Industrial and Commercial Bank of China (Canada) SWIFT/BIC code

What ICBKCAT2 means for a payment to Industrial and Commercial Bank of China (Canada)

ICBKCAT2 and ICBKCAT2XXX are the short and the long form of the same bank identifier, and both point to Industrial and Commercial Bank of China (Canada) in Toronto. A SWIFT code tells every bank in the chain exactly which bank should receive the money, much like a postcode for banks. In practice you mostly come across it on invoices from abroad, in payment forms and on the account details of Industrial and Commercial Bank of China (Canada) customers.

On this page you can read what the code is put together, when it matters and what else you need for a transfer to or from Industrial and Commercial Bank of China (Canada). The SWIFT code on its own cannot identify a personal account; that is what the account number or IBAN is for.

Before you send: check the Industrial and Commercial Bank of China (Canada) code

The most reliable place for the right code remains paperwork issued by the bank. Compare that code with ICBKCAT2 here; if they differ, ask before you pay.

If the code is wrong, the payment might get stuck, bounce back or end up costing more. Remember the IBAN: an error there can be harder to correct than a wrong code.

Most online banking apps check the structure of an IBAN, but that does not prove the account belongs to the right person. Where available, a name check before sending adds extra certainty. Sending a small amount first can be worth it for large sums, even if it costs an extra fee.

Why Industrial and Commercial Bank of China (Canada) has an 8- and an 11-character code

A BIC is built from fixed blocks: characters one to four stand for the bank, the next two give the country and the two after that indicate the location. That gives you ICBKCAT2.

The 11-character version adds three more characters that identify a branch or department. If the last three are XXX, the code points to the head office.

Leave out spaces or dashes when you type ICBKCAT2. Pasting the code beats typing it by hand.

Where our SWIFT data comes from

This directory is compiled from public sources and we update it periodically. It can happen that a code on this page is no longer current, for example after a merger. Figures such as the number of codes are from our own dataset and are not confirmed by Industrial and Commercial Bank of China (Canada).

See our directory on this page as a handy check and rely on the recipient or Industrial and Commercial Bank of China (Canada) for the final confirmation. GoldexPay is a comparison service and not part of Industrial and Commercial Bank of China (Canada). Found outdated information? Let us know through the contact page and we will look into it.

Watch out for payment fraud

Scammers regularly use fake invoices containing new bank details sent from what looks like a familiar address. A correct SWIFT code says nothing about who owns the account: scammers use real codes of real banks.

Verify new payment details through a different channel, never via the email that asked for the change. Be suspicious of urgent requests, odd spelling or a sender address that is slightly off. If money was sent to a fraudster, call your bank right away.

People receiving money are targeted too: one known trick is an overpayment followed by a request to refund the difference to another account. A payment confirmation from the sender is no proof; only your own account shows what has arrived.

Industrial and Commercial Bank of China (Canada): head office code versus branch codes

Having 2 codes, Industrial and Commercial Bank of China (Canada) belongs to the banks that use individual codes for parts of the organisation. The head office code is ICBKCAT2XXX.

If nobody asks you for a branch code, go with ICBKCAT2XXX or its short form ICBKCAT2. Only use a branch code when the account holder explicitly asks for it, for example on an invoice or in their bank details.

The safest route is to take the code directly from the account holder’s bank details. Codes for branches are more prone to be retired than the head office code.

International transfers from Industrial and Commercial Bank of China (Canada): the real cost

An international bank payment can cost more than the listed fee. You pay the fee for the transfer itself, sometimes fees charged by intermediary banks in between and, above all, the margin on the exchange rate if the currency changes.

Many banks do not show the margin on the rate separately. An easy check: set the rate you get against the mid-market rate for the same moment and look at the difference.

Specialist money transfer services frequently use rates closer to the mid-market rate with clearer fees. GoldexPay compares the amount that arrives across providers. Choosing a specialist does not require closing your account at Industrial and Commercial Bank of China (Canada).

Incoming international payments to Industrial and Commercial Bank of China (Canada)

When you are waiting for money from abroad, send the payer all details at once. Give them your name as the bank knows it, your account number or IBAN, the BIC ICBKCAT2XXX and your address, which some banks require.

The sender’s bank may request the bank address of Industrial and Commercial Bank of China (Canada); the head office in Toronto is usually fine. Double-check the details before you send them.

What lands in your account is often lower than what was sent. Fees for incoming transfers differ from bank to bank; check the price list of Industrial and Commercial Bank of China (Canada). For business payments, it is common to agree who bears the costs.

Canadian Dollar (CAD) and conversion costs

Accounts at Industrial and Commercial Bank of China (Canada) are usually held in CAD, the national currency of Canada. A payment in a foreign currency will be converted into CAD before it reaches the account – and the bank that does it picks the rate. There is rarely a separate line for that conversion; it is built into the rate.

Who does the conversion has an effect on how much arrives. Transferring the amount directly in CAD usually avoids a second conversion at the receiving end.

Rates for CAD move all the time, and some providers let you lock in a rate. On larger amounts, even seemingly small difference in the rate adds up quickly.

How long does an international transfer to Industrial and Commercial Bank of China (Canada) take?

There is no fixed delivery time for every transfer: many arrive within a day while others need several business days. Weekends and public holidays in either country can add a day or more. Compliance checks on larger or unusual payments may also add a delay, even when all details are correct.

When a payment takes longer than expected, ask your bank for the status and the transaction reference. Money transfer services often show tracking in their app showing how far the money has got.

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