Does IBAN exist in Canada?
#1
Forum Regular
Thread Starter
Joined: Aug 2004
Posts: 68
Does IBAN exist in Canada?
I am attempting to do a SWIFT transaction of funds between my bank - The Co-operative - in the UK and my new bank - TD - in Canada. The Co-op are insisting that I provide an IBAN code, whereas TD are insisting that they do not have an IBAN code.
Anyone know what is going on here...?
Anyone know what is going on here...?
#2
Re: Does IBAN exist in Canada?
You are stuck in the black hole, where one agency say it is impossible to do something with a certain code that the agency say doesn't exist.
Other people call it a nightmare.
My OH had a similar problem with HSBC in the UK and Canada - they refused to talk to each other as well!
I wish you luck, hope your head doesn't get too sore from banging it against the inevitable brick wall, and sorry I haven't got the answer
Other people call it a nightmare.
My OH had a similar problem with HSBC in the UK and Canada - they refused to talk to each other as well!
I wish you luck, hope your head doesn't get too sore from banging it against the inevitable brick wall, and sorry I haven't got the answer
#3
Just Joined
Joined: Jul 2007
Posts: 27
Re: Does IBAN exist in Canada?
I am attempting to do a SWIFT transaction of funds between my bank - The Co-operative - in the UK and my new bank - TD - in Canada. The Co-op are insisting that I provide an IBAN code, whereas TD are insisting that they do not have an IBAN code.
Anyone know what is going on here...?
Anyone know what is going on here...?
The IBAN was developed to facilitate payments within the European Union and has since been made a global standard.
However, IBAN codes have not yet been widely adopted outside Europe.
The Co-op should be able to do it using a Bank Identifier Code (BIC) that TD should supply.
Even their own website states:
'The minimum information that is required to make a SWIFT transfer is the account number, the name and address of the receiving Bank and the name of the beneficiary. In addition all Bank's have a SWIFT code and if this is known for the recipient Bank this should be quoted.'
Regards
Sunil
#4
Re: Does IBAN exist in Canada?
http://en.wikipedia.org/wiki/IBAN
The IBAN code is not widely used outside Europe.
#5
Analyst for hire
Joined: Jan 2007
Location: Toronto
Posts: 1,698
Re: Does IBAN exist in Canada?
Yeah Canadian banks don't use IBAN or sort codes, they just use a SWIFT Code which contains all the info required.
#6
Binned by Muderators
Joined: Jul 2007
Location: White Rock BC
Posts: 11,682
Re: Does IBAN exist in Canada?
They do have sort codes, but this is no help for an international transfer. Canadian banks have ABA (American Banking Association) numbers, not IBAN numbers. However, they all have SWIFT addresses which any bank in the world can use to direct payments. The Co-op is wrong.
#7
Re: Does IBAN exist in Canada?
Hey there - I transferred money between TD bank and the Cooperative in the UK last year - used a unique bank id code and then just name, address and account number. So I know for a fact it can be done Canada to UK - just don't know the other way round I'm afraid. I agree with the advice given above about making sure you talk to the international banking person.
#8
BE Forum Addict
Joined: Apr 2003
Posts: 3,015
Re: Does IBAN exist in Canada?
I deal with T-D Canada Trust and have had money wired into my account from the UK. Not sure what bank in the UK though. All I needed was the Swiftcode, the Institute No. (which is 004 for T-D Canada Trust) the Transit No., which I believe is my branch no. and my account no.
I have never heard of or been asked for IBAN and I have no idea what it stands for. What does it stand for?
I would mention though that I was wired money three times by the same person (presumably from the same bank although I haven't asked). Then the fourth time - he instructed his bank but the money never got to my bank. He also told me that this happened with other people too. He had wired money to them successfully and then for some reason it never arrived at the destination. With me, he tried again, instructed his bank on June 23rd but for some reason the money did not leave his bank account until June 30th. He said it was a mystery as to why this happened. He now says he will pay me by Paypal the next time. The problem has to be with his bank and not mine!
I have never heard of or been asked for IBAN and I have no idea what it stands for. What does it stand for?
I would mention though that I was wired money three times by the same person (presumably from the same bank although I haven't asked). Then the fourth time - he instructed his bank but the money never got to my bank. He also told me that this happened with other people too. He had wired money to them successfully and then for some reason it never arrived at the destination. With me, he tried again, instructed his bank on June 23rd but for some reason the money did not leave his bank account until June 30th. He said it was a mystery as to why this happened. He now says he will pay me by Paypal the next time. The problem has to be with his bank and not mine!
#9
Just Joined
Joined: May 2007
Posts: 11
Re: Does IBAN exist in Canada?
I am attempting to do a SWIFT transaction of funds between my bank - The Co-operative - in the UK and my new bank - TD - in Canada. The Co-op are insisting that I provide an IBAN code, whereas TD are insisting that they do not have an IBAN code.
Anyone know what is going on here...?
Anyone know what is going on here...?
#11
Just Joined
Joined: Aug 2007
Posts: 6
Re: Does IBAN exist in Canada?
UprightDog,
5 minutes ago I transferred money from Spain to Canada (TD Canada Trust) without problems.
I used the Internet from my bank's website here in Spain. "Sabadell Atlantico", one of the very few things that Spain has got a handle on.
When the screen form asked for IBAN I put in the following:-
004 (Bank code for TD Canada Trust) - followed by the recipient's Canadian bank's branch number (5 digits)- xxxxx - followed by the recipient's account number (7 digits) - xxxxxxx. ............. NO spaces between any of the numbers.
Everything went through fine.
So to reiterate, when prompted for IBAN number:-
1. Bank's identification number -004-
2. Branch number
3. Account number.
Remember NO spaces.....at least with my internet bank.
One other thing!!!!! I was asked for a SWIFT code which in my case was TDOMCATTTOR. When I inserted these letters my own bank recognised this immediately as the TD Canada Trust bank.
I hope this can help clear up things.
Regards to all you expats in Canada, from a very happy EX-PATRIA living in a village north of Barcelona in the mountains who should have moved 20 years ago
Stephen
5 minutes ago I transferred money from Spain to Canada (TD Canada Trust) without problems.
I used the Internet from my bank's website here in Spain. "Sabadell Atlantico", one of the very few things that Spain has got a handle on.
When the screen form asked for IBAN I put in the following:-
004 (Bank code for TD Canada Trust) - followed by the recipient's Canadian bank's branch number (5 digits)- xxxxx - followed by the recipient's account number (7 digits) - xxxxxxx. ............. NO spaces between any of the numbers.
Everything went through fine.
So to reiterate, when prompted for IBAN number:-
1. Bank's identification number -004-
2. Branch number
3. Account number.
Remember NO spaces.....at least with my internet bank.
One other thing!!!!! I was asked for a SWIFT code which in my case was TDOMCATTTOR. When I inserted these letters my own bank recognised this immediately as the TD Canada Trust bank.
I hope this can help clear up things.
Regards to all you expats in Canada, from a very happy EX-PATRIA living in a village north of Barcelona in the mountains who should have moved 20 years ago
Stephen