What information is needed for a wire transfer in Canada

Canada By Serra Pinto Avimlah February 6, 2025

A wire transfer is one of the most convenient (and cheap) ways to send or receive money.

In this article, we will share with you all the information needed for a wire transfer.

We will discuss:

  • The information you need to send a wire transfer
  • The information you need to receive a wire
  • The differences between domestic vs international wires
  • Common mistakes you can avoid
  • Safety measures to ensure you send/receive the wire transfer

Let’s get started!

Information Needed for a Wire Transfer

You might be asking “What information is needed for a wire transfer in Canada?”

Here’s all the information you need:

  • The recipient’s details

You need to have their full name, and complete address (including the postal code.)

  • The recipient’s bank details

These include the account number, the 5-digit transit number, and the 3-digit bank identification number. You can find these from the recipient’s bank.

  • The transfer’s details

You need to share with your bank the amount you want to send, the currency, the date of the transfer, and who will pay for the wire transfer.

Before you initiate the transfer, double-check all of the details because even the smallest errors can delay the transfer.

Information Needed to Receive a Wire Transfer

If you want to receive a wire transfer in Canada, you need to share the following information with the sender:

  • Your details

These include your full name and your full address, including the postal code.

  • Your bank account details

We are talking about your bank account number, the 5-digit transit number, and the 3-digit number that will identify the institution.

  • Your bank’s information

You’ll need to share your bank’s full name, the address of the branch, and the SWIFT code. You can find your bank’s SWIFT code online.

Differences in Domestic vs. International Wire Transfers

The information you need to share for a wire transfer varies depending on the type of transfer you’re making—domestic or international.

For a domestic wire transfer, you’ll need:

  • The recipient’s full name
  • Address
  • Bank account number
  • Transit number
  • Financial institution number

An international wire transfer requires a little more information such as:

  • The bank’s name
  • The bank’s address
  • The SWIFT code (known as Business Identifier Code or BIC)

Another major difference is the number of intermediaries involved.

In most cases, for international wire transfers, your funds will go through 1 or more banks before they reach the recipient’s bank.

The costs and processing times are also different for domestic and international wires.

Domestic transfers within Canada are cheaper and quicker (they are done within 1-2 business days.)

International transfers are more expensive and take longer (between 2-5 business days.)

Common Mistakes and How to Avoid Them

When you’re initiating a wire transfer or you’re looking to receive one, there are a few common mistakes.

  • Providing incorrect or incomplete information

The best way to avoid this one is to double-check all the information beforehand.

  • Not specifying the correct currency (for international transfer)

If you don’t specify the currency, the banks will automatically convert your funds to a less favorable exchange rate, which may result in losing some funds.

  • Not paying attention to the wire transfer fee

These can add up pretty quickly, so make sure you clarify who will be responsible for paying the fees before you initiate the transfer.

  • Not sending your wire on time

If you leave your transfer for the last minute, it will take longer to process. This is especially true for international wires. Make sure to plan ahead and initiate your transfers in advance to avoid delays or miss deadlines.

Safety Measures

Whether you’re sending or receiving money via a wire transfer, you need to adopt a few common best practices to avoid any mistakes.

  • Only send wires to people or businesses you trust and can verify their identity

That way you’ll avoid getting scammed.

  • Double-check all the information before you initiate the wire

You’ll avoid the small errors that could delay or even cancel the transfer.

Such platforms provide you with a user-friendly app that you can use to wire transfers and track them every step of the way.

Western Union employs  the most advanced encryption technology to secure your information and prevents scams.

If you adhere to these common best practices and use tools like Western Union, you’ll have no problem sending or receiving wire transfers.