Canada is an underrated market for Swiss companies. There's a free trade agreement between the EFTA states and Canada, in force since 1 July 2009, strong sectors in tech, mining, life sciences and media, and plenty of Swiss-Canadian business ties.
Paying a Canadian supplier, though, regularly produces the same email thread: "What's your IBAN?" "We don't have one." "Then what do I put in the field?"
This guide explains how a Swiss company pays Canadian suppliers in Canadian dollars, which details you actually need, and how to avoid the back-and-forth.
How CAD gets from Switzerland to Canada
A CAD payment from a Swiss account to a Canadian account is typically an international payment over SWIFT. Inside Canada, wire payments between financial institutions settle through Lynx, Canada's high-value payment system, which went live on 1 September 2021 and settles in real time.
Payments Canada is also building a Real-Time Rail for instant domestic payments, scheduled to launch in phases from late 2026. It's a domestic Canadian system, so it doesn't change how you send CAD from Switzerland today.
The big difference: no IBAN
Canadian bank accounts don't have IBANs. IBANs aren't used in North America. Instead, a Canadian account is identified by three numbers:
- Institution number — Digits: 3; What it identifies: The bank (financial institution)
- Transit number — Digits: 5; What it identifies: The branch
- Account number — Digits: Usually 7 to 12; What it identifies: The account itself
For CAD payments, Canadian banks often combine the first two into a 9-digit Canadian clearing code: a leading 0, the 3-digit institution number and the 5-digit transit number. You may see it written as "CC0" followed by the eight digits, or "//CC" in SWIFT formats.
If your payment form insists on an IBAN, don't invent one. Use the account-number field and enter the clearing code where the form asks for a bank code or routing code. If you're unsure, ask your provider which fields to use.
What you need from a Canadian supplier
Ask for all of this up front, in one email:
- Beneficiary name, exactly as on the account. Canadian banks may return payments where the name doesn't match.
- Beneficiary full address.
- Account number.
- Institution number (3 digits) and transit number (5 digits), or the combined clearing code.
- Bank name and branch address.
- BIC (SWIFT code) of the bank.
- Account currency. Make sure it's a CAD account. Many Canadian businesses also hold USD accounts, and sending CAD to a USD account (or the reverse) means a conversion on their side.
- Invoice number for the reference.
Payments Canada's own guidance for wires lists essentially the same information: the name as spelled on the account, the address, the account number, the institution and transit numbers, the SWIFT code where available, and who pays the fees.
Fees: agree who pays
Because CAD from Switzerland is usually a SWIFT payment, choose the fee option deliberately:
- OUR: you pay all fees, including intermediary fees, so the supplier should receive the full amount. Their bank may still charge an incoming wire fee.
- SHA: shared. You pay your side, they pay theirs.
- BEN: the supplier pays everything.
Canadian banks commonly charge for incoming wires, so a supplier who needs an exact amount may ask you to cover more. Agree it before the first invoice, not after the first short payment.
Timing
- Time zones: Toronto is usually six hours behind Zürich and Vancouver nine. A payment approved on a Zürich afternoon reaches Canada during its business day, although SWIFT delivery time still depends on the route.
- Holidays: Canadian public holidays such as Victoria Day, Canada Day (1 July), Labour Day and Canadian Thanksgiving (in October) aren't Swiss holidays. Some holidays are provincial, so check the supplier's province.
- Delivery: SWIFT timing depends on the route. Once the payment reaches the Canadian bank through Lynx, crediting is often fast.
CAD or USD?
Some Canadian suppliers invoice in USD, especially in tech and commodities. Before paying, check:
- The invoice currency and the account currency match. USD invoice, USD account; CAD invoice, CAD account.
- Which is cheaper for you. If you earn CAD from Canadian clients, pay CAD invoices from that CAD balance. If you hold USD, a USD invoice may avoid a conversion.
For US-dollar payments to the US itself, the picture is different: local US rails exist. See Doing Business in Dollars: How a Swiss Company Can Pay and Get Paid on US Rails, Not SWIFT.
A worked example (hypothetical)
A Geneva watch-parts company buys precision tooling from a supplier in Ontario, about CAD 25,000 per order.
- First order: the supplier sends an invoice with a "SWIFT code and transit number" but no account currency. The Geneva team asks one clarifying email: name, address, account number, institution and transit numbers, BIC, and confirmation that it's a CAD account.
- Payment: sent in CAD by SWIFT with fee option OUR and the invoice number as the reference.
- FX: the company converts CHF to CAD shortly before each order, at a rate it can see before confirming, instead of paying CAD out of a CHF balance by default.
- Next orders: the confirmed details are kept on file. Any change request is confirmed by phone on a known number.
Common mistakes
- Inventing an IBAN because the form has an IBAN field.
- Missing transit or institution number.
- Sending CAD to a USD account, or the reverse.
- Name mismatch between invoice and bank account.
- Accepting changed bank details by email. See "We Changed Our Bank Details": Stopping Invoice and CEO Fraud in a Swiss SME.
Bottom line
Canada is easy to pay once you stop looking for an IBAN. Collect the institution, transit and account numbers, the BIC and the account currency, agree the fee option, and keep the confirmed details on file.
FAQ
Do Canadian bank accounts have an IBAN?
No. Canada doesn't use IBANs. Accounts are identified by an institution number, a transit number and an account number, plus the bank's BIC for international payments.
What is a Canadian transit number?
A 5-digit number that identifies the bank branch. Together with the 3-digit institution number, it forms the routing information for a Canadian account.
How do I send CAD from Switzerland?
Usually as an international payment over SWIFT, with the beneficiary's name, address, account number, institution and transit numbers and the bank's BIC.
Who pays the fees on a CAD payment?
You choose: OUR (you pay all fees), SHA (shared) or BEN (the beneficiary pays). The receiving bank may still charge an incoming wire fee.
What is Lynx?
Canada's high-value payment system, launched on 1 September 2021. It settles wire payments between participating institutions in real time.
Canadian dollars, in your company's name
Firma gives your company balances in CAD, USD, EUR, CHF, GBP, MXN and BRL in its own name. Pay Canadian suppliers in CAD by SWIFT from your CAD balance, and receive CAD from Canadian clients into it. Money in is free. Every outgoing payment carries the plan fee (25 bps on Plus, 20 bps on Platform, custom on Enterprise), shown before you send. Conversions use the Reuters rate, and if an incoming payment is converted, there's no spread. Plus is Fr. 499 a month. Verification takes about two days, and if we can't verify your company, there's nothing to pay.
Paying the UK too? Read Paying UK Suppliers After Brexit: GBP by SWIFT, EUR by SEPA, and the Details That Matter. Want to cut conversion costs? See The FX Fee Your Bank Never Shows You.
This article is general information, not advice. Check the details for your situation with your provider or adviser.
Firma is not a bank and is not licensed by FINMA. Firma Operations AG is a member of VQF, a FINMA-recognised self-regulatory organisation for anti-money-laundering, and does not hold client funds. Fiat payments are processed through partner banks. Balances are digital stablecoin tokens, not bank deposits, and are not covered by esisuisse.
Sources: Payments Canada, wire payments; Payments Canada, Lynx; Payments Canada, Lynx launch; Payments Canada, Real-Time Rail testing and launch; SECO, EFTA-Canada free trade agreement; Firma.
