How to Find Transit Number in RBC Bank in Canada
As an RBC client, the transit number is necessary to complete all the necessary transactions. For example, you’ll need to use your transit number for electronic transfers, direct deposits, ACH transfers, and wire transfers, and it's impossible to carry out these actions without having it handy.
The fastest place to find your bank’s transit number is on a cheque. If you have a checkbook, look at the bottom left corner of one cheque for the five-digit number. You can also check it on a bank statement, website, deposit slips, or by calling an RBC customer representative.
What Is a Transit Number?
A bank’s transit number is a five-digit number found on a cheque. Another set of numbers follows it to form the routing number. The transit number helps the banks determine where cheques and other financial documents come from. Financial institutions also use these numbers to keep track of transactions.
Every bank has a unique transit or branch number that indicates the specific branch you opened an account. However, the number changes sometimes, like when the bank moves or closes.
It could also change if your bank merges with another financial institution or there is acquisition and consolidation. However, the financial institution will notify their customers if there are any changes in the transit number.
Although the transit number combines another set of numbers to form the routing number, these two differ. For example, the transit number shows your bank’s branch, while other financial institutions use the routing number to identify banks.
How To Find RBC Transit Number
Since you’ll need your RBC transit number to complete a wise transfer or set up a direct deposit, you must know how and where to find it. Also, these numbers are not confidential, so if your friend opened an account at the same financial institution as you, the transit numbers are the same. Therefore, you can check it on their cheque.
Some common ways to locate the RBC transit number are;
1. The Cheque
If you have a checkbook, you can find your RBC transit number in minutes. First, look at the bottom left corner of the cheque because it is printed there. It appears as the first five-digit number on the bottom of the cheque, followed by a three-digit number.
The transit number and the three-digit number combined form the routing number. After this set of numbers is the 7-digit bank account number, which shows a deposit account.
2. On The Bank Statements
Bank statements are an alternative way of finding the transit number. The statements contain your personal information regarding your transactions and standard bank information like the transit and routing numbers.
The code should be close to your account number on the bank statement. If you can’t locate it, ask a friend for help, or look for a bank statement template on the website.
3. Search On the Web
If you want to complete an international transfer with Wise and don’t have a cheque or bank statement to confirm the transit number, check on the internet. Most information is on the search engines, including the RBC transit number.
When checking these numbers, ensure you look for the one that matches the location you first opened your account. For accuracy in finding the exact transit number for your account, search on the bank’s website.
Alternatively, you can look for the transit number on the banking app. To do so, log into your RBC account and look at the numbers next to your account number. You can also use the RBC branch locator to find your transit number.
4. Call The Bank or Visit in Person
If you can’t find your RBC transit number on the internet, don’t have a cheque, or can’t access your bank statements, you can always get it from the bank. Look for RBC’s contacts and call the bank to ask for your branch’s transit number.
You can also visit your nearest RBC branch and request the transit number. The bank will provide you with a list of all branch transit numbers.
Uses Of Transit Numbers
The main reason for the invention of bank transit numbers was for the few financial institutions worldwide to identify each other.
If you deposit a cheque from a different bank, your bank could use the transit number to know where it came from. Also, it makes transferring funds between accounts in other banks easier.
Other uses of transit numbers are when doing electronic transfers. For example, it helps to find the bank where the transaction is going. The unique account number will then specify the account to deposit the money.
A transit number also helps to complete wire transfers and ACH transactions. Without it, the transaction will not be complete.
Also, you can’t successfully set up a direct deposit account without the transit number. Your employer will also need it to deposit your salary in your account and get other benefits.
With so many banks in Canada and the world, it would be hard to identify them without unique numbers. Even worse, some banks have similar names, making locating them hard. The unique transit number makes identifying the bank and its location easier.
Are Transit Numbers and Branch Numbers the Same?
A transit number is also called the bank’s branch number, meaning they are the same. These numbers identify the bank branch you opened your account in and help financial institutions know the cheque’s origin.
However, transit numbers are different from routing numbers. A routing number combines the transit number and the bank’s identification number. Routing numbers identify the bank in a financial transaction.
The numbers are helpful in electronic funds transfers, direct deposits, and recurring bill payments in Canada. You can find them in a cheque, banking app, or bank statement.
Pay Fewer Fees When Transacting
Now that you know how to find your transit number RBC, you should check the transaction cost. The prices vary depending on the amount you send, the means of transaction, and the country you send money. The cost could also depend on the banks between which you are transacting.
Another expense you’ll incur when sending and receiving money is foreign exchange fees. For example, if you send currency in USD instead of Canadian dollars, the bank will charge you a cost for the currency conversion.
Banks and currency exchange agencies charge a high rate for the exchanges, meaning it will cost you a few more dollars. To save money, exchange your currency at Knightsbridge FX.
Our platform is easy to use and offers friendlier exchange rates, meaning you’ll save some dollars. Also, you’ll enjoy smooth and fast services with no additional service fee.