What is a BIN code?
BIN (Bank Identification Number) is the first 6 digits of a bank card, which allow you to determine the issuing bank, payment system (Visa, MasterCard, etc.), country of issue, and card type (debit, credit, virtual, etc.). This data is important when making online payments and verifying financial transactions.
Why is it necessary to identify a bank by card number?
- Payment security — helps to ensure that the card really belongs to the stated bank.
- Commission definition — different banks may have different conditions for transfers and cash withdrawals.
- Checking the correctness of data — useful when entering details for transfers.
- Determining the country of card issue is relevant for international payments.
- Fraud protection – allows you to identify suspicious transactions and counterfeit cards.
How does this work?
When you enter the card number when paying, the system automatically recognizes the BIN code and checks the bank details. Special services allow you to enter the first 6 digits and get information about the bank and its terms.
Example of using BIN code
Let’s say you have a card with a number starting with 5355 16 . By entering these 6 digits into the verification service, you can find out that the card belongs to Raiffeisen Bank Aval , this is a MasterCard Standard , issued in Ukraine . This helps to verify the authenticity of the card and find out possible fees for transfers.
Overview of Services for Identifying a Bank by Card Number