When making international wire transfers, selecting the correct SWIFT/BIC code is crucial. Many transfer delays stem from using incorrect banking codes. For the Bank of Montreal, the SWIFT/BIC code BOFMCAM2NBB serves as a precise identifier that facilitates smooth financial transactions.
Bank of Montreal SWIFT/BIC Code Structure
Full SWIFT Code: BOFMCAM2NBB
- Bank Code (BOFM): Identifies Bank of Montreal
- Country Code (CA): Indicates Canada
- Location Code (M2): Specifies the bank's headquarters location
- Branch Code (NBB): Identifies a specific branch (XXX would indicate the head office)
Branch Information: Bank of Montreal, Toronto
Key Considerations for International Wire Transfers
To ensure successful international money transfers, verify these essential details:
1. Bank Name Verification
Confirm that the recipient bank name matches exactly with the information provided in your transfer instructions.
2. Branch Specification
When using a branch-specific SWIFT code, ensure it corresponds with the recipient's banking location. The branch code "NBB" in BOFMCAM2NBB identifies a particular Bank of Montreal branch in Toronto.
3. Country Accuracy
Given that many banks operate internationally, verify that the SWIFT code's country designation (CA for Canada) aligns with the recipient bank's location.
Understanding SWIFT Code Components
The Society for Worldwide Interbank Financial Telecommunication (SWIFT) code, also known as a Bank Identifier Code (BIC), follows a standardized 8-11 character format that precisely identifies financial institutions worldwide. For the Bank of Montreal:
- The first four characters (BOFM) represent the bank's unique identifier
- The following two characters (CA) denote the country (Canada)
- The next two characters (M2) identify the location (Toronto)
- The final three characters (NBB) specify the branch, with XXX reserved for head offices
This systematic approach to bank identification helps prevent transfer errors and ensures funds reach their intended destination efficiently.