I need to make a wire transfer from Europe to Canada through the banks.
Europe is using IBAN code system for wire transfer. It has a 26 digit code.
Canada is using SWIFT code system for wire transfer. Probably 15 digit code.
The bank in Europe has one input line for IBAN code. How do I put information of SWIFT code equivalent to IBAN?
The following information for Canadian Banks are:
Swift code : AAAAAAAA (8-digits)
Clearing code: BBCCCCDDDDD (11-digits)
Institution number : CCCC (4-digits)
Transit number: DDDDD (5-digit)
Beneficiary number: EEEEEEE (7-digit)
My guess is that one line code (equivalent to IBAN) will be:
BBCCCCDDDDDEEEEEEE (18 - digit number)
Am I correct?