SWIFT/BIC codes in Canada: banks starting with M

Bank SWIFT codes for Canada

This overview covers 395 banks and financial institutions in Canada, with 613 SWIFT/BIC codes in total. You will need a SWIFT/BIC code mostly when making international transfers, and especially for payments in foreign currencies.

Look for the recipient’s bank in the list and open its page to see the full list of codes and what else a transfer requires. Further down you can read how codes from Canada are built, how to send money to Canada without overpaying and how to check a code before you pay.

Check the code before you pay

The safest source for a SWIFT code is the recipient’s own bank details – an invoice, a statement or a screenshot from online banking. If the code you have does not match our list, do not guess.

Our SWIFT/BIC directory is compiled from publicly available sources and is updated regularly. Even so, banks merge or retire codes. Use this list as a starting point: the bank details from the recipient come first. GoldexPay is an independent comparison site.

Fraudsters often use payment requests carrying changed bank details. A valid BIC says nothing about whether a request is genuine – scammers use the codes of real banks.

SWIFT codes in Canada: banks under :letter

This list only shows banks in Canada beginning with :letter in alphabetical order. The figures for Canada on this page cover every bank we list, not just the ones under :letter.

Some banks are listed under their legal name, so the letter can differ from what you expect. The full overview for Canada is available if you cannot find the bank here.

SWIFT transfers to Canada

Canada is not part of the SEPA area. Payments from abroad usually go over the SWIFT network, and the BIC of the receiving bank is required.

In some countries, the account is identified by a domestic account number instead of an IBAN and sometimes a local routing or branch code. Check with the recipient which details their bank requires for incoming international payments – many banks give clear instructions for this. On the way to Canada, a payment can go through correspondent banks that charge for their part.

What a sender needs to pay you in Canada

To receive a transfer from abroad in Canada, the sender needs more than the BIC. That means: your name exactly as it appears on the account, your account number or IBAN, the BIC of your bank and sometimes your postal address.

The code of your bank is in the list on this page but always compare it with your own bank details. You can include your bank’s name and city, since some payment forms ask for 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 if the money is converted, an exchange rate margin comes on top. Agree with the sender who pays which costs, especially for larger amounts.

Bank or transfer service for Canada?

An international bank payment to Canada can cost more than you think. On top of the fee, intermediary banks can take a cut, and when the money is converted the bank often applies a less favourable rate than the real market rate.

Most of the cost usually sits in the exchange rate, rather than in the fee. Check the rate you are offered with the mid-market rate that you find on financial sites.

For a lot of routes, a transfer service turns out to be less expensive than a bank, mainly because of the rate. Before you send money to Canada, take a minute to compare the total cost via GoldexPay.

Sending CAD to Canada

Canada pays in the Canadian Dollar. When you pay another currency, it gets converted somewhere along the way: by your bank, an intermediary or the receiving bank.

Which bank converts the payment matters, because each party uses its own rate. Compare what CAD arrives with different services; the difference between options can be larger than you expect. Rates for CAD move all the time, so a quote is usually valid only briefly.

Tracking a payment to Canada

How quickly a payment reaches Canada depends on several factors: the currency, the number of banks in between, daily processing deadlines and differences in time zone. Payments made late in the day or on weekends and holidays usually start a business day later.

Many banks use SWIFT gpi, which lets them follow a payment from bank to bank. Every payment carries a unique reference, the UETR. Save the payment confirmation until the money has arrived; a bank needs it to start a trace.

The largest SWIFT network in Canada: Ss and C Technologies Canada Corp

Of all banks we list for Canada, Ss and C Technologies Canada Corp has the largest number of SWIFT codes. Its head office code is FMCCCATMXXX – the code most transfers need.

Banks differ in how many codes they register. Paying someone at Ss and C Technologies Canada Corp? Use FMCCCATMXXX unless the recipient gives you a branch code.

Recognising a SWIFT code from Canada

Bank identifier codes use the same format worldwide: 8 characters. First comes four letters for the bank, then two letters for the country and a two-character location code.

You can recognise a bank code from Canada by the fifth and sixth characters – those always form the country code of Canada. A code with a different country code belong to another country – a quick way to catch mistakes.

The last three characters, if present, identify a specific branch; XXX means the head office. In most cases the head office code is fine, unless the recipient gives you a branch code.