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What is a Bank Number in Canada?

A bank number is also known as a bank code. It is a special number possessed by different bank institutions for transaction purposes. A bank code is usually given by the Central banks of a country to all the banks under its supervision as a means to identify the different bank institutions.

In Canada, a bank number is a combination of two kinds of codes; the transit number and the specific bank or institutional number. The transit code consists of three (3) digits while the institutional code consists of five (5) digits. The total digit of a Canadian bank number is eight (8).

Transit Code

A transit code is a five-digit number that is used to identify a specific bank branch. It is placed at the bottom of a customer’s checkbook on the left side of the institutional code, followed by an account number. It can also be accessed through the bank’s online portal or a bank statement or official correspondence.

A transit code is quite necessary for fund transfers either for personal or business purposes. The transit code is used to identify Canadian banks and other financial institutions in the country when international money transfer is involved.

The code will be required when making an international direct bank transfer in any Canadian bank. However, the numbers are integrated into IBAN, SWIFT, and other international banking identifier platforms.

Institutional Number

The institutional number or code is a three-digit number that is used to identify a particular bank. Each Canadian bank has a unique three-digit number particular to them. A bank’s institutional code does not change, unlike the transit code that varies with the bank’s location.

List of Different Canadian Banks Numbers                          

Financial institution Code
Bank of Montreal 001
Scotiabank (The Bank of Nova Scotia) 002
Royal Bank of Canada 003
The Toronto-Dominion Bank 004
National Bank of Canada 006
Canadian Imperial Bank of Commerce 010
HSBC Bank Canada 016
Canadian Western Bank 030
Laurentian Bank of Canada 039
Bank of Canada 177
Alberta Treasury Branches 219
Royal Bank of Scotland N.V. (Canada Branch) 240
Bank of America, National Association 241
The Bank of New York Mellon 242
Bank of Tokyo-Mitsubishi UFJ (Canada) 245
BNP Paribas (Canada) 250
Citibank Canada 260
Deutsche Bank AG 265
Mega International Commercial Bank (Canada) 269
JPMorgan Chase Bank National Association 270
Korea Exchange Bank of Canada 275
Mizuho Corporate Bank Ltd. Canada Branch 277
UBS Bank (Canada) 290
Société Générale (Canada Branch) 292
State Bank of India (Canada) Alberta 294
Sumitomo Mitsui Banking Corporation of Canada 301

You can access the codes of other banks here

How To Find a Canadian Bank Number

An individual or business’ bank number can be found in the customer’s checkbook. It is located at the bottom of the checkbook alongside the transit code and account number. The institution code comes after the transit code followed by the account number.

Canadian bank numbers can also be gotten from the bank’s online portal, bank statement, bank deposit, or through the bank’s customer care unit.

Conclusion

Bank number was initiated into the banking system to facilitate its operations. It has helped in the ease of household bill payments, transfer and receiving of funds from the international community, and also helps in the quick payment of employees’ salaries.  

 It was specifically designed to help fast-track banks’ electronic services (e-banking), and it has been quite an advantage.

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