SWIFT/BIC codes in Canada: banks starting with Y

Canada: banks and their SWIFT/BIC codes

In Canada our database holds 613 SWIFT/BIC codes from 395 banks. Every code identifies an institution or a specific branch or department, so a payment from abroad reaches the right place.

Pick a bank below to see its head office code and any branch codes along with tips for payments to and from that bank. The sections below covers the structure of the codes, the cost of transfers and how to avoid mistakes.

The structure of a Canada SWIFT/BIC code

A SWIFT code is 8 or 11 characters long and the parts always come in the same order. Characters one to four identify the bank, the fifth and sixth characters form the country code and the next two mark the location.

For banks in Canada, letters five and six show the two-letter ISO code of Canada, which makes these codes easy to recognise. If those two letters point to another country, the code belongs to a bank somewhere else, so check again.

When a code ends in XXX, it refers to the head office and the short version works just as well. Use a branch code just if the recipient’s bank asks for it.

About our data and how to check a code

Ask the recipient to copy the account details directly from their online banking. A wrong code may lead to a delay, a returned payment or additional charges – compare it with the code in our list.

We gather bank codes from public sources and check them from time to time. Even so, banks merge, rename themselves or retire codes, so information can be out of date. Use this list as a reference, not as the final word: the bank details from the recipient come first. We are an independent comparison service for money transfers.

Scammers regularly use fake invoices with new bank details that look completely genuine. A real SWIFT code says nothing about who owns the account – scammers use the codes of real banks.

Filter: banks in Canada with :letter

Here you see a selection: only institutions in Canada whose name begins with :letter. The totals mentioned above always cover the whole country.

If the bank you need is missing under :letter, try the full list: banks are often registered under their full legal name. Try the full list for Canada if you are not sure how the name is spelled.

Getting paid from abroad into an account in Canada

Someone abroad who wants to pay you needs several details about your account – incomplete details often cause delays. That means: your name as your bank knows it, your account number or IBAN, the SWIFT/BIC code of your bank and sometimes your postal address.

Find your bank in the list on this page to check its code. Some banks also ask for the name and address of your bank.

Expect that the incoming amount is smaller than what the sender paid. Correspondent banks can take a fee, your bank may charge for incoming payments, and if the money is converted, a markup on the rate comes on top. On invoices, state who bears the costs to avoid a shortfall.

Paying a bank in Canada from abroad

Canada is not part of the SEPA area, the European zone for uniform euro payments. International transfers to Canada normally go through the SWIFT network – which is why you need the BIC of the recipient’s bank.

Not all countries use the IBAN. Check with the recipient exactly which details their bank requires for payments from abroad; banks often publish instructions for this. Before it arrives, a transfer can go through correspondent banks that take a fee.

Which bank in Canada has the most codes?

In our directory, Ss and C Technologies Canada Corp has the largest number of SWIFT/BIC codes of all banks in Canada. Its main office uses FMCCCATMXXX; that is usually the right code for a transfer.

Practice differs in whether they register branch codes. Paying someone at Ss and C Technologies Canada Corp? Use FMCCCATMXXX except when the recipient gives you a branch code.

Bank or transfer service for Canada?

The price of a transfer to Canada has several parts, and the fee on your screen is only one of them. Besides the fee, correspondent banks can take a cut, and when the money is converted the bank usually uses a rate below the actual market rate.

The markup on the rate is often the biggest part of the cost because it is hidden in the rate. Compare the bank’s rate with the mid-market rate, the midpoint you see on financial news sites; the gap is what conversion costs you.

Specialist money transfer services often use rates closer to the mid-market rate. GoldexPay compares what recipients in Canada receive across services, so you can pick the cheapest route.

Transfer times to Canada

A SWIFT payment to Canada usually needs anywhere from one to several business days, depending on the currency, the route and the banks involved. Bank holidays in either country can add extra days.

Many banks are connected to SWIFT gpi, which lets them follow a payment from bank to bank. Every payment gets a unique transaction reference, the UETR. Keep the payment confirmation.

Canada and the Canadian Dollar

Most accounts in Canada are usually held in CAD – the Canadian Dollar. A payment in a foreign currency will be converted into CAD, and whoever converts it chooses the rate.

Which bank converts the money makes a difference, because each party uses its own rate. Check what CAD the recipient gets with several services. With bigger transfers, even a small difference in the rate can be worth more than the fee.