Exact Meaning Of Bin

A bank identification number or BIN is a 6-digit number that identifies the card issuer within the payment system during authorisation and processing.

In the payment processing cycle, the BIN is used to determine which bank the authorisation request should be directed to, the type of card used, the geographic location of the bank, and other useful information.

Each digit of the bank identification number carries the information necessary to authorise and process card transactions.

Aside from banks, other financial institutions are also empowered to issue cards. That’s why BIN is also known as an issuer identification number (IIN) there are some easy ways to search bin with the help of bin search.

How bank identification number works

Every time a customer swipes their card or enters the card details to pay, the issuer receives an authorisation request to confirm that the bank account is valid and has enough funds to withdraw. 

The BIN system was developed by the International Organisation for Standardisation (ISO).

Collaboration with the American National Standards Institute (ANSI) as a way to identify institutions that issue credit, debit and other types of bank cards.

Since the bank identification number is used to cross-check information between card networks, banks, and other financial institutions, the average user rarely interacts with the BIN. 

Most often, it’s simply entered during the checkout along with the full card number to complete an online transaction.

Why is a bank identification number important?

Bank identification number helps merchants and card networks quickly check all important information needed to process the payment, in particular:

• Card network
• The bank or financial institution that issued the card
• Card type (credit, debit, prepaid card, gift card)
• Bank card category (Classic, Gold, Maestro, Standard, Platinum)
• Card issue country and the bank’s location

Verifying the above points helps the payment system protect against card fraud and process transactions smoothly. In addition to identification purposes, a bank identification number is often used by merchants to analyse processed payments in terms of geolocation and payment method used. 

For example, if you know that a large number of payments are made using the cards of a particular bank, then it makes sense to cooperate with it to ensure cost-efficient payment processing.

Here’s what industries the MIIs represent:

0: ISO/TC 68 Assignment

1: Airlines

2: Airlines and other industry assignments

3: Travel and Entertainment + American Express cards

4: Banking (Visa)

5: Banking (MasterCard)

6: Merchandising and Financial + Discover cards

7: Petrol industry

8: Health Care and Communications

9: National Standards Bodies

Other digits

The rest digits of the bank identification number are generated by the payment system as a unique set of numbers that designate an individual card account. 

These digits cannot match with other card numbers issued by the same institution. It is possible for each card issuer to generate a trillion of unique numbers for their clients.

For bank cards, the fifth and sixth digits are assigned in accordance with the bank card category. For example, Classic, Gold, Maestro, Platinum, etc.

Ways To Help You Withdraw Cash

Author - Admin | Date - 13/04/2023 | Reading Time - 05 Min

Withdrawing cash

Finding a cash machine

We know cash is still king for many people and you can withdraw it over the counter in our branches, or from one of our cash machines – but what if you need to know where your nearest one is?

That’s where our online branch finder helps. If your web browser supports it (most do), we’ll detect your current location, and show your nearest Barclays cash machines and bank branches, along with the accessibility services available. 

Remember that while our cash machines are free to use, those provided by other companies may charge for withdrawing cash also there is also free credit card number that does not contain any charges.

Audio cash machines

All of our cash machines have Braille labels, which makes them much easier to use if you read Braille to help with sight problems.

Many of our standard cash machines also have an audio narrator that talks you through the on-screen options. This can help if you have sight problems, learning difficulties or dyslexia.

These cash machines are listed as ‘ATM with audio’ in our online branch finder – just plug your own headphones (the ones you use with your smartphone will work) into their audio socket to use them.

Our cash machines have a special funnel on the card slot to make it easier to insert your card if you have dexterity problems, but some are also contactless – so you don’t need to insert your card at all.

Instead, you just tap your Barclays contactless debit card or Android smartphone on the cash machine and then enter your PIN.

Contactless cash is available at more than 500 of our branches and at around 1,200 Barclays cash machines. You can even use your smartphone to pre-set the amount you want to withdraw to make your cash machine visit even simpler.

Getting cash from other places

If you can’t get to a branch or cash machine, many shops and supermarkets offer cash withdrawals at the checkout, with or without a purchase, when using a debit card.

If getting to a Post Office is more convenient than getting to your nearest Barclays branch, you can do some simple banking there, too. You can withdraw cash, pay in cash and cheques, and check your account balance. 

Simpler shopping

Contactless card payments

Not everyone likes to carry lots of cash, of course, but you now can pay by ‘Chip and PIN’ card almost everywhere – although some shops may add a small charge for payments below a certain amount.

Lots of shops now also accept contactless payments where you simply hold your card over the card reader – you don’t need to enter a PIN. 

If you’d prefer a lower limit for your debit card, you can choose one in the ‘Cards’ section of the Barclays app. It’s quickest to change your settings in the app, but if you don’t have it, you can contact us to change them.

Paying by smartphone

Newer Apple and Android smartphones support contactless payments, and they work in a similar way to contactless card payments.

iPhone

If you use an iPhone, register your debit or credit card with Apple Pay and you can then pay when you shop by holding your phone over the retailer’s contactless card reader. You can pay for any amount with Apple Pay, though some retailers have a £100 limit. You’ll need to use Touch ID or Face ID to make each payment, so it’s very secure.

Android

We don’t support Google Pay for Android, but instead have our own similar Contactless Mobile service. You’ll need to set up the service in our app, but you can then use it for payments up to £300 (though you’ll need to enter your PIN for payments over £100). Contactless Mobile is only available for eligible Visa cards.

Paying by other ways

Direct Debits and standing orders are great ways to pay your regular bills – and they mean you won’t ever forget to pay.

Direct Debits must be set up with the company you want to pay, but you can set up a regular payment to someone with a standing order by calling into a branch or by telephoning us (you can do it online and with our app, too)

A high-visibility card can help if problems with your sight make it difficult to use a debit card. There are 12 designs with easy-to-read numbers and a notch so you can feel which way round the card goes into a cash machine slot. Just ask for a high-visibility card in your local branch

 A template can help if you have trouble writing cheques, filling in bank slips or signing new cards – again, just ask

A signature stamp can also help if you find it difficult to sign cheques by hand – just call into a branch to talk to us about it