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What is Swift Code?SWIFT code (also known as ISO 9362, SWIFT-BIC, BIC code, SWIFT ID or SWIFT code) is a standard format of Business Identifier Codes approved by the International Organization for Standardization (ISO). It is a unique identification code for both financial and non-financial institutions. (When assigned to a non-financial institution, a code may also be known as a Business Entity Identifier or BEI.) 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 codes can sometimes be found on account statements.
The SWIFT code is 8 or 11 characters, made up of:
|Here is the list of all the institutes having SWIFT codes in Canada. All SWIFT codes >>|
What is the Routing Number?A routing number identifies the financial institution and the branch to which a payment item is directed. Along with the account number, it is essential for delivering payments through the clearing system.
In Canada, there are two formats for routing numbers:
EFT Routing NumberAn Electronic Fund Transactions (EFT) routing number is comprised of a three-digit financial institution number and a five-digit branch number, preceded by a "leading zero".
Example : 0XXXYYYYY
MICR Number (Transit Number)MICR Numbers or widely known as Transit Numbers are used in cheques processing. It appears on the bottom of negotiable instruments such as checks identifying the financial institution on which it was drawn.
A paper (MICR) routing number is comprised of a three-digit financial institution number and a five-digit branch number. It is encoded using magnetic ink on paper payment items (such as cheques).
Example : XXXXX-YYY