Transferring Resources from one account to another uses several details: card number, name, and last name—the consignee’s name and the sender, the bank, etc. The good news is that you don’t need to know all the details about most transactions. For example, if you want to transfer money from one card to an in-bank card, you must enter a plastic number. Another thing is if the transaction is done between credit institutions. Then you need to enter the BIN.
Bank Identification Number (BIN) is the first nine digits of the card. It is used to define a credit institution in the payment system and is based on the principles of the Central Bank. Use BIN to find out:
- payment system type (MPS);
- card issuing bank;
- type: credit or debit;
- type: Maestro, Electron, Classic, Gold, Standard, Platinum.
This is a BIN. Readers process the identification data on the magnetic stripe and chip. These are used to transmit payment information, one of which is the BIN. What is essential for commercial institutions? They receive information about cards to track transactions according to the types of payment methods and their owners. Such a method of reading information processing speeds up the process and reduces fraudulent transactions. This is what a BIN card “Oschadbank.”
Code information from publicly available sources. But here, they are often updated and often give out erroneous data. In addition, banks do not consider BIN important. Therefore, do not monitor the correct use. In Russia, there is not much difference between debit and credit cards. But in the United States or EU countries, the level of commission paid by the beneficiary varies greatly because some stores have strict requirements for the type of payment instrument.
What is the first digit of the code? Type of payment system:
3 – American Express;
4 – Visa;
5 – MasterCard;
6 – Maestro;
But this is only in theory. Codes in the range of 50-55 are used to identify the MasterCard. In Australia and New Zealand, the Bankcard system has been operating since 2006 at 5610, 56021-56022. Another example is the American Express for Japan Credit Bureau assigned codes 34, 35, and 37. However, the Maestro social card issued by the Russian Savings Bank begins in 6390, and the gold VisaVisa from 4276.
The third and fourth digits indicate the area within the state. In the case of Russia, this classification is made according to OKATO. The card issued at the Moscow branch of the Savings Bank contains code 45 and the institution of St. Petersburg. 40. The fifth and sixth figures inform the central bank of the notional number of a given unit. It can be between 00 and 99. The last three digits in the BIC are the same as in the mailbox (it consists of twenty digits). They range from 050 to 099. For CSC, which the Bank of the Russian Federation performs, this value is “000”. The center of the head settlement – “001”. In the case of branches of the Central Bank of Russia, structural units of the Russian Federation – “002”. This is a BIN payment card.
Why is this information worthwhile for an ordinary user? There is no need. In most cases, but if someone pays for goods in the online store or books a service (hotel room, ticket, pass, etc.) at a foreign location, they must first know what a BIN card is and where to find it.
One option: plastic on the front
Since the BIN is part of the card number, you can find out by viewing the payment instrument. There are 15 to 19 digits on the front, which are applied by dyeing or extrusion. It is usually made up of 16 numbers (4 blocks made up of 4 digits), used in 19 additional payment instruments issued on a customer account, American Express, at 15. What is a BIN card? This is the first nine digits of the number. The others contain information about the type, currency, place of issue, etc. The last, the sixteenth, is a check digit that determines the “correctness” of the card number. The second option is to contact the bank branch.
Sometimes the map is not 16 digits, but only the first or last four. In this case, to find the BIN, you need to call the hotline, dictate the full name, card number, code word. The same information is requested when visiting a bank branch. But then you have to stop in line and give the passport to the employee. If you still have a paper with a PIN or contract on the card, you can view the code there.