FX Services - Direct Electronic Funds Transfers (DEFT)
This settlement method is very convenient for business clients located outside of our delivery perimeter.
Business clients with approved credit can authorize VBCE to directly debit and credit their accounts at financial institutions other than the Bank of Montreal as an alternative to the traditional settlement method by company cheque. This feature is available when both CAD and USD accounts are maintained at banking institutions in Canada. This settlement process eliminates the need to issue cheques and make deposits to your financial institution. Clients call in their orders as usual and receive an email or faxed foreign exchange receipt. As a DEFT is processed the same day, cleared funds must be available.
To receive an DEFT application, or to obtain more information, please contact our trading desk at 604-685-1008 or talk to your existing account manager.