Wire transfer is the fastest mode of receiving money in your National Bank of Canada account from abroad. You can receive money into your National Bank of Canada account from a foreign country via International wire transfer. The transaction is initiated by the sender through a financial institution, however, you need to provide your banking details to the sender for successful transfer of money.
International Wire Transfer to National Bank of Canada
International wire transfer is one of the fastest way to receive money from foreign countries. Banks use SWIFT network for exchanging messages required for performing international wire transfer. Usually, the receiving bank (in Canada) and the sending bank (in other country) need to have a direct arrangement in place to start the swift transfer – this is sometimes referred to as correspondent banking.
Incoming International Wire Transfer Instructions
To receive international wire transfer in your National Bank of Canada account, please provide the following wire instructions to the sending financial institution:
|Bank Name:||National Bank of Canada|
|Bank Address:||Your complete bank branch address
and telephone number
|SWIFT BIC Code for National Bank of Canada:||For National Bank of Canada, this code is BNDCCAMMINT|
|National Bank of Canada’s Institution Number:||006|
|Beneficiary Transit Number:||Your five-digit transit number (including all zeros)|
|Beneficiary Account Number:||Your 7 digit code (for CAD or USD) or
17 digit code (for other currencies)
|Beneficiary Name:||Your complete name|
|Beneficiary Address:||Your complete address|
Note of Caution on Fees: If your money transfer involves currency conversion, there is a high chance you will get a poor exchange rate from the banks and as a result pay high hidden fees. We recommend services like TransferWise for getting best conversion rates and lower wire transfer fees.
Outgoing International Wire Transfer Instructions
To send international wire transfer from your National Bank of Canada account, You need to know the following information about the person or company receiving the money:
1. Your complete name and address.
2. Your transit number and account number (including all zeros).
3. The recipient’s complete name and address.
4. The recipient’s complete bank name, address.
5. The recipient’s SWIFT Business Identifier Code (BIC), if available
6. The recipient’s complete bank account number.
7. The recipient’s branch or transit number and national sort code number where the funds are to be deposited
8. The recipient’s bank branch address and phone number.
9. The recipient’s valid IBAN if sending to a participating country.
10. The reason or purpose for the wire payment.
Incoming Wire Transfer Fees for National Bank of Canada
International Incoming Wire Transfer Fees for National Bank of Canada is as follows:
|For payments $100.00 and under||$05.00 each|
|For payments $100.01 to $100,000.00||$15.00 each|
|For payments $100,000.01 to $1,000,000.00||$20.00 each|
|For payments $1,000,000.01 and over||$25.00 each|
Outgoing Wire Transfer Fees for National Bank of Canada
International Outgoing Wire Transfer Fees for National Bank of Canada is as follows:
|For Canada and the United States||$15.00 each|
|For any other country||$20.00 each|
Apart from the wire transfer fees, if the transfer involves currency conversion, banks make money on currency conversion as well by giving retail conversion rates to you which is usually 1-2% lower than the market rate. We recommend using services like TransferWise for getting best conversion rates with lower wire transfer fees.
Incoming/Outgoing Wire Transfer Cutoff Time for National Bank of Canada
1. The Cut-off Times for National Bank of Canada differs. Please visit your nearest branch for cut-off time.
2. Any requests received after cutoff time will normally be processed the next working day.