Contributing Author: Deborah Orlievsky Writer/Editor
It is imperative to know your RBC (Royal Bank of Canada) institution number if you wish to manage your finances and verify that you have your correct banking information in order to process different transaction types. This article highlights the importance of knowing this number, how to find it, and what it's good for. Conveniently locate this number anywhere from your phone, laptop, cheques, or customer service. This guide will clear up any confusion and help you confidently locate your RBC institution number at any time.
What Is The RBC Institution Number For?
You’ll commonly need your RBC bank institution number if you wish to receive direct deposit, to receive electronic funds transfers, bank wires, direct deposits, and to set up bill-payments. Bank institution numbers exist to ensure that funds are credited or debited to the correct bank. The RBC institution number, along with the transit number are crucial pieces of financial information for anyone who needs to send or receive funds from an RBC account.
RBC Routing Number - How to Understand It
A routing number is a series of numbers used to locate a bank in Canada. In Canada, a routing number is eight to nine digits long. Within the routing number, the first series of numbers is a five digit code that identifies the specific branch location of the bank. The second series of numbers is a three digit code that identifies an institution number - this identifies the bank institution. The institution number for Royal Bank of Canada is 003.
What Does an RBC Routing Number Look Like?
An RBC routing number is a nine-digit code that identifies a specific RBC branch in Canada. A routing number typically starts with a “0” or a “1” and is followed by a set of numbers separated by hyphens. The sequence appears as the one below.
XXXXX-003
(Transit) - (Institution)
Locating Your RBC Institution Number via Online Banking
Log into your online banking and head over to Bank Accounts. Next to each account, there is a five digit transit number, followed by a seven digit account number.
Locating Your RBC Institution Number by Cheque
Now that you have a better understanding of how routing numbers work, it should be easy to locate your institution number on your cheques, or elsewhere. There is a long series of bold numbers located at the bottom of each cheque. The first three digits in the sequence is the cheque number, followed by a colon. Immediately after the colon, you will find the bank routing number. The very last set of numbers in the series is your personal account number.
Here Is What The Numeric Sequence Looks Like On a Cheque
Below is a visual representation of how the numeric sequence of RBC cheque numbers, transit, institution and account numbers appear.
Canadian Clearing Code - RBC
If you wish to set up pre authorized payments with certain institutions, they will require you to provide them with a Canadian Clearing Code in order to extract those payments.
Any digital banking transaction uses a Canadian clearing code in order to withdraw money. A Canadian clearing code acts as the digital code version of your banking information. Electronic funds transfers (EFTs) include direct deposits and bill payments that occur on the digital platform. This entails sending or receiving money to and from another domestic bank institution, and setting up pre-authorized bill payments to be extracted electronically.
How The Clearing Code Appears With Other RBC Numbers
This is a breakdown of what the Canadian Clearing Code looks like:
//CCO - Canadian Clearing Code
AAA - Institution Number
BBBB- Transit Number
Customer Service by Telephone
If you do not own cheques, or do not wish to access your bank information digitally, a live agent at RBC is able to assist you in locating your institution number by phone at the Client Advice Centre at 1-888-847-5803.
The Takeaway
As Canada's leading financial comparison platform, the folks at Insurdinary are here to help. Whether you are looking for the best bank accounts in Canada, to compare mortgage rates, insurance products and more - we have it all at your fingertips. Visit our financial blog today, or reach out to us to speak with one of our highly experienced agents. We look forward to working with you.
SOURCES: Canadian Routing Number, Royal Bank of Canada.
