:30 am Eastern time cutoff on Monday.
3:08 am
April 27, 2017
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- Transfers between RBC savings and investment accounts used to be instant. Same for HSBC and Wealthsimple.
- EFTs from Wealthieimple to RBC, TD, Tangerine and Simplii show in destination account by the end of the same day.
- first Transfer from TD Savings to TD Easytrade took over 24 hours to complete.
- my second transfer from TD Savings to Easytrade was set up as monthly transfer for September 16th. Still hasn’t been completed. No wonder TD has to pay 10% bribes to get clients. Their internal transfers are way slower than EFTs from decent FIs.
11:13 am
April 27, 2017
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mordko said
- Transfers between RBC savings and investment accounts used to be instant. Same for HSBC and Wealthsimple.
- EFTs from Wealthieimple to RBC, TD, Tangerine and Simplii show in destination account by the end of the same day.
- first Transfer from TD Savings to TD Easytrade took over 24 hours to complete.
- my second transfer from TD Savings to Easytrade was set up as monthly transfer for September 16th. Still hasn’t been completed. No wonder TD has to pay 10% bribes to get clients. Their internal transfers are way slower than EFTs from decent FIs.
Ok, so it turns out that EasyTrade app allows you to set up recurring transfers from TD Savings starting from the following day but TD can’t actually do it. It takes them 3 days (!) to set up the transfer “at their back end”. So, the first month transfer gets missed altogether - unless you call them and ask the agent to reset everything manually.
TD and their “back end” are a little behind competitors. By about 20 years.
4:04 am
November 18, 2017
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It's also noteworthy that bill payments at banks and others used to be credited at the time of payment, usually involving backdating. then, many years ago, we started hearing the "allow 2-3 days" line. Even with automatic phone payments.
RetirEd
1:00 pm
April 6, 2013
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That depends on the biller.
It is still the case with billers that have a CCIN and payments to them are done as bill payment remittances under Payments Canada Rule H6.
Apparently, a biller cannot get a CCIN now if it does not issue paper invoices! So, banks work around that by doing an AFT direct deposit to the biller's bank account with the payor's billing ID in the transaction info. Such billers know when the direct deposit is posted to their bank account, but not necessarily when their customer made the payment.
Banks are allowed up to 2 business days to post incoming direct deposits. Some will wait until next business day to send the actual bill payment as one can cancel a bill payment done through online banking later the same day.
There's some Payments Canada reforms being considered in this area. See Explainer: Bill payment remittances and Proposed revised framework for bill payments.
Final results are in August 5, 2025 announcement Implementation of changes to Payments Canada’s bill payment framework.
Please write your comments in the forum.