EFT Rails

EFT and wire transfer

A wire is final the same business day, one payment at a time. An EFT is scheduled, batched and can carry debits.

Updated November 3, 2026

What EFT Rails does

EFT Rails sends a payment by electronic funds transfer (EFT) or by Interac e-Transfer, with the method chosen for each payment. It reports the payment's state, expected settlement date and statement reference through the API and in the dashboard. The API reference documents the API.

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Two systems

The choice depends on when the payee needs the money, whether the payment must be final, and whether you are sending one payment or a scheduled run.

An EFT moves through a file exchanged between Canadian financial institutions and settles through the Automated Clearing Settlement System (ACSS).1 Banks exchange these files three times on each business day, at 09:30, 16:30 and 21:00 Eastern Time. A file sent after the last exchange enters the first exchange on the next business day.2

An EFT credit is available to the payee by the opening of business on its Due Date, or within 2 hours of the exchange that delivered it when the destination branch credits the same day.3 The banks then settle the payment on the business day after its Due Date.4 This makes EFT suitable for a scheduled group of credits or debits. See EFT payments in Canada for the payment flow.

A wire through Lynx handles an individual high-value payment. Lynx is Canada's high-value payment system, owned and operated by Payments Canada.5 It uses real-time gross settlement: each payment settles immediately after it clears, in central bank money, and is then final and irrevocable.5

Lynx operates on weekdays that are not federal statutory holidays. Regular payments settle from 12:30 a.m. to 6:00 p.m. Eastern Time, and the operating day closes at 7:00 p.m.5 High-value systems carry large, critical and time-sensitive payments.6 Since November 22, 2025, Lynx payments have used ISO 20022 messages.7 Read more about ISO 20022 in Canada.

Side by side

EFT Wire (Lynx)
How it settles The banks settle on the business day after the Due Date.4 Each payment settles immediately after clearing, in central bank money.5
Hours Three file exchanges each business day. A file after the last exchange waits for the next business day.2 Regular payments settle during the main operating window on weekdays that are not federal statutory holidays.5
When the payee has the money By the opening of business on the Due Date, or within 2 hours of the delivering exchange at a branch that credits the same day.3 The settled amount is made finally and irrevocably available to the payee.8
Final A payment that cannot be posted, is dishonoured or is refused returns with a reason code no later than the business day after the bank decides. The sender can correct its own error within 3 business days after settlement.9 Once settled, the payment is final and irrevocable.5
Direction Credits and pre-authorized debits under the payor's PAD agreement.10 Credits only.8
Amount A ten-digit amount field.11 Your bank sets the limit your business can send. Your bank sets the limit your business can send.
Fits Payroll, supplier runs, collections and scheduled advances. A large or time-critical single payment, a closing or a settlement between institutions.

Choosing

Choose by amount, urgency, finality and volume. The right method follows from what the payment must accomplish.

Amount. Use a wire for a large single payment when your bank approves the amount. EFT has a ten-digit amount field.11 Your bank sets your sending limit for either method. Cost is per payment for a wire and per item for EFT, with the price set by your bank.

Urgency. Use a wire when an individual payment must settle and become final on the same business day. Use EFT when the payment can follow a file exchange and its Due Date. How long an EFT takes depends on that schedule, and same-day EFT covers the shorter timing options.

Finality. Use a wire when the counterparty requires a payment that cannot be reversed after settlement. A Lynx payment message contains the settlement instructions and information the receiving bank needs to make the amount finally and irrevocably available to the payee.12 EFT retains a return path for a payment that cannot be posted, is dishonoured or is refused. See irrevocable payments for the operational difference.

Volume. Use EFT for payroll, supplier runs, collections and scheduled advances. Its files carry batched payments, and it supports both credits and pre-authorized debits. Use a wire for one large or time-critical payment, including a closing or a settlement between institutions.

Weekends and holidays

Neither method moves a payment on a weekend or a statutory holiday. An EFT file submitted after the last exchange waits for the first exchange on the next business day.2 Lynx operates on weekdays that are not federal statutory holidays.5

The Real-Time Rail follows a different calendar and runs every calendar day.13

Sources (13)
  1. Rule F1, "Introduction" ↩
  2. Rule F1, Part II, "Exchange Deadlines and Periods" ↩
  3. Rule F1, Part II, "Credit Transaction Funds Availability" ↩
  4. Rule F1, Part V, "Settlement" ↩
  5. Bank of Canada, "A brief overview of Lynx" ↩
  6. Bank of Canada, "High-value payment systems are used for the clearing and settlement of" ↩
  7. Payments Canada, "Bringing data-rich, high-value payments to Canada: Lynx fully adopts the ISO 20022 standard" ↩
  8. Bank of Canada, "A brief overview of Lynx"; By-law No. 9, section 1 ↩
  9. Rule F1, Part III, "Time Limitation for Return"; Rule F1, Part III, "Time Frames for Error Correction" ↩
  10. Rule H1, sections 5(m) and 5(o) ↩
  11. Standard 005, Section D, Type C, element 05 ↩
  12. By-law No. 9, section 1 ↩
  13. RTR Rule 2, section 2 ↩

Questions

Is a wire faster than an EFT?

A wire can settle immediately after it clears during the Lynx operating day, and it is then final and irrevocable.1 An EFT credit is available by the opening of business on its Due Date, or within 2 hours of the delivering exchange at a branch that credits the same day.2 For an urgent single payment on a business day, use a wire.

Can a wire be reversed?

Once a Lynx payment settles, it is final and irrevocable.1 Its payment message carries the information the receiving bank needs to make the amount finally and irrevocably available to the payee.3

Is there a limit on an EFT?

The EFT amount field has ten digits.4 Your bank sets the amount your business can send by EFT or by wire.

Do wires and EFTs run on weekends?

No. EFT files exchange only on business days, and Lynx operates on weekdays that are not federal statutory holidays.5 The Real-Time Rail runs every calendar day.6

Which should I use for a large one-time payment?

Use a wire when the payment is large or time-critical and must be final on the same business day. High-value systems carry large, critical and time-sensitive payments, and a settled Lynx payment is final and irrevocable.7

Sources (7)
  1. Bank of Canada, "A brief overview of Lynx" ↩
  2. Rule F1, Part II, "Credit Transaction Funds Availability" ↩
  3. By-law No. 9, section 1 ↩
  4. Standard 005, Section D, Type C, element 05 ↩
  5. Rule F1, Part II, "Exchange Deadlines and Periods"; Bank of Canada, "A brief overview of Lynx" ↩
  6. RTR Rule 2, section 2 ↩
  7. Bank of Canada, "High-value payment systems are used for the clearing and settlement of"; Bank of Canada, "A brief overview of Lynx" ↩

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