Questrade Inc. SWIFT/BIC code

What QUERCA21 means for a payment to Questrade Inc.

The short code QUERCA21 and the 11-character code QUERCA21XXX identify the same bank: Questrade Inc.. Banks worldwide use BIC codes to route payments between countries to the correct institution. In practice you usually see the code on invoices from abroad, in payment forms and on the account details that Questrade Inc. provides.

Below we go through the practical questions: money coming in from abroad, sending money abroad and how to check the code before you confirm a payment. The SWIFT code alone does not identify a personal account; that is what the account number or IBAN .

Before you send: check the Questrade Inc. code

The most reliable source for a SWIFT code is the recipient’s own bank details. When the code you were given does not match QUERCA21 or QUERCA21XXX, stop and ask: check with the recipient or with Questrade Inc. directly.

Errors in the BIC tend to be costly more than fatal. Remember the account number: a mistake there is harder to correct than a wrong code.

Many banking apps check the format of IBANs. If your bank offers it, a payee name check before sending gives an extra layer of safety. Sending a small amount first is a sensible step for a large first payment despite the extra fee.

Scams that use SWIFT codes

A common scam works like this: you receive a message saying that a supplier now has new bank details. That QUERCA21 is a real code does not mean that the account is genuine; criminals use the codes of real banks too.

Verify changed bank details through a different channel, never via the email that asked for the change. Pressure and requests to keep it quiet are red flags; a genuine business can wait for you to check. Acted too fast? Contact your bank without delay and ask them to start a recall 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 send back the difference. A screenshot of a transfer proves nothing.

Receiving money from abroad at Questrade Inc.

Someone abroad who wants to pay you needs several details from you, and missing ones are a common cause of delays. Give them your name as the bank knows it, your account number or IBAN, SWIFT code QUERCA21XXX and your address, which some banks require.

Their bank may request the address of your bank. Double-check the details before you send them.

Money from abroad does not always arrive in full. Fees for incoming transfers vary from bank to bank; check the price list of Questrade Inc.. For business payments, it is common to state how the fees are split, so that nobody is left short.

Head office or branch code at Questrade Inc.?

Questrade Inc. has 2 different SWIFT/BIC codes. One of them is the head office code, QUERCA21XXX; the rest identify branches or departments, and sometimes specific services.

For the vast majority of payments to a private or business account, the head office code QUERCA21XXX is the right choice. Branch codes are only needed when the account holder specifically mentions it.

When in doubt, check with the recipient for the exact BIC in their bank details. Codes are sometimes changed or retired over time, so a code from an old document is not always valid.

What a transfer from Questrade Inc. abroad really costs

An international bank payment can cost more than the fee suggests. There is the transfer fee, sometimes charges from correspondent banks along the way and, above all, the exchange rate markup if the currency changes.

That exchange rate margin tends to be the largest cost, and it is easy to miss. Compare their rate with the mid-market rate, the midpoint between buy and sell rates you see on financial sites. The difference is your real conversion cost.

For a lot of routes, a specialist provider turns out to be less expensive than a traditional bank transfer, mainly because of the exchange rate. GoldexPay lists transfer providers side by side, showing the amount the recipient gets. Using a transfer service does not require closing your account at Questrade Inc..

Paying into Questrade Inc. in CAD

Most accounts at Questrade Inc. are typically held in CAD, the national currency of Canada. A payment in a foreign currency is exchanged into CAD, and whoever converts it chooses the rate. Every conversion costs the amount, even when no fee is shown.

Who converts the payment matters. Transferring the money directly in CAD usually prevents an extra conversion at the receiving end.

The CAD rate fluctuates constantly, so the amount you see is usually only valid for a short time. With bigger transfers, a seemingly small difference in the rate can be worth more than the fee.

Transfer times and tracking a payment to Questrade Inc.

How fast a transfer reaches Questrade Inc. is determined by several factors: the currency, how many intermediary banks are involved, cut-off times and time zones. Bank holidays in either country can add a day or more to the journey. Sometimes a bank wants to know what the payment is for.

If a transfer is delayed, ask the sending bank about the tracking status or the UETR; with that reference banks can see where the payment is. Keep your transfer receipt until the money has arrived – you will need it for any trace request.

A delayed transfer has to be traced by the sending bank, using the payment confirmation. Request from the sender the payment receipt including the reference – it helps your own bank look for the money.

A note on our data

Our SWIFT/BIC directory is compiled from public sources and we update it periodically. Institutions merge, change names and retire codes. The number of codes we show reflect our own data, not official figures from Questrade Inc..

Before a payment of any size, check the code with the recipient’s bank or the recipient. GoldexPay has no connection to Questrade Inc.; we are a comparison site for money transfers. Should you notice something that is out of date, we welcome a message.

QUERCA21 or QUERCA21XXX – which one to use?

The layout of every SWIFT code is always the same: a bank code of four letters, two for the country and two for the location, sometimes followed by a branch code. For Questrade Inc., that core is QUERCA21.

XXX at the end of QUERCA21XXX does not stand for a missing value or a mistake: it stands for the head office of Questrade Inc.. Some forms ask for 11 characters, in which case you simply add XXX behind QUERCA21.

As a rule the code is written in capitals. A wrong character may route a payment to another bank, so check it twice.