A bank identifier is a code used used by financial institutions to identify the banking network, bank, and in some cases, branch where a specific account is held. Bank identifiers are referred to in different ways in different countries, including:
- USA — routing number
- UK — sort code
- Canada — transit number
- Mexico — CLABE (also includes an account number)
Bank identifiers can also be used to identify banks and financial organizations for international currency exchange, although these numbers are integrated into international bank identifiers like SWIFT, IBAN and other international codes. If you are providing one of those numbers, you do not normally need to provide a banking identifier as well.
Money Transfer Glossary
When it comes to exchanging money, paying for your transfer, understanding exchange rates and more, it’s important to understand what all the details mean. But don't worry. We’ve got you covered with our complete Monito glossary and guide to the most frequent terms you’ll come across when you send or receive money internationally.
Check out our guides
- Avoid inflated fees and find the cheapest way to send money, right here, right now.
- How can you make the most of your currency exchange when you transfer large sums of money across borders? By finding the right money transfer company for your needs. When making la…