EFTR — Electronic Funds Transfer Report

What is an Electronic Funds Transfer Report (EFTR)?

An Electronic Funds Transfer Report (EFTR) is a mandatory FINTRAC filing required for every international electronic funds transfer of $10,000 CAD or more sent or received on behalf of a client. EFTRs apply when funds cross the Canadian border electronically — including wire transfers, SWIFT payments, and similar mechanisms.

Unlike STRs (which require judgment), EFTRs are mandatory whenever the threshold and cross-border criteria are met — no suspicion required.

EFTR Filing Requirements at a Glance

When Does the EFTR Obligation Apply?

• Sending $10,000 or more internationally on behalf of a client (outgoing EFT)
• Receiving $10,000 or more internationally on behalf of a client (incoming EFT)
• Processing multiple transfers within a 24-hour period that aggregate to $10,000+ for the same client to the same destination

Note: Transfers between Canadian entities do not trigger EFTR obligations. The cross-border element is what creates the requirement.

Incoming vs Outgoing — Two Different Deadlines

Outgoing transfers give you 5 business days. Incoming transfers give you just 24 hours. A wire received late on a Friday must be reported by the following day — manual processes cannot keep up with this requirement at volume.

What Your EFTR Must Include

• Client identification information (name, address, ID type and number)
• Transfer amount in Canadian dollars
• Date and direction of the transfer (incoming or outgoing)
• Foreign jurisdiction involved
• Financial institution details at both ends of the transfer
• Account information for both sending and receiving accounts
• SWIFT codes or routing identifiers, where applicable
• Purpose of the transfer, if known

EFTR vs STR — When to File Which

An international transfer can trigger both an EFTR and an STR independently. Both must be filed if both criteria are met.

How Quantoflow Automates EFTR Compliance

• Real-Time Transfer Monitoring: All international EFTs monitored against the $10,000 threshold as transactions occur
• Direction-Aware Deadline Tracking: Applies the correct deadline automatically — 5 business days for outgoing, 24 hours for incoming
• 24-Hour Aggregation: Multiple transfers from the same client within a 24-hour window aggregated and flagged when the total crosses $10,000
• Pre-Submission Validation: Every required field verified before filing — complete identification, accurate amounts, correct jurisdiction details
• Direct FINTRAC Submission: Filed directly through FINTRAC's F2R system with confirmation records maintained
• Dual-Report Flagging: When an international EFT also displays suspicious characteristics, Quantoflow flags it for STR review simultaneously

Best Practices for MSBs and Remitters

• Automate incoming transfer detection — a 24-hour deadline cannot be met reliably through manual review at volume
• Collect full client ID upfront — you need verified ID to complete an EFTR accurately, and often can't collect it after the transfer is processed
• Track direction separately — incoming and outgoing EFTs have different deadlines; applying the wrong timeline creates violations
• File outgoing transfers early — treat the 5-business-day window as a 3-day target
• Keep records for 5 years — FINTRAC examines EFTR records during standard compliance audits