<jats:title>Abstract</jats:title><jats:p>The particulate organic carbon (POC) flux from the euphotic zone to the deep ocean is central to the biological carbon pump. It is typically evaluated using “export efficiency” and “transfer efficiency,” which reflect POC formation and sinking and carbon sequestration efficiency in the ocean's interior, respectively. Since observations of these metrics are limited, biogeochemical models can elucidate the controls of large‐scale patterns. This study uses the global ocean‐biogeochemical model FESOM‐REcoM, with a new sinking routine that accounts for ballast minerals, seawater viscosity, and oxygen‐dependent remineralization in POC sinking and remineralization, to identify the drivers of global export and transfer efficiency. We find that export efficiency is highest at high latitudes, where diatoms, mesozooplankton, and macrozooplankton dominate the plankton community, but that high export efficiency does not always imply high transfer efficiency. Omitting ballast minerals decreases export efficiency by 20% in the Southern Ocean, yet the globally integrated POC flux out of the euphotic zone (5.4–5.6 Pg C ) and the global average export efficiency (14.7%–15.4%) are relatively insensitive to seawater viscosity, mineral ballasting, or oxygen‐dependent remineralization. In contrast, global transfer efficiency is more sensitive to these processes and varies between 21% and 25% in the simulations, with the largest reduction by 23% observed when omitting ballasting in subtropical, low‐productivity regions. Our findings suggest that assumptions about ballasting and background sinking speed could explain previous discrepancies in the literature regarding the highest transfer efficiencies in low or high latitudes. Notably, while plankton community structure determines export efficiency regimes, zooplankton fecal pellets drive high transfer efficiencies in regions with high export efficiency, like the Southern Ocean.</jats:p>