Nothing Special   »   [go: up one dir, main page]
Advertiser Disclosure

What Is A Bank Institution Number?

Renee Sylvestre-Williams
Contributor

Updated: Feb 12, 2024, 8:41am

Aaron Broverman
editor

Edited By

Editorial Note: Forbes Advisor may earn a commission on sales made from partner links on this page, but that doesn't affect our editors' opinions or evaluations.
What Is A Bank Institution Number?

Table of Contents

{{ tocState.toggleTocShowMore ? 'Show more' : 'Show less' }}

There are 5,711 bank branches in Canada as of 2021 according to the Canadian Banking Association. That’s a lot to keep track of, so how do banks and companies know where to send your money?

It actually comes down to a series of numbers that work like an address. Those numbers include your bank account, transit number and bank institution number. Think of it as part of your personal bank account’s unique coordinates.

What is a Bank Institution Number in Canada?

A bank institution number is a three-digit number that refers to a specific bank. Not a bank branch, but the corporation itself. This number, combined with the five-digit transit number, makes up the routing number. That number is needed for bank transactions.

Canadian Bank Institution Numbers

Here are some of the institution numbers for the most recognized Canadian banks. This isn’t an exhaustive list, but know that each bank has its own number.


Bank or Financial Institution Institution Number
Bank of Montreal (BMO) 001
Bank of Nova Scotia (Scotiabank) 002
Royal Bank of Canada (RBC) 003
Toronto-Dominion Bank (TD) 004
National Bank of Canada 005
Canadian Imperial Bank of Commerce (CIBC) 010
Canadian Western Bank 030
Laurentian Bank of Canada 039
Bank of Canada (BOC) 177
Citibank 260
First Nations Bank of Canada 310
HomeEquity Bank 358
Tangerine Bank 614
Equitable Bank 623

What is the Purpose of a Bank Institution Number?

The bank institution number is part of the routing number, which is needed for financial transactions. This is why when you’re onboarding at a new job, you’re asked to provide your transit, institution and account number or a void cheque, which has the number on it.

You may not realize it, but you leverage these numbers often. You give these numbers to human resources so you can have your salary directly deposited to your account or you input these numbers into an app like Wise so you can send or receive money internationally.

How Do I Find a Bank Institution Number on a Cheque?

On a cheque, usually starting from the bottom left, you’ll see a series of numbers. The first set of numbers is the cheque number. After that are five numbers which make up the transit number. The next three numbers make up the institution number.

So if you bank with Scotiabank, you’ll see ‘002’,’ or if you bank with EQ, you’ll see ‘623.’

Related: How to read a Cheque

How Do I Find a Bank Institution Number Without a Cheque?

If you’re not a cheque user, but you need your institution number, you don’t need to order a cheque book. Instead, you can find them on the following:

  • Your paper or electronic bank statement.
  • Your online banking portal will often have your transit/branch and institution number or will provide a digital cheque which you can download or copy the information.
  • You call or go into your nearest bank branch and ask for the number.
  • Search online. Many sites have a comprehensive list of bank institution numbers.

Bottom Line

Ultimately, whether you have cheques in your bank or drawer or don’t use cheques at all, the paper isn’t important. What’s important is the list of numbers you need so you can pay or be paid as part of your everyday transactions.

Frequently Asked Questions (FAQs)

What is a bank institution number?

It’s a three-digit number that refers to a specific bank. It’s part of an address that is used to identify your banking information.

How do I find my bank’s institution number?

You can look it up online, as many sites have a list of all Canadian bank’s institution numbers. Alternatively, you can call your bank, find it on your cheque or look it up via your bank’s app or online banking portal.

How many digits are in a bank institution number?

Each bank institution number has three digits.

Where is my bank institution number on a cheque?

When you look at the string of numbers on the bottom left of a cheque, the three-digit bank institution number comes after the transit number.

Best Ofs
Bank reviews
Account Reviews
Calculators

More from   Advisor

Information provided on Forbes Advisor is for educational purposes only. Your financial situation is unique and the products and services we review may not be right for your circumstances. We do not offer financial advice, advisory or brokerage services, nor do we recommend or advise individuals or to buy or sell particular stocks or securities. Performance information may have changed since the time of publication. Past performance is not indicative of future results.

Forbes Advisor adheres to strict editorial integrity standards. To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. The opinions expressed are the author’s alone and have not been provided, approved, or otherwise endorsed by our partners.
Renee Sylvestre-Williams Contributor

Renee Sylvestre-Williams is a finance and business reporter. In her more than 10 years of journalism, her work has been published in the Globe and Mail, Flare, Canadian Living, Canadian Business, the Toronto Star and Forbes. She also publishes a biweekly newsletter, The Budgette, (now an audiobook) where she provides financial education for single earners.

Aaron Broverman Editor

Aaron Broverman is the lead editor of Forbes Advisor Canada. He has over a decade of experience writing in the personal finance space for outlets such as Creditcards.com, creditcardGenius.ca, Yahoo Finance Canada, Nerd Wallet Canada and Greedyrates.ca. He lives in Waterloo, Ontario with his wife and son.