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.