Bank Code Verified

062-123, BSB Number for Commonwealth Bank, Bondi Beach, NSW

BSB Number: 062-123

Bank: Commonwealth Bank

Financial Institution: CBA

Address: 100 Campbell Parade

City: Bondi Beach

State: NSW

Postcode: 2026

System: PEHto BSB numbers

Have you ever wondered what those elusive numbers at the bottom of your checks or electronic transfers are? Well, those numbers are known as BSB numbers, and they play a crucial role in the banking system.

In this article, we will dive deep into the world of BSB numbers, exploring their importance, how they are used for identification and routing of funds, and specifically focus on the Commonwealth Bank. BSB numbers are a unique identification number assigned to each bank branch in Australia.

BSB stands for Bank-State-Branch, and they serve as a vital link between financial institutions, ensuring that funds are accurately routed to their intended destinations. Think of BSB numbers as the postal codes of the banking world, ensuring that your funds reach the right place.

Identification and Routing of Funds

One of the primary purposes of BSB numbers is to identify the specific bank branch where an account is held. This identification is crucial in ensuring that funds are routed correctly between banks.

When you provide your BSB number to someone who wants to transfer funds to your account, you are essentially giving them the code to locate your specific bank branch. BSB numbers contain six digits, with the first two digits representing the bank or financial institution, the following two digits representing the state, and the final two digits indicating the specific branch.

Each bank or financial institution has its own unique range of BSB numbers assigned to its branches. For example, let’s take a look at the given BSB number 062-123.

The first two digits, 06, indicate that it belongs to the Commonwealth Bank. The following two digits, 21, signify that the branch is located in New South Wales.

Lastly, the final two digits, 23, further narrow down the location of the branch. When you provide your BSB number to someone who wants to transfer funds to your account, they enter it into their banking system, which then recognizes the corresponding bank and branch.

The system then uses this information to accurately route the funds to the correct branch, ensuring that they reach your account without any issues.

Commonwealth Bank and BSB Numbers

Now that we have a better understanding of what BSB numbers are and how they are used, let’s focus on the Commonwealth Bank, where the given BSB number, 062-123, belongs. The Commonwealth Bank, also known as CBA, is one of the largest and most well-established banks in Australia.

With a strong presence in the country, it serves millions of customers across various financial services. The BSB number, 062-123, belongs to the Commonwealth Bank branch located at 100 Campbell Parade, Bondi Beach, NSW 2026.

This particular branch serves the Bondi Beach community, catering to the financial needs of local individuals and businesses. When customers of the Commonwealth Bank want to transfer funds to an account held at the Bondi Beach branch, they would need to provide the BSB number, 062-123, along with the account number.

This combination assures the system that the funds will be accurately routed to the Bondi Beach branch.

Conclusion

BSB numbers may seem like a cryptic code, but they play a vital role in ensuring that funds are properly identified and routed within the banking system. With their unique composition, BSB numbers provide an efficient way to locate specific bank branches and minimize any errors or delays in fund transfers.

In the case of the Commonwealth Bank, the BSB number 062-123 represents their branch in Bondi Beach, NSW. Customers of this branch can confidently provide this number when receiving funds, knowing that the system will accurately route the funds to their account.

So the next time you come across a BSB number, remember that it is not just a random set of digits, but a key element in the secure and efficient functioning of Australia’s banking system. PEH System:

In addition to BSB numbers, another term that often comes up in discussions surrounding banking in Australia is the PEH system.

PEH stands for the Payment Entry Hub system, which is a central payment processing system managed by the Reserve Bank of Australia (RBA). This system acts as a hub for the exchange and settlement of funds between different banks and financial institutions.

The PEH system plays a crucial role in the efficient and secure transfer of funds within Australia’s banking system. It ensures that payments are processed accurately and in a timely manner, reducing the risk of errors and delays in the transfer of funds.

By centralizing the payment processing functions, the PEH system facilitates interoperability between various banks and financial institutions, allowing for seamless transactions. So how does the PEH system relate to the BSB number provided, which is 062-123?

The BSB number is an essential component in the PEH system as it helps identify the bank branch where funds should be sent. When a payment is initiated, the sender provides the BSB number, along with the account number, to ensure that the funds are directed to the correct destination.

Once the payment, along with the BSB number, is received by the PEH system, it goes through a series of verification and validation processes. The PEH system checks the BSB number against its database to ensure that the bank and branch exist and that the details provided match the intended recipient’s information.

If the BSB number passes the verification process, the PEH system proceeds with routing the funds to the specified bank and branch. This ensures that the funds are accurately transferred to the recipient’s account.

Understanding BSB Number Structure:

Now that we have a better understanding of how the BSB number relates to the PEH system, let’s take a closer look at the structure of BSB numbers and the significance of each digit within the number. A BSB number consists of six digits, organized into groups of two.

Each group of digits carries specific information about the bank, state, and branch. All BSB numbers follow this standard structure, making it easier to identify the relevant information they convey.

The first two digits of a BSB number represent the bank or financial institution. In the case of the given BSB number 062-123, the first two digits, 06, indicate that the bank is the Commonwealth Bank.

These digits are assigned to the specific bank or financial institution and are unique to them. Every bank or financial institution in Australia has its own designated range of BSB numbers.

The following two digits represent the state where the branch is located. Continuing with the example, the digits 21 indicate that the branch associated with the BSB number 062-123 is located in New South Wales (NSW).

These digits help narrow down the location of the branch within the bank’s network. Lastly, the final two digits indicate the specific branch within the state.

In the case of 062-123, the digits 23 tell us that this particular BSB number corresponds to the Commonwealth Bank branch in Bondi Beach, NSW. These digits play a crucial role in pinpointing the exact branch, distinguishing it from other branches within the same state.

By breaking down and interpreting the BSB number, we can gather valuable information about the bank, state, and branch associated with it. This level of detail ensures that funds are accurately routed and that transactions are handled efficiently within the banking system.

Conclusion

The PEH system and the BSB number are interconnected components of the Australian banking system. The PEH system acts as a central hub for the processing and settlement of payments between banks and financial institutions, ensuring accurate and timely fund transfers.

The BSB number, on the other hand, serves as a unique identification code, helping identify the specific bank, state, and branch where funds should be transferred. Understanding the structure and composition of BSB numbers allows individuals and businesses to make efficient use of the banking system.

By knowing how to interpret BSB numbers, senders can ensure that funds are directed to the correct destination, and recipients can receive payments seamlessly. So the next time you see a BSB number, remember its significance in the PEH system and how it facilitates the secure and reliable transfer of funds in Australia.

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