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Page 1
Members may request that all foreign currency items be settled via
S.W.I.F.T.
CUT-OFF TIME 2. Requests sent by S.W.I.F.T. must be received by 17:00 hours Eastern Time
one business day prior to value date.
The stated agreement does not preclude Members from making bilateral
arrangements for later cut-off times.
NON-ACCEPTANCE 5. Where a receiving Member does not accept a payment instruction it shall:
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CANCELLATIONS If the payment has already been effected, the receiving Member will
SAME DAY (cont’d) advise the sending Member and will take the necessary steps to recall
the funds and refund the sending Member the recovered funds less any
out of pocket expenses, if any.
CONTINGENCY 7. Members should have contingency plans in place, which have been
bilaterally agreed upon between Members, for payment systems and
S.W.I.F.T. lines.
September 2003 PROCEDURES FOR FOREIGN CURRENCY TRANSFERS PRD-002
WITHIN CANADA
Appendix I
Page 1 (end)
APPENDIX I
LIST OF MEMBERS
Bank of Montreal
Citibank Canada
Value September 9, 1999, John Olerud Co. orders Bank of Nova Scotia, Toronto to pay GBP 12,000.00 into Joe
Carter Lumber Inc.'s account (number 6709876) with Toronto-Dominion Bank, 234 Main St., Hamilton.
B. A cover message to Bank of Nova Scotia, London, England for the GBP payment, which is provided through
Toronto-Dominion Bank, Toronto's account number 5551212 at HSBC, London, England.
INFORMATION FLOW
Receiver Toronto-Dominion
Bank, Toronto
(Field 58a of MT 202)
* The institution names used in these examples are for illustration purposes only. Refer to Appendix II for
international correspondent banking relationships.
September 2003 PROCEDURES FOR FOREIGN CURRENCY TRANSFERS PRD-002
WITHIN CANADA
Appendix III
Page 2
Example II - MT 202 as an FI to FI Transfer
Value September 9, 1999, Bank of Nova Scotia, Toronto orders Toronto-Dominion Bank, Toronto to pay GBP
12,000.00 to Toronto-Dominion Bank, Main Branch, Toronto, favour of ABC Trust Co. Toronto.
B. A cover message to Bank of Nova Scotia, London, England for the GBP payment which is provided to
Toronto-Dominion Bank, Toronto's account number 5551212 at HSBC, London, England.
Note: These procedures only apply when the beneficiary account is domiciled in Canada.
INFORMATION FLOW
Sender's
Correspondent Bank of Nova Scotia,
London
Receiver's
Correspondent HSBC, London
Receiver Toronto-Dominion
Bank, Toronto
Appendix III
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Message B -- S.W.I.F.T. MT 202 (Cover Message)
INFORMATION FLOW
Appendix III
Page 4
MESSAGE FORMAT
Example 1
:23:CRED(senders reference)
:32A:990909GBP12000,
:50K: JOHN OLERUD CO.
:53A:NOSCGB22
:54A:HSBCGB2L Enter the nine-digit Canadian Sort Code on the
:57D://CC001000502 first line of :57D, preceded by "//"cc.
TORONTO DOMINION BANK
234 MAIN ST.
HAMILTON ONTARIO
:59:/6709876
JOE CARTER LUMBER INC.
457 STELCO ROAD
HAMILTON, ONTARIO Enter the beneficiary's account number on the
:70:INVOICE REF. 56-88-57-88 account number line preceded by a "/".
:71A:BEN
Note: No non-numeric characters or spaces.
NOSCCATT
202
NOSCGB22
:20:(senders reference)
:21:(related reference)
:32A:990909GBP12000,
:57A:HSBCGB2L
:58A:6550826336
TDOMCATTOR
C Usage of appropriate prefixes/code words in field 72 must be in accordance with S.W.I.F.T. guidelines
Appendix III
Page 5 (end)
MESSAGE FORMAT
Example 2
:23B:(senders reference)
:21:(related reference)
:32A:990909GBP12000,
:52A:NOSCCATT
:53A:NOSCGB22 Enter the nine-digit Canadian Sort Code on the
:54A:MIDLGB22 first line of :57D, preceded by “//”.
:57D://CC001000502
TORONTO DOMINION BANK
234 MAIN ST.
HAMILTON, ONTARIO
:59/6709876
JOE CARTER LUMBER INC.
457 STELCO ROAD
HAMILTON< ONTARIO Enter the beneficiary’s account number on the
:70/INV/56-88-57-88 account number line precedded by a “/”.
:71A:BEN
Note: No non-numeric characters or spaces.
NOSCCATT
202
NOSCGB22
:20:(senders reference)
:21:(related reference)
:32A:990909GBP12000,
:57A:HSBCGB2L
:58A:6550826336
TDOMCATTOR
C Usage of appropriate prefixes/code words in field 72 must be in accordance with S.W.I.F.T. guidelines