Transit Number

Canadian Transit Number

A transit number is a 9-digit code used in Canada for electronic funds transfers. It identifies a specific Canadian bank and branch where a payment will be sent, similar to a routing number.

The Canadian transit number consists of a 5-digit branch number and a 3-digit financial institution number, plus a check digit. It's used for direct deposits, pre-authorized debits, and other electronic payments within Canada.

Related Terms

Routing Number

ABA Routing Transit Number

A routing number is a nine-digit code used in the United States to identify financial institutions. ...

EFT

Electronic Funds Transfer

EFT is a broad term for any transfer of money from one bank account to another through electronic me...

Direct Deposit

Direct deposit is an electronic payment method where funds are deposited directly into a checking ac...

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