What Information Is Needed for a Wire Transfer in Canada?

A wire transfer is an electronic method for moving funds between two bank accounts, whether within Canada or to another country. This process is commonly used for significant transactions, such as making a down payment on a property or covering tuition fees. The accuracy of the information provided is crucial, as errors can lead to delays or rejections.

Information Required for Outgoing Wire Transfers

When initiating a wire transfer from Canada, the sender must collect specific details about the recipient and their financial institution.
Recipient’s full legal name and physical address (post office boxes are generally not accepted).
Complete name and address of the recipient’s bank.
Recipient’s bank account number. The spelling of the recipient’s name must precisely match the name on their bank account to prevent processing issues.
For international transfers, a SWIFT/BIC (Society for Worldwide Interbank Financial Telecommunication / Bank Identifier Code) is essential. This unique code identifies the recipient’s bank globally and ensures payment instructions are securely routed.
For transfers within Canada, specific domestic routing information is needed. This includes the recipient’s bank’s three-digit Institution Number and their five-digit Transit Number, which identifies the specific branch where the account is held. These numbers, along with the recipient’s account number, form the complete routing information for domestic transactions.
The purpose of the transfer, such as payment for goods or family support, is often a regulatory requirement to comply with anti-money laundering and anti-terrorist financing laws.
Accurate information for all these fields is essential to avoid delays, additional fees, or funds being sent to an incorrect party.

Information Required for Incoming Wire Transfers

To receive a wire transfer in Canada, provide the sender with your complete banking details.
Your full legal name and physical address.
The full legal name and address of your bank.
Your bank account number.
For international transfers, your bank’s SWIFT/BIC code.
For domestic transfers, your bank’s three-digit Institution Number and five-digit Transit Number.
This information can typically be located on your bank statements, through your online banking portal, or on a void cheque.

Initiating and Tracking Your Wire Transfer

Once all necessary information has been accurately gathered, a wire transfer can be initiated through various channels. Financial institutions offer transfers via online banking portals, mobile applications, in person at a bank branch, or through phone banking services.

Before finalizing the submission, it is important to carefully double-check all entered details to prevent potential delays or rejections. Domestic wire transfers within Canada typically process within a few hours to one business day, especially if initiated before the bank’s daily cut-off time, which usually falls between 3:00 PM and 5:00 PM EST. International wire transfers generally take one to five business days due to factors such as time zone differences, intermediary banks, and compliance checks.

Wire transfers usually incur fees, which can vary by financial institution and whether the transfer is domestic or international. Both the sender and the recipient may be charged, and for international transfers, additional fees from intermediary banks are common. These fees can range from approximately $15 to $50 CAD, with some banks charging $15-$17 CAD for incoming wires and $30-$80 CAD or a percentage of the amount for outgoing transfers. After a transfer is sent, a confirmation or tracking number is typically provided, which can be used to monitor the transfer’s status through online banking or by contacting the bank directly.