Read our guide on everything you need to know about paying for your transfer by direct debit (EFT) in Canada.
In this article, we’ll cover:
- What is direct debit (EFT)?
- Who can use direct debit (EFT)?
- Where/who can I send money to using direct debit?
- What are the limits for using direct debit?
- How long does it take to send money using direct debit?
- Are there any charges for using EFT?
- How can I set up EFT?
- Can I cancel my EFT transaction?
What is direct debit (EFT)?
When you use direct debit (EFT) to fund your transfer you are authorising a one-time debit from your bank account to ours.
As it can take a few days for your account to be debited, it is important to ensure you had sufficient funds in your account until the debit is made.
Who can use direct debit?
Direct debit is used by Canadian customers to pay for their transfers. For a full list of payment methods available in your region, please click here.
Where/who can I send money to using direct debit?
You can send all available currencies using this method, provided you’re based in Canada.
What are the limits for using EFT?
You are able to transfer $30,000 CAD every 25 days using this method.
How long does it take to send money using direct debit (EFT)?
It usually takes up to 3 business days for an EFT payment to arrive with us.
As it can take a few days for your account to be debited, it is important to ensure you have sufficient funds in your account until the debit is made.
|Please note: If speed is important, we recommend using card payment.|
Are there any charges for using EFT?
No this is a free payment method.
How can I set up EFT?
We recommend using the Xe app to send money using bank debit (EFT).
Using the Xe App
- Select EFT as your chosen payment method on the quote page.
- When you reach the payment stage you will be presented with information about our EFT partner, Plaid.
- You’ll then be asked to select your bank. A selection of popular banks appears, but if yours isn’t shown then you have the option to search.
- Your screen will start to resemble your online banking app, complete with branding and colour schemes, and you’ll be prompted to log in.
- Once logged in, you’ll be able to select the account you wish to use and you’ll receive a message saying you’ve been successfully verified.
- You’ll then be returned to an Xe screen which tells you that your accounts are now linked and offers you the chance to give this EFT account a nickname. You can then tick the box to accept our terms and conditions and the process is complete.
For web users
- Sign in to your Xe account.
- Click on the My Account tab in the top right-hand corner.
- Select EFT bank accounts then Add a bank account.
- A screen appears asking for permission to connect to your bank, you must click Accept to continue with the transaction.
- You’ll then be shown a selection of popular banks. If your bank isn’t displayed, you’ll need to search for it.
- The next screen asks you to enter the login credentials you use for your online banking.
- Next is a 2-Factor Authentication (2FA) stage which mirrors your bank’s system, and you must enter the details requested to begin the connection to your bank.
- Once the connection is established, you then choose the specific account you wish to link and will be asked to enter your Institution and Transit Number to finish the process.
Can I cancel my EFT transaction?
Depending on the stage that your transaction is at, it may or may not be possible for you to cancel this transfer and request a refund.
If you’ve not yet confirmed the transaction, you can simply cancel the process yourself by doing the following:
- In the app: Simply click the cross icon in the top left-hand corner to stop the transfer
- On the website: Click Go back to return to a previous step and edit details, or close the browser window to cancel the transaction entirely
If you’ve confirmed your transfer, it is unlikely we will be able to cancel your transaction.
We purchase your funds at the time of confirmation and once your debit request has been submitted, it cannot be reversed.