Send Money to Canada: SWIFT to CAD Accounts — A Practical 2025 Guide

Quick answer

Canada-bound wires are easy if you decide where conversion to CAD will happen and keep beneficiary data precise. Canada does not use IBAN; you’ll need the account number plus a transit number (branch) and institution number (bank). Most transfers arrive via SWIFT and credit a CAD account, either as sent (USD/EUR) or converted to CAD for local use. Your real price is fees plus FX; speed depends on cut-offs and message quality.

What’s specific about Canada

Identifiers: account number + transit (5 digits) + institution (3 digits); some banks ask for a branch address. Match the account holder’s name exactly as on file. Short, clear payment references post faster than narratives.

IBAN: not used. If your bank asks for one, provide SWIFT/BIC and the Canadian account details (institution/transit/account).

Key choices before you send

Currency: If the recipient spends locally, CAD on arrival reduces back-and-forth. If they hold USD/EUR balances, same-currency credit may be fine. Decide where FX happens and write down the expected net CAD on account.

Charges: Agree who covers fees (shared vs sender-pays). Keep the purpose line short and consistent with the invoice or agreement.

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Five reliable routes (pick what fits)

1) USD→CAD on arrival. You send USD by SWIFT; the receiving bank converts to CAD. Simple setup; ask for the expected net CAD after fees.

2) Pre-convert to CAD and send. Convert at a transparent rate and pay in CAD to lock the outcome. Confirm your provider supports CAD outbound and note any per-payment limits.

3) EUR→CAD with pre-conversion. For euro treasuries, pre-convert part or all, then send CAD. Useful when totals are fixed and the close date is known.

4) Same-currency credits (USD→USD / EUR→EUR). If the recipient can use foreign currency directly, avoid FX. In that case fees dominate; keep the reference short.

5) One inbound → domestic allocations. Fund a single inbound credit, then the recipient pays local expenses (payroll, suppliers, taxes) the same day. Fewer cross-border wires, less admin.

Costs that actually matter

Compare the all-in price: explicit fees plus the FX gap vs the market rate. For same-currency credits, fees matter most; for USD/EUR→CAD, the rate is the main lever. Decide before you send which route guarantees the required net CAD.

Timing & predictability

Posting depends on cut-offs, screening and message quality. Send earlier in the day to avoid slipping to the next business day, especially around Canadian and origin-country bank holidays. Keep subject lines and wording consistent so the receiving team can match your proof quickly.

Recipient details checklist (Canada)

Beneficiary legal name (as on the account); bank name; SWIFT/BIC; institution number; transit number; account number; account currency (CAD or foreign); and a short purpose line that mirrors the paperwork. Add branch address if requested.

Common pitfalls — and simple fixes

IBAN confusion. Canada doesn’t use IBAN. Fix: provide SWIFT + institution/transit/account numbers.

Long purpose lines. They slow posting. Fix: keep it short and exact.

Unplanned FX. Mid-route conversion causes surprises. Fix: decide where FX happens and note the net CAD expected.

Late submissions. End-of-day wires often value the next business day. Fix: send in the morning.

Reusable scenarios

Paying a Canadian supplier. If invoiced in CAD, send CAD (pre-convert or convert on arrival). If priced in USD/EUR, agree the currency and who covers charges.

Services retainer. Monthly SWIFT with a consistent, short reference speeds matching. Consider pre-conversion if you budget in CAD.

Family support or tuition. If spending is in CAD, pre-convert to remove FX uncertainty; share proof as soon as you submit.

One-page checklist (save it)

1) Choose currency and where FX happens. 2) Confirm all-in cost (fees + rate). 3) Validate institution/transit/account + SWIFT. 4) Keep the reference short. 5) Send early and share proof in the same thread.

Why work with us

VelesClub Int., together with UNIBROKER, focuses on clear CAD routes, transparent pricing and timing that fits your plan — so Canada-bound transfers land cleanly and on time.