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CAD – Canadian Dollar

Overview

The payment processing of this currency is considered to be highly standardised.

New regulation: as of June 2021, all Candadian banks should take reasonable measures to ensure the identification of the final beneficiary. As a consequence, all payments in all currencies towards Canada as well as all CAD payments now require the beneficiary address. The reasonable measures will vary from a Canadian bank to another, depending on their size, risk appetite and other variables which can result in a normal payment processing to a strict rejection. 

Currency Guidelines

Besides the standard information, it is important to note that the IBAN format is not in use in Canada.
The beneficiary’s physical full address is mandatory for all CAD payments as well as for all payments towards Canada. A full address consists of a street number, street name, city/province, postal code and country code. PO Box should not be used unless it is in conjunction with the street address.

Example 1: 2900 BATHURST ST, P.O. BOX 15257 TORONTO, ON/CA M5W1C1

Example 2: 4330 RUE SAINT DENIS /CA/H2J2K8/MONTREAL/QC

A clear reason / purpose of payment is recommended and consists of a full written description (in English) of the nature of payment to be provided in the remittance information. For example: providing an invoice number without guiding text is considered as insufficient and can result in errors or delays.

Example: Payment of travel expenses – invoice n° 123456789

The CC code is recommended in order to enable correct routing of payments in the domestic clearing. The CC code is a nine digit code which identifies the direct payment routing number (the first four digits) and the branch transit number (the last five digits).

Example of a CC code: 000306962

In certain cases, the CC code could be included within the domestic account number. Please ask to your beneficiary to indicate separately the CC code and the domestic account number.

Instructions, technical guidelines & more

To consult the Technical Guidelines of this currency, click here

TECHNICAL GUIDELINES
Additional information

• Available charge option: OUR (fees depend on beneficiary)/SHA/BEN

• Central bank of Canada:www.bankofcanada.ca/

• More payment information:
https://www.payments.ca/resources/payment-guides/business-guides/wire-transfers