Merrill Lynch Canada, Inc SWIFT/BIC code

Merrill Lynch Canada, Inc SWIFT code: MLCICATT

Whether a recipient gives you MLCICATT or MLCICATTXXX, it is the identical address for Merrill Lynch Canada, Inc in Canada. A SWIFT code shows every bank in the chain which institution is meant to get the money, a bit like a postal address for banks. You will need it mainly for transfers between countries.

Below you will find the practical side: money coming in from abroad, paying someone in another country and how to check a SWIFT code before you hit send. The SWIFT code on its own does not identify a personal account; for that you need the IBAN or account number is for.

When will the money arrive at Merrill Lynch Canada, Inc?

An international transfer usually takes anywhere from one to several business days – it depends on currency, route and the banks in between. Payments made late in the day or just before weekends and holidays often go out the next business day. Compliance checks on larger or unusual payments can also cause a delay, even when all details are correct.

When a payment takes longer than expected, contact your bank for the status or the UETR. Keep the payment confirmation until the money has arrived.

The bank that sent the money can start an official trace or a recall; the receiving side usually has nothing to trace yet. Ask the sender for the payment receipt including the reference.

Watch out for payment fraud

Stay alert if a contact unexpectedly wants you to send money to another account or a bank in another country. That MLCICATT is a real code is no guarantee that a request mentioning it is legitimate.

Always verify a change of bank details by phone on a number you know, not one from the message. Urgency or requests to keep it quiet tend to be red flags. Acted too fast? Contact the bank you paid from without delay and ask them to try to recall the payment and report the fraud.

People receiving money can be targeted as well: a classic trick is a buyer who pays too much followed by a request to refund the difference to another account. Do not act before the money is actually in your account.

A note on our data

The codes on this page are taken from public sources that we update regularly. Banks merge, close branches and retire codes. The number of codes we show are based on what is in our directory and not on information from Merrill Lynch Canada, Inc itself.

Before any payment of any size, always check the code with the recipient’s bank or with the recipient. We are a comparison site for money transfers and not affiliated with Merrill Lynch Canada, Inc. If you notice something that is out of date, we welcome a short note via the contact page.

The Canadian Dollar and what conversion costs you

The currency in Canada is the Canadian Dollar (CAD). 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. Each conversion eats into something.

Where the conversion happens has an effect on the final amount, as rates and margins differ per bank. In many cases you pay less to send CAD directly via a transfer service that converts near the mid-market rate rather than letting the receiving bank convert.

Exchange rates move all the time. For regular payments, a slightly better rate add up over time.

Why Merrill Lynch Canada, Inc has an 8- and an 11-character code

Each SWIFT/BIC code has an 8-character core: a four-letter bank code, two letters for the country and two characters for the location. Together, those parts make up MLCICATT – the version you usually see online.

The long version has three more characters for a branch or department. If the last three are XXX, they simply mean the head office, which is why MLCICATTXXX and MLCICATT lead to the same place.

Do not add spaces or dashes when you enter MLCICATT or MLCICATTXXX. Watch for the letter O and the digit 0 and the letter I and the digit 1, a common source of typos.

Before you send: check the Merrill Lynch Canada, Inc code

Have the recipient copy their bank details straight from their banking app. Check it against MLCICATT here and ask if anything does not match.

A wrong SWIFT code can cause delays, a returned payment or extra fees along the way. Remember the IBAN: an error there is more difficult to undo than a wrong code.

Most online banking apps check the structure of IBANs, but that does not prove the account belongs to the right person. Where available, a name check on the recipient adds extra certainty. When you pay someone new, many people send a small amount first and wait for confirmation.

What to give a sender who pays you at Merrill Lynch Canada, Inc

If you are waiting for a payment from another country, give the sender everything they need in one go. The basics are: your name, IBAN or account number, MLCICATTXXX or MLCICATT and in many cases your home address.

You can include the bank name and its city as well, since some forms ask for it. A typo in your account number is harder to fix than it looks.

Expect that the incoming amount is smaller than what the sender paid. Charges on incoming payments vary per bank. Agree with the sender who pays which costs before the money is sent.

Merrill Lynch Canada, Inc: head office code versus branch codes

Having 3 codes, Merrill Lynch Canada, Inc belongs to the banks that register separate codes for parts of the organisation and departments. The main code is MLCICATTXXX.

Unless the recipient tells you otherwise, use MLCICATTXXX or its short form MLCICATT. Only use a branch code when the account holder gives you that exact code.

The best way is to take the code directly from the recipient’s invoice. Codes are sometimes changed or retired when banks reorganise.

Paying someone abroad from your Merrill Lynch Canada, Inc account

The price of an international transfer has several parts, and the transfer fee is only the most visible one. You pay the transfer fee, possibly fees charged by intermediary banks along the way and, above all, the exchange rate markup when the money is converted.

Many banks rarely list their exchange rate markup separately, but you pay it all the same. Compare the rate you are offered against the mid-market rate – the rate you find on financial news sites; the gap is what conversion costs you.

For many routes, a specialist provider turns out to be less expensive than a traditional bank transfer. Before your next transfer, it is worth to compare what arrives on GoldexPay instead of going straight to your bank. You can still keep your account at Merrill Lynch Canada, Inc as the source of the money; only the conversion and sending happen elsewhere.