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What is the Canadian Banks Routing/Transit Number?

A Routing Number/Transit Number is used while doing financial transactions. Routing Number identifies the beneficiary financial institution and the branch to which a payment is being initiated. Routing/Transit Number is essential for making payments through the clearing system.
There are two types of Routing Numbers used in Canada.

1. EFT Routing Number: EFT stands for Electronic Fund Transactions. EFT Routing Number is a three digit financial institution number and a five digit branch number, preceded by a leading zero.
Example : 000137149
Leading zero: 0
Institution Number: 001
Branch Number:7149

2. Transit Number (MICR)
Magnetic Ink Character Recognition(MICR), is a character recognition technology used by the banking industry to facilitate the processing of cheques. Routing Number can be found at the bottom of the cheque.

What is SWIFT Code/BIC Code?

SWIFT code is a standard format of Business Identifier Codes approved by the Society for Worldwide Interbank Financial Telecommunication(SWIFT). It acts as a unique identification code for both financial and non-financial institutions. These codes are used when transferring money between banks, particularly for international wire transfers, and also for the exchange of other messages between banks.The Society for Worldwide Interbank Financial Telecommunication (SWIFT) handles the registration of SWIFT codes. SWIFT code is also called as BIC code, SWIFT ID or ISO 9362.

SWIFT code description:
The SWIFT code is 8 or 11 characters: - e.g. ATBRCA6EXXX
  • 4 letters: Institution Code or bank code. (ATBRCA6EXXX )
  • 2 letters: ISO 3166-1 alpha-2 country code.(ATBRCA6EXXX )
  • 2 letters or digits: location code. (ATBRCA6EXXX )
    if the second character is “0", then it is typically a test BIC as opposed to a BIC used on the live network.
    if the second character is “1", then it denotes a passive participant in the SWIFT network
    if the second character is “2", then it typically indicates a reverse billing BIC, where the recipient pays for the message as opposed to the more usual mode whereby the sender pays for the message.
  • 3 letters or digits: branch code, optional (‘XXX’ for primary office) (TBRCA6EXXX )
    Where an 8-digit code is given, it may be assumed that it refers to the primary office.
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      Canadian Banks Routing/Transit Number
    A Routing Number/Transit Number is used while doing financial transactions. Routing Number identifies the beneficiary financial institution and the branch to which a payment is being initiated. Routing/Transit Number is essential for making payments through the clearing system. There are two types of Routing Numbers used in Canada.
    Read more..
      What is SWIFT Code/BIC Code?
    Society for Worldwide Interbank Financial Telecommunication(SWIFT) has defined standard format of Business Identifier Codes which is called as SWIFT code or BIC Code. It acts as a unique identification code for both financial and non-financial institutions. Swift code is used while transferring money between banks, particularly for international wire transfers, and also for the exchange of other messages between banks. SWIFT handles the registration of SWIFT codes across the world. Read more..
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