What is the bank code?

Banking code is an identification code composed of alpha or numeric characters that serve as an electronic address for a financial institution. The names and formulation of codes may vary between countries. These codes allow electronically to transfer money from one institution to another. RTN is located between the large intestine (:) marks on the left side of the lower hand on the control item. The number that follows the RTN is an individual account number. Other countries indicate the bank code as the sorting code. The number of characters used by different countries differs from only four digits in Denmark to ten digits in Spain. In all cases, however, the code is used to identify the country and place the institution where the funds are held.

International Act Bankkyby has set up systems that allow you to transfer money between banks from different countries. One of them is called the bank identifier (BIC). BIC is an eight -speaking designation identifying a bank, country and city and is assigned to a company for global interbank financial telecommunicationsE (Swift). Although the US has its own coding system, banks also have a quick code that allows them to complete international money transfers.

The European Union Committee for Bank Standards has approved regulations that require that in 2004 to all financial institutions in the Member States to allocate another Banking Code called the International Bank Account (IBAN). IBAN is an alphanumeric designation and can contain up to a maximum of 34 characters. This is governed by ISO 13616, a regulation issued by an international organization for stalling (ISO). The first two letters Iban are the BIC Country Country, followed by a two -digit control key, a bank sorting code and account number.

In the United States, Canada and many other countries, the bank code and account numbers must be printed on inspections using magnetic ink and Magnetic ink Character (MicR). This type of print allows you to read checks electronically. INSome regions may face fines and other sanctions for not using the right ink and fonts during inspections.