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What happens if the sender sends an EFT instead of a Wire (SWIFT)?

What happens if the sender sends an EFT instead of a Wire (SWIFT)?

Michael Tan avatar
Written by Michael Tan
Updated over a month ago

For receiving CAD into your Venn account, if you provide the sender with Wire (SWIFT) details, but they send an Electronic Funds Transfer (EFT) instead, the payment will not reach us. Instead, the funds will remain with the sender’s bank or its intermediary.

In most cases, the funds are automatically returned to the sender within 5 to 10 business days. However, to speed up the process, the sender should contact their bank directly.

Since we never received the funds, we have no visibility into the timeline for their return. If we had received them, we would have credited them to your account immediately.

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