EFT’s return to Canada

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Staging a comeback

In 2016, the Canadian market lost access to EFT payments; one of the most useful and beloved methods of purchasing bitcoin. When a popular exchange abandoned their position in Canada, EFT payments disappeared with them, leaving many without an adequate way to purchase bitcoin via a bank account. Happily, this situation has now been rectified, thanks to an expansion of our purchasing methods, now updated to include EFT payments for all Canadian customers.

EFT allows users to purchase both Bitcoin and Ethereum from the comfort of their own home, and is similar in function to a traditional bank transfer. In addition to the convenience of online payment processing, EFT also comes with lower fees than customers would encounter at a BTM, or when trading person-to-person.

A quick refresher

Electronic Funds Transfers (EFT) are known for their security, high speed-for-quantity, and cost efficiency. They are generally used to authorize the payment of bills, rather than the transfer of personal funds between accounts. EFT payments are sent between financial institutions in single, daily batched transactions by way of an automated clearing system, recognized for its utility around the world. The action of sending and receiving transfers via batched transactions allows fee’s to be significantly diminished from the high rates paid by individuals using EFT’s close counterpart, the Wire Transfer.

Heres what you do

If you’re excited to try out this new style of payment processing, log into your bitaccess account and create a ‘Buy Order’ that specifies EFT as your chosen payment method. In addition to EFT, we continue to provide Bitcoin and Ethereum via our ATM partners, for purchase in-stores using prepaid vouchers, and with participating debit cards on the Interac network.