Payments Canada Regulates All Routing Numbers In the case of international inward money transfers, there is a third piece of data used: the SWIFT code. When combined with a customer's unique account number, the institution's routing number allows for the accurate and speedy transfer of money. For instance, routing numbers are used for wire transfers and direct deposits. Routing numbers are used by Canadian banks as well as by trust companies and credit unions to ensure that all electronic payments are properly routed. Finally, the "YYYYY" identifies the particular branch. The entire number contains both a three-digit number that identifies the financial institution and a five-digit number that identifies the branch.įor example, in the routing number OXXXYYYYY, the leading zero begins the sequence, followed by the "XXX", which indicates the financial institution code. There is always a "leading zero" in each EFT (electronic fund transactions) routing number.
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