Export Development Canada SWIFT/BIC code

EDCOCA21 – the SWIFT/BIC code of Export Development Canada

Whether you are given EDCOCA21 or EDCOCA21XXX, you are looking at the same address for Export Development Canada in Canada. The code has a single purpose: it ensures that an international payment reaches the right bank. It comes up mainly when dealing with transfers between countries and payments in foreign currencies.

Below we go through the practical questions: money coming in from abroad, sending money abroad and how to verify a SWIFT code before you hit send. The SWIFT code alone cannot identify an individual account holder; for that you need the IBAN or account number .

Paying someone abroad from your Export Development Canada account

If you transfer money abroad via Export Development Canada, the fee you see is only part of what you pay. Besides a fixed fee, correspondent or intermediary banks may deduct a fee, and when the money changes currency, the bank often applies a rate that is less favourable than the actual market rate.

The real cost is often in the rate, rather than in the fee: the bank converts at a rate with a margin built in. An easy check: set the bank’s rate next to the mid-market rate and work out the difference on your amount.

Money transfer services often offer rates closer to the mid-market rate and lower fees. GoldexPay compares these services next to each other, showing what actually arrives before you commit. Using a transfer service does not mean leaving Export Development Canada: you simply pay the service from your account.

8 or 11 characters: EDCOCA21 versus EDCOCA21XXX

A SWIFT code is made up of fixed blocks: characters one to four stand for the bank, the next two give the country and the two after that indicate the location. In this case, that core is EDCOCA21.

The 11-character version adds three more characters that identify a branch or department. If the last three are XXX, they simply mean the head office, which is why EDCOCA21XXX and EDCOCA21 lead to the same place.

Type the code as one block, in upper case and without spaces. Copying the code beats retyping it: a typo can point to another bank.

Head office or branch code at Export Development Canada?

Export Development Canada uses 2 separate SWIFT/BIC codes across 1 locations. One of them is the head office code; the others identify branches, and sometimes specific services.

For the vast majority of incoming transfers, the head office code EDCOCA21XXX is what you need. A branch code only makes sense if the recipient’s bank specifically mentions it, which is more common for business accounts and specialised services.

The best way is to take the code directly from the account holder’s bank details. Branch codes are more likely to be retired than EDCOCA21XXX.

About this information

The details here come from publicly available data which we refresh regularly. Even so, banks merge, rename themselves or retire codes. Figures such as the number of codes are from our directory and are not confirmed by Export Development Canada.

See our directory on this page as a helpful check. GoldexPay is a comparison service and not part of Export Development Canada. Found an error? Let us know through the contact page so we can correct it.

Canadian Dollar (CAD) and conversion costs

The national currency of Canada is the Canadian Dollar (CAD). A payment in a foreign currency will be exchanged into CAD on its way to Export Development Canada, and whoever converts it chooses the rate. Each conversion eats into the amount.

Who converts the money matters: every bank has its own margin. Sending the money directly in CAD often prevents a second conversion – as long as your own rate is good.

The CAD rate fluctuates throughout the day, so the amount you see is usually only valid for a short time. If you pay regularly, small differences in the rate add up over time.

Tracking a transfer to or from Export Development Canada

An international transfer usually needs anywhere from one to several business days, depending on the currency, the route and the banks involved. Bank holidays in either country can add a day or more. Sometimes a bank wants to know about the purpose of a payment, which can hold things up.

Many banks are connected to SWIFT gpi. Each gpi transfer gets a unique reference, the UETR that banks can use to trace it. Keep your transfer receipt until the recipient confirms; it contains the details a bank needs to start a trace.

If a payment has not arrived after a few business days, the person who paid needs to contact the bank that sent it. Request from the sender a copy of the payment confirmation with the date and reference; that often settles the question quickly.

What to give a sender who pays you at Export Development Canada

A sender in another country needs a few details from you, and missing ones are a common cause of delays. The basics are: the account holder’s name, IBAN or account number, EDCOCA21XXX and often your postal address.

Some banks also ask for the address of Export Development Canada; it does no harm to include it. A mistake in your account number can be more trouble than it looks, so copy the details from your online banking.

Do not be surprised if the incoming amount is smaller than what the sender paid. Intermediary banks may deduct a fee and your own bank may charge for processing, and when currencies differ, a markup on the rate comes on top. Make clear with the sender who covers the fees before the money is sent.

Before you send: check the Export Development Canada code

Have the recipient send you the account details straight from their online banking. Check that code with EDCOCA21 on this page.

A wrong SWIFT code can cause delays, a payment being sent back or extra fees. A mistake in the IBAN or account number is a bigger problem because it can reach the wrong person.

An automatic check in your banking app merely tells you that the code is valid, not that it is the right account. Some banks now compare the name with the account – do not ignore a mismatch warning. For a first payment, some people send a small test amount.

Protect yourself against fake payment requests

Be wary when a contact unexpectedly wants you to send money to a different account. The fact that EDCOCA21 exists does not mean that the account is genuine; criminals use the codes of real banks too.

Check changed bank details via a separate channel, such as a phone number you already know, never via the email that asked for the change. Watch out for time pressure, odd spelling or a sender address that is slightly off. When money was sent to the wrong account, call your bank right away – speed improves the chance of getting it back.

Fraud also target the receiver: someone claims to have sent more than agreed and wants you to return the difference via a different route. Wait until the money is actually in your account and check with Export Development Canada if anything seems off.