HSBC Trust Company (Canada) SWIFT/BIC code

What METCCAT1 means for a payment to HSBC Trust Company (Canada)

METCCAT1 and METCCAT1XXX are two ways of writing the same SWIFT/BIC code, and both lead to HSBC Trust Company (Canada) in Toronto. The code does one job: it ensures that an international payment ends up at the right bank. In practice you mostly come across the code on international invoices, in your banking app and in the bank details of HSBC Trust Company (Canada) customers.

Below you will find the practical questions: receiving money at HSBC Trust Company (Canada), sending money abroad and how to check the code before you hit send. The SWIFT code on its own does not identify an individual account holder; that is what the IBAN or account number is for.

Head office or branch code at HSBC Trust Company (Canada)?

HSBC Trust Company (Canada) has 7 separate SWIFT/BIC codes across 6 cities. One of them is the head office code; the rest identify branches or departments.

If nobody asks you for a branch code, use METCCAT1XXX. If you have been given a specific code, stick to it instead of swapping it with the head office code.

The best way is to copy the code directly from the recipient’s statement. Codes for branches are more likely to be retired than the head office code when a bank merges or closes offices.

Tracking a transfer to or from HSBC Trust Company (Canada)

There is no single delivery time for international payments: some arrive within a day, others take several business days. Bank holidays in the sending or receiving country add extra days. Occasionally a bank asks what the payment is for before releasing it.

If a transfer is delayed, ask your bank for the tracking status or the UETR; with that reference banks can see where the payment is. Money transfer services often show a status in their app so you can see how far the payment has got.

If the money does not arrive within the expected time, the person who paid needs to contact the bank that sent it rather than HSBC Trust Company (Canada). As a recipient, you can look at your statements to see a partial amount because fees can reduce the amount.

Paying into HSBC Trust Company (Canada) in CAD

Canada pays in the Canadian Dollar, code CAD. If you send another currency, the amount has to be converted at some point. There is rarely a separate charge for the conversion; it is built into the rate.

Who converts the payment makes a difference: every bank has its own margin. Compare what CAD the recipient gets with several providers; the difference between options can be larger than you expect.

Rates for CAD change during the day. If you pay regularly, small differences in the rate add up over a year.

How to check METCCAT1 before you pay

Have the recipient send you their account details straight from their online banking. When the code you were given differs from METCCAT1 or METCCAT1XXX, stop and ask – contact the recipient or HSBC Trust Company (Canada).

An incorrect BIC may lead to a delay, a returned payment or extra fees. An error in the IBAN or account number can be more serious, because the money may be credited to someone else.

An automatic check by your bank only confirms that the IBAN is valid. Some banks now compare the name against the account before you confirm. For a first payment, some people send a small test amount.

How up to date is this code?

This directory draws on publicly available sources and is updated regularly. Still, banks merge or change codes and our data may lag behind. The number of codes on this page are based on what is in our directory.

For any payment of any size, always check the code with HSBC Trust Company (Canada) or with the recipient. GoldexPay is not affiliated with HSBC Trust Company (Canada); we are a comparison site for money transfers. Spotted an error? Tell us through the contact page.

Why HSBC Trust Company (Canada) has an 8- and an 11-character code

The layout of a BIC is always the same: a bank code of four letters, a two-letter country code and a two-character location code. Combined, those parts make up METCCAT1.

Many banks and apps accept either length. If yours asks for eleven characters, use METCCAT1XXX.

As a rule the code is typed in capitals, without spaces or dashes. Look out for O versus 0 and the letter I and the digit 1.

Changed bank details? Be careful

Criminals often use payment requests containing new bank details, sometimes in an email that looks completely genuine. The fact that METCCAT1 exists is no guarantee that a request mentioning it is legitimate – fraudsters use real bank codes as well.

Do not trust contact details in the same message that contains the change. Watch out for urgent requests, unusual wording or an email address that differs by one letter. If a payment was sent to a fraudster, call your bank right away – speed improves the chance of getting it back.

People receiving money can be targeted as well: a classic trick is a buyer who pays too much and then sends a request to refund the difference. Wait until the money is actually in your account – ask HSBC Trust Company (Canada) if something looks wrong.

Getting paid from abroad into a HSBC Trust Company (Canada) account

To receive an international payment at HSBC Trust Company (Canada), the sender has to have not just the BIC. That means: your name exactly as it appears on the account, your IBAN or account number, the SWIFT/BIC code METCCAT1XXX and sometimes your address.

It helps to include the bank name and its city as well, because some payment forms have separate fields for them. Check the details before you share them.

Do not be surprised if the incoming amount is below the amount on the sender’s receipt. Charges on incoming payments vary from bank to bank. Make clear with the sender who covers the fees.

What a transfer from HSBC Trust Company (Canada) abroad really costs

The price of a payment abroad has more than one component. There is the transfer fee, sometimes fees charged by intermediary banks in between and, above all, the exchange rate markup if the currency changes.

That exchange rate margin is often the biggest item because it is hidden in the rate. Compare the rate you are offered against the mid-market rate. The difference is your real conversion cost.

For many routes, a transfer service is less expensive than a bank – mostly thanks to the rate. GoldexPay lists these services next to each other, showing what actually arrives. You can always keep your account at HSBC Trust Company (Canada); only the conversion and sending happen elsewhere.