Is a Canadian Routing Number the Same as a Transit Number?
This number is your combined transit and branch number. Your routing number identifies the combination of these two things. The account number then identifies your specific account at the particular branch of your financial institution. On a cheque, these numbers are read by magnetic ink character recognition, which verifies the cheque’s legitimacy before transferring the money from the account.
Where to Find a Routing Number on Your Cheque
The term routing number isn’t as commonly used as the branch number, transit number, or account number. However, just like those numbers, your bank account routing number can be found at the bottom of your cheque.
Routing Numbers Based on Financial Institution
Depending on which financial institution you bank with, your routing number will be different. There won’t be the same routing number for every person who banks with that institution, either. The 3-digit institution number will be the same, but the transit number will be different, which is the second half of the routing number. Here are the routing numbers for some of Canada’s largest banks.
However, if you bank with other banks like EQ Bank, National Bank, or credit unions, you can find this number through new cheques, online banking, or with the bank itself. The routing number would indicate this when you combine the numbers 2, 3, and 4. The last digits of the routing number would be your transit number.
TD
If you bank with TD Bank, also known as TD Canada Trust and Toronto Dominion Bank, the institution number portion of your routing number will be 004. The rest of the routing number will be unique to your branch and can be found on your online banking account. You can even call your home branch and ask.
Scotiabank
If you bank with Scotiabank, also known as the Bank of Nova Scotia, its unique 3-digit institution number is 002, like those of other banks. The rest of the routing number is unique to your branch.
RBC
The Royal Bank of Canada’s institution number is 003. You may have noticed a slight pattern in these numbers, but you must enter the correct one when entering your routing number.
BMO
The Bank of Montreal’s institution number is 001. If you are writing or receiving a cheque, it will indicate the institution the money is coming from, making it easy to verify that the routing number is correct.
CIBC
Lastly, CIBC’s institution number is 010, but there are obviously many more financial institutions out there. To find yours if it isn’t in this list, you can ask your financial institution or look it up on your online banking. There should be an option for a direct deposit form that shows your full routing number.
Knowing Your Routing Number
While knowing your routing and account numbers is pretty important, the nice thing about our access to technology is that you do not need to memorize them. You just need to know how to find it. There will be very few cases where you actually just need the numbers. Most places that require this information prefer a piece of paper or a void cheque from your financial institution to prove that the information is actually yours.
This is mainly because, when these numbers are required, it is usually to withdraw money from your account, and they need to verify that it is actually you who will be paying that bill. In other instances, like setting up direct deposit for your pay, it’s at the employer’s discretion how they require that information.
Canadian Routing Numbers and International Routing Numbers
As you probably guessed, routing numbers are used to transfer money within Canada. Still, the combination of numbers will look different if you are trying to transfer money internationally. The US has an ABA (American Bankers Association) routing number. If you are transferring any money there, this 9-digit number is required. It holds a little more information than the Canadian routing number. On top of that, you may need their SWIFT/BIC code. As in Canada, the US routing number can be found on a cheque or at the bank.
When sending money across Europe, the number is called an IBAN (International Bank Account Number) instead of a routing number. This number can be found at the bottom of a bank statement or can be requested from the bank. This number is required if you intend to send money to Europe.
The thing with all of these different numbers is that routing and account numbers are all used for the same thing. They allow money to be transferred accurately from one account to another. In today’s day and age, it is easier than ever to make these transfers, which is why it is important to verify that these numbers are correct.
Once the transfer has been made, there is no guarantee it can be stopped. If you want to be certain that any international transfer is done correctly, you can do it directly at the bank or through online banking. Most major banks in Canada now offer international transfers right online.
Why US Companies Need a Canadian Routing Number
Because the US and Canadian payment networks are incompatible since they use different banking systems, a Canadian routing number is required to accommodate international wire transfers. It can help eliminate wire fees and speed up the process for electronic transactions.
Routing Number and Debit Cards
Unlike a cheque, your debit card does not have your routing number on it; however, the numbers on this card are identifying numbers. This card contains a unique institution identifier number and your account number. That unique number on your card is linked only to your account at your financial institution; there is no duplicate.
The first 6 digits on your bank card are your institution’s identifying number. This is the same as how a credit card works. The first few digits of a credit card vary by credit card company. One reason is to allow for more variations in numbers and to help identify the institution when money is being taken from your account.
The remaining numbers after the first 6 are your individual bank account numbers. These aren’t bank routing numbers, but they are very similar since they are identifying numbers. This full 16-digit code is known as a PAN (Permanent Account Number). While the number on the card does not reflect your exact account number, it is a unique identifier linked to your account.
Can Routing Numbers Change When You Switch Branches?
It is not extremely common, but yes, your routing number can change. The main reasons something like this would happen are that a branch closes or there is a merger, acquisition, or consolidation. If this happens, you will be notified by your financial institution. Most of the time, direct deposit forms and cheques linked to the old routing number will still work, but anything new will have the new routing number.
In the event of a routing number change, the bank may contact you,u saying that your current cheques are no longer valid. If this happens, ns you can ask them to replace them since this wasn’t a situation you had any control over.
You then would also want to update this information with any automatic withdrawals you have and/or your direct deposit information with your employer. Missed payments and similar issues can occur during this process, so make sure to keep an eye on your bank account.
How ETF and Wire Transfer Routing Numbers Differ
While electronic funds transfers and wire transfers are both ways to send money, they don’t both use the same domestic routing numbers. Here’s how they differ.
| Electronic Funds Transfers | Wire Transfers |
| 9-digit number | 8-11 digit SWIFT code and BIC code |
| Used for domestic payroll, B2B invoices and business payments, as well as recurring bill payments. | Used for both immediate and high-value domestic and international transfers |
| These are batch-processed through Payments Canada and usually done every 1-3 days. | Processed in real-time, and the funds often clear the same day. |
| The cost is low, usually under $2. | These are much higher fees and can cost between $15 and $50 CAD. |
| These can be recalled in the event of error or fraud. | These are irreversible once initiated. |
How to Safely Share Your Routing Number
When you give out your routing number in Canada, it’s pretty safe since it’s just used to specify your specific bank branch. This number can’t be used to take money out of your account by just any random person. It’s your Canadian bank account number that you need to protect.
What to do if You Give the Wrong Routing Number?
When you use the wrong routing number in Canada, contact your Canadian bank immediately to request a payment recall. If the number you entered in the financial institution’s file isn’t valid, the payment will automatically bounce back after 2 to 5 business days. That said, if the financial transactions do go through because the number is valid, then intervention will be required. This is why it isn’t important to double-check your numbers.
Direct Deposit Setup Using Routing and Account Numbers
If you’re looking to set up direct deposit, you’ll need your unique three-digit financial institution number, your transit number, and your account number. The combination of your branch number and your transit number is your routing number.
SWIFT/BIC Codes Vs. Routing Numbers
When it comes to processing transactions, Canadian banks use routing numbers for domestic payments and SWIFT/BIC codes for cross-border payments through Canadian accounts. However, these will come with cross-border fees.
When you see these numbers, you’re going to notice the difference. First, SWIFT codes have 8 to 11 characters, while routing numbers have 9 digits. Plus, routing numbers are numeric, while SWIFT codes combine letters and numbers.
Routing Number Formats: 5 Digits Vs 9 Digits
In Canada, the 5-digit code in your routing number identifies the specific branch of your account. Your routing number starts with a leading zero, followed by the 3-digit number that identifies your financial institution, then the 5-digit transit number, which identifies your specific bank branch and can be found in your financial institution’s branch directory.
Does Spring Financial use Routing Numbers?
Yes! The great thing about our personal loans is that, with a direct deposit form, we can deposit the funds directly into your account. This requires you to provide your routing and account numbers.
Depending on the amount of your loan, you can also get the money E-transferred, eliminating the need for a direct deposit form. These numbers also allow for your monthly loan payments to be taken directly from your bank account, reducing the risk of missing a payment. If you need a personal loan from $500 to $35,000, we can help. Apply online or call us at 1-888-781-8439.
Does Spring Financial use Routing Numbers?
Yes! The great thing about our personal loans is that, with a direct deposit form, we can get the money directly deposited into your account. This does require you to provide us with your routing number and account number.
Depending on the amount of your loan, you can also get the money E-transferred, eliminating the need for a direct deposit form. These numbers also allow for your monthly loan payments to be taken directly from your bank account, reducing the risk of missing a payment. If you are in need of a personal loan from $500 to $35,000, we can help. Apply online or give us a call at 1-888-781-8439.
