SWIFT/BIC codes in Canada: banks starting with V

Canada: banks and their SWIFT/BIC codes

In Canada we have 613 SWIFT/BIC codes. Every code points to an institution or a specific branch or department, so a payment from abroad reaches the right place.

Each bank has its own page showing the head office code and, where available, branch codes. Below the list you can read how a code from Canada is put together, how to send money to Canada without overpaying and what to check before you pay.

Canada and the Canadian Dollar

Canada uses the Canadian Dollar, code CAD. A payment in a foreign currency will be exchanged into CAD before it reaches the account.

Where the conversion happens has an effect on how much arrives, as rates and margins differ per bank. Compare what CAD the recipient gets via different providers. With bigger transfers, even a small difference in the rate can be worth more than the fee.

Bank or transfer service for Canada?

The price of a transfer to Canada is made up of several parts – not only the fee you see. Besides a fixed fee, intermediary banks may take a cut, and when the money is converted the bank usually applies a rate below the actual market rate.

Most of the cost usually sits in the exchange rate, rather than in the fee – the bank builds a margin into its rate. Check the rate you are offered against the mid-market rate, the midpoint you see on financial news sites. The difference is your real cost.

Specialised transfer providers often offer rates closer to the mid-market rate and lower fees. GoldexPay compares transfer services side by side so you can see the amount that reaches the recipient for the same amount sent.

Incoming international payments in Canada

To receive an international payment into a Canada account, the sender has to have more than the BIC. That means: your name as your bank knows it, your IBAN or account number, the BIC of your bank and sometimes your postal address.

Your bank’s code is in our list. Some banks may also want your bank’s address; it does no harm to include it.

Do not be surprised if the incoming amount is smaller than the amount on the sender’s receipt. Intermediary banks may deduct a fee, and if the money is converted, an exchange rate margin applies. On invoices, state who bears the costs, so nobody is left short.

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

Of the 395 banks we list for Canada, Ss and C Technologies Canada Corp is listed with the largest number of SWIFT codes. The head office of Ss and C Technologies Canada Corp uses FMCCCATMXXX.

The number of codes tells you more about how it registers branches and services than about its size. Making a payment to Ss and C Technologies Canada Corp? Go with FMCCCATMXXX unless the recipient gives you a branch code.

What the letters in a Canada BIC mean

Each SWIFT/BIC code consists of eight or eleven characters, always in the same order. Characters one to four identify the bank, the fifth and sixth characters are the country code and characters seven and eight mark the location.

You can recognise a bank code from Canada from letters five and six – those always form the country code of Canada. If those two letters do not match Canada, you are looking at a bank in another country – worth double-checking.

If the last three are XXX, it means the main office. In most cases the head office code is fine.

Tracking a payment to Canada

A SWIFT payment to Canada typically needs anywhere from one to several business days, depending on the currency, the route and the banks involved. Transfers sent after the cut-off time or on a weekend or public holiday usually go out the next business day.

Many banks are connected to SWIFT gpi, which lets them follow a payment from bank to bank. Every gpi transfer carries a unique transaction reference, the UETR. Keep your transfer receipt until the recipient confirms.

International payments to Canada and the BIC

Canada is outside the SEPA area. Payments from abroad normally go over the SWIFT network.

Depending on the country, the account is identified by a domestic account number rather than an IBAN. Check with the recipient exactly which details their bank needs for payments from abroad. Before it arrives, a payment can go through intermediary banks that take a fee.

Banks in Canada starting with :letter

This page shows only the banks in Canada whose name starts with :letter. The figures for Canada on this page cover every bank we list and not only this letter.

Many institutions are listed under their official name rather than the name on their app or website. Try the full list for Canada when you do not know the exact name.

Check the code before you pay

The most reliable place for the right code is paperwork issued by the bank. A wrong code can cause delays, a returned payment or extra fees.

We collect SWIFT/BIC codes from public sources and update our list from time to time. Banks reorganise, close branches and retire codes. Treat our data as a reference. We are a comparison site for money transfers, not a bank.

Be wary of invoices with changed bank details, especially when they come by email. Always verify a change of bank details through a separate channel, using a number you already had.