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Canadian Bank Routing Number?

Bank routing number is an eight to nine-digit code associated with identifying your bank or financial institution in Canada. Every Canadian bank has its unique bank routing number that is used in the electronic transaction which includes fund transfers, direct deposits, bill payments, and digital checks.

In Canada, the routing number is also termed as Bank Code. A routing number is Canadian consist of eight numerical digits whereas the ABA RTN number consists of nine-digit codes. The Canadian routing numbers are controlled and managed by Payments Canada. The financial institution file or FIF is an electronic directory maintained by Payments Canada for login the list of Canadian routing numbers of all financial institutions. This directory is updated on a weekly basis and is available to the institution member for a fee.

The Format Of Canadian Routing Number & Transit Number?

The Canadian routing number or the bank code consists of an 8 or 9-digit numerical code. In this format, if the 8-digit code has a dash between the 5th and 6th digit, then it is meant for MICR-encoded financial documentation whereas if the 9-digit code has no dash, then it is meant for electronic fund transfers. For instance, AAAAA-BBB is for MICR-encoded documents and 0BBBAAAAA is used for electronic transfers. Now, let’s decode the format below.

Here, AAAAA represents the transit number and YYY depicts the financial institution number. In the case of electronic transfer, the “0” is used for formatting the Canadian routing number in an electronic transaction.

Every financial institution or more specifically every Canadian bank branch has its own unique transit number. This number helps in identification of the geographical location of the branch

How Can I Find My Canadian Bank Routing Number?

There are many ways to find your Canadian bank routing number. Below given is a detail description of it:

Checkbook : Routing numbers can be easily identified in your checkbook. It can be seen on the bottom-left corner of your cheque leaf.

Mobile app : Your Canadian bank’s mobile app will also have its routing number displayed on the dashboard or the Summary tab.

Bank website : You can always contact your bank for their routing number. Alternatively, one can also find the bank routing number of their bank’s website.

Third-party website : You can check for the Canadian bank routing number on the third-party website like MyBankDetails.com.

What Is The Use Of Canadian Bank Routing Number?

A Canadian bank routing number is used for various financial purposes. Direct deposits, making payments like bills or depositing salary or pension, cheque payment, and to perform wire transfers, one may require to give their bank routing number. For international transfers, you may have to provide the SWIFT or BIC code as well.

Another thing to be noticed is that Canadian bank may have several routing numbers. Bank mergers and location may result is multiple codes. The code used in cheque processing may be different from what used in wire transfers and electronic bill payments. So it is always advisable to confirm with your bank which number you must use. If your bank account routing number is changed, Canadian bank may send you notification well ahead of time.

What Is The Difference Between Routing Number And Transit Number?

Both the routing number and transit number is used to serve the same purpose of fund transfer but through different means. A Canadian routing number is used when electronic fund transfer takes place whereas the transit number is used in connection with cheque based payments and transactions. Both comprise the same components with a change in format.