Personal Finance

What is an Electronic Fund Transfer (EFT)

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  • Jul 1st, 2020 9:56 pm
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Sep 19, 2013
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Winnipeg

What is an Electronic Fund Transfer (EFT)

Hi,
I have a mortgage with MCAP and I called them to pay out my mortgage. I can send them a bank draft, but bank draft can be risky. They gave me another option for EFT. Details are at the link below -
MCAP EFT

I called my bank Tangerine and they said they dont offer this. I have another account at Simplii. Whats the EFT thing and how can I use it?
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May 4, 2010
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Ottawa
I see a SWIFT code. I think they want a wire transfer.
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Jan 16, 2007
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If it were a PAP I'd expect an authorization form... it's really weird. I agree with @introspect, it feels like they want a wire transfer.
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Sep 19, 2013
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I have my Simplii account setup for PAP. But they say since this is payout (discharge on renewal), they wont take it from my account.

They told me this SWIFT wire EFT thing was due to COVID thing. If I cant figure this out, I'll just get the bank draft. But I would have preferred doing everything online if I could.

Update: Simplii said they can do it. Cost is $50 for <$50K, $80 for $50K+
In the beginning the Universe was created. This has made a lot of people very angry and been widely regarded as a bad move. -- Douglas Adams
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Sep 19, 2013
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My amount is in $50Ks. Should I spent $80 (worry-free) for the wire transfer or get a draft for $10 to my address and then send it through Canada Post. Canada Post insurance maxes out at $5K. I think I'll just bite the bullet and gor for safety... :rolleyes:
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Mar 10, 2018
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does it matter?
Mr Bean wrote: My amount is in $50Ks. Should I spent $80 (worry-free) for the wire transfer or get a draft for $10 to my address and then send it through Canada Post. Canada Post insurance maxes out at $5K. I think I'll just bite the bullet and gor for safety... :rolleyes:
This. No contest.
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Mar 23, 2004
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Mr Bean wrote: My amount is in $50Ks. Should I spent $80 (worry-free) for the wire transfer or get a draft for $10 to my address and then send it through Canada Post. Canada Post insurance maxes out at $5K. I think I'll just bite the bullet and gor for safety... :rolleyes:
Definitely the worry-free route.
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Sep 19, 2013
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QCSaver wrote: Any chance you can pay via bill pay?
They didnt give me that option. I can find MCAP in bill pay but I dont want to try it. It might be a hassle to get the money back.
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Jul 17, 2008
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If you have a LOC with the same bank, I think you can pre-pay your LOC via bill payment (at least with a few big banks you can), then just transfer funds from LOC into mortgage.
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Sep 19, 2013
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I called Simplii, paid the $80 fee and did the EFT/ Wire Transfer. The phone call took 10-15 mins. The money reached MCAP in 1 business day. No hassle.
In the beginning the Universe was created. This has made a lot of people very angry and been widely regarded as a bad move. -- Douglas Adams

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