SWIFT/BIC codes in Canada: banks starting with I

Finding a SWIFT code in Canada

On this page you find codes for 395 banks in Canada. A SWIFT code shows every bank in the chain which institution is meant to get the money.

Look for the recipient’s bank in the list and open its page to see the full list of codes and the details a transfer needs. The sections below covers how the codes work, the cost of transfers and how to avoid mistakes before a payment.

When does money sent to Canada arrive?

How fast money reaches Canada is determined by a few things: the currency, how many intermediary banks are involved, daily processing deadlines and time zones. Payments made after the cut-off time or just before a weekend or public holiday usually start the next business day.

Many banks use SWIFT gpi for faster and traceable payments. Every gpi transfer gets a unique transaction reference, the UETR that banks can use to see where the money is. Save the payment confirmation – you will need it if something goes wrong.

The structure of a Canada SWIFT/BIC code

Each SWIFT/BIC code has eight or eleven characters, always in the same order. The first four letters identify the bank, characters five and six form the country code and characters seven and eight mark the location.

In every code from Canada, characters five and six show the ISO country code of Canada, which makes these codes easy to recognise. If those two letters point to another country, the code belongs to a bank somewhere else, so check again.

An 11-character code ends in a branch code, where XXX means the head office. Choose a branch code just when the recipient’s bank asks for it – otherwise stick with the head office.

Receiving money in Canada from abroad

When you expect money from abroad in Canada, send the payer all details at once. Share the account holder’s name, the IBAN or account number, the BIC of your bank and your address.

Find your bank in the list above – your bank statement is the final word. Certain sending banks also want the name and address of your bank; it does no harm to include it.

The amount you receive can be less than what was sent. Correspondent banks can take a fee and your own bank may charge for processing, and when currencies differ, a markup on the rate applies. Make clear with the sender who pays which costs, especially for larger amounts.

Most SWIFT codes in Canada: Ss and C Technologies Canada Corp

In our data, Ss and C Technologies Canada Corp has the most SWIFT/BIC codes in Canada. The head office of Ss and C Technologies Canada Corp uses FMCCCATMXXX.

A large number of codes often means separate codes for branches, departments or services – it says nothing about the size of the bank as such. Making a payment to Ss and C Technologies Canada Corp? Use FMCCCATMXXX unless the recipient gives you a branch code.

Sending money to Canada for less

If you transfer money to Canada through a regular bank, the stated fee is rarely all of what you pay. Besides a fixed fee, correspondent banks may deduct a charge and, if currencies are converted, the bank often uses a rate below the actual market rate.

The markup on the rate tends to be the largest part of the cost because it is hidden in the rate. Check the rate you are offered against the mid-market rate. The difference is your real cost.

Money transfer services often offer rates closer to the mid-market rate with clearer fees. GoldexPay compares these providers next to each other so you can see the amount that reaches the recipient for the same amount sent.

How reliable is this list?

Have the recipient send you their bank details directly from their banking app. If the code you have does not match our list, stop and ask: check with the recipient or the bank.

Our SWIFT/BIC directory is based on publicly available sources. Even so, banks merge, rename themselves or retire codes and our data may lag behind. For any payment that matters, confirm the code with the recipient. GoldexPay is an independent comparison site and is not affiliated with the banks listed.

Fraudsters regularly send payment requests carrying changed bank details. A valid BIC tells you nothing about who owns the account: criminals use real codes too.

SWIFT transfers to Canada

Canada is outside the SEPA area. Payments from abroad usually travel over the SWIFT network.

In some countries, the account is identified by a domestic account number instead of an IBAN and sometimes a local routing or branch code. The receiving bank often provides instructions for payments from abroad, and it is worth following them to the letter. International transfers can pass through correspondent banks and fees can be taken along the way.

The Canadian Dollar (CAD) and conversion costs

The currency in Canada is the Canadian Dollar (CAD). When you pay money in a different currency, it gets converted at some point: by your bank, an intermediary or the receiving bank.

Which bank converts the money makes a difference: every bank has its own margin. Often it is cheaper if you send CAD directly via a provider with a good rate so the receiving bank does not need to convert again. With bigger transfers, a seemingly small difference in the rate adds up quickly.

Banks in Canada beginning with the letter :letter

This page shows only banks in Canada whose name starts with :letter. The figures for Canada mentioned here apply to all 395 banks, not just the ones under :letter.

Many institutions appear under their official name, so the letter can differ from what you expect. Use the full list for Canada if you are not sure how the name is spelled.