FX Services - Electronic Funds Transfers (EFT)
This settlement procedure is available to business clients who maintain both USD and CAD business accounts with the Bank of Montreal and who subscribe to Bank of Montreal Directline Banking (DLB). With our EFT program, settlement becomes easier as VBCE’s wire department electronically debits and credits the client’s appropriate accounts at the Bank of Montreal. No cheque needs to be generated and trips to the bank to make deposits can be avoided. Clients call in their orders as usual and receive an email or faxed foreign exchange receipt. As an EFT is processed the same day, cleared funds must be available.
To receive an EFT application, or to obtain more information, please contact our trading desk at 604-685-1008 or talk to your existing account manager.