A Routing Number/Transit Number is used while doing financial transactions. Routing Number identifies the beneficiary financial institution and the branch to which a payment is being initiated.
Routing/Transit Number is essential for making payments through the clearing system.
There are two types of Routing Numbers used in Canada.
1. EFT Routing Number:
EFT stands for Electronic Fund Transactions.
EFT Routing Number is a three digit financial Institution Number (Bank Code) and a five digit branch code, preceded by a leading zero.
In Canada Routing Number is formed by prefixing 0+3 Characters Bank Code+5 Characters Branch Code.
An institution number is the three-digit code assigned to each bank to uniquely identify it.
All the Financial Institutions has been allotted 3 Characters Numeric Code, which is also called as Institution Number / Bank Codes.
Each Financial Institutions Branch has been allotted 5 Characters Numeric Code, which is called Branch Code.
Exchange Bank Of Canada has been alloted Institution Number / Bank Code as : 376
Exchange Bank Of Canada 390 Bay Street, Suite 700,Toronto Branch has been alloted Branch Code as : 00012
So the Routing Number of Exchange Bank Of Canada 390 Bay Street, Suite 700,Toronto is 037600012
Routing Number : 037600012
Leading zero: 0
Institution Number / Bank Code: 376
Branch Code: 00012
2. Transit Number (MICR)
Magnetic Ink Character Recognition
(MICR), is a character recognition technology used by the banking industry to facilitate the processing of cheques.
Transit Number can be found at the bottom of the cheque.
So the Transit Number of Exchange Bank Of Canada 390 Bay Street, Suite 700,Toronto is 00012-376
Where to find Exchange Bank Of Canada Transit Number on a cheque?