Bank Code Verified

063-740, BSB Number for Commonwealth Bank, Rochester, VIC

BSB Number: 063-740

Bank: Commonwealth Bank

Financial Institution: CBA

Address: Cnr Gillies and Moore Streets

City: Rochester

State: VIC

Postcode: 3561

System: PEHBSB numbers play a crucial role in the banking system, serving as unique identifiers and facilitating the routing of funds. Understanding what BSB numbers are and how they are used can help individuals navigate the complexities of banking and ensure their funds reach the intended destination.

In this article, we will explore the importance of BSB numbers and take a closer look at the Commonwealth Bank, one of Australia’s leading financial institutions. Topic 1:to BSB numbers

BSB (Bank State Branch) numbers are a six-digit code that uniquely identifies a specific bank and branch within the Australian banking system.

These numbers are essential for various banking transactions, including electronic fund transfers, bill payments, and direct debits. The significance of BSB numbers lies in their ability to direct funds efficiently and accurately.

When initiating a transaction, the sender must provide the recipient’s BSB number along with their account number. This information enables the banking system to identify the correct financial institution and branch associated with the recipient’s account.

Furthermore, BSB numbers facilitate the routing of funds by helping the banking system determine the most appropriate path for the transaction. Each BSB number corresponds to a specific bank and branch, ensuring that funds are directed to the correct location.

Without BSB numbers, the process of transferring funds between accounts would be significantly more challenging and prone to errors. In summary, BSB numbers are vital in the banking system as they enable identification and routing of funds, ensuring accurate and efficient transactions.

Topic 2: Commonwealth Bank

The Commonwealth Bank, commonly known as Commbank, is one of Australia’s oldest and largest financial institutions. With a rich history dating back to 1911, it has played a significant role in the country’s economic development.

Headquartered in Sydney, the Commonwealth Bank offers a wide range of financial services, including retail and commercial banking, wealth management, insurance, and investment products. It serves millions of customers across Australia and around the world, making it a prominent player in the global banking industry.

As one of the “big four” banks in Australia, the Commonwealth Bank has established itself as a trusted and reliable institution. It prides itself on its commitment to customer service, innovation, and financial stability.

With a strong focus on digital banking, Commbank has successfully adapted to the evolving needs of its customers, providing convenient and secure banking solutions. The Commonwealth Bank’s extensive branch network ensures easy accessibility for customers, with physical locations throughout Australia.

Additionally, its user-friendly online and mobile banking platforms offer a seamless and convenient banking experience, allowing customers to manage their finances from anywhere, at any time. Furthermore, the Commonwealth Bank’s involvement in community initiatives and corporate social responsibility sets it apart from its competitors.

The bank actively supports various charitable causes and sponsors numerous events and programs that promote education, sustainability, and cultural diversity. In conclusion, the Commonwealth Bank is a leading financial institution in Australia, renowned for its extensive range of services, commitment to customer satisfaction, and dedication to the community.

To summarize, BSB numbers are paramount in the banking system as they facilitate the identification and routing of funds. The Commonwealth Bank, as a prominent financial institution, stands as a testament to the importance of providing reliable and accessible services to customers.

By understanding BSB numbers and being aware of the offerings of leading banks like Commonwealth Bank, individuals can make informed decisions that align with their financial needs and aspirations. Topic 3: PEH System

The term “PEH” stands for Payment Event Handling System.

This system is utilized by various financial institutions in Australia to process electronic fund transfers and other payment transactions. It is an integral part of the banking infrastructure that ensures the smooth movement of funds between different accounts.

The PEH system operates by using BSB numbers to route transactions accurately and efficiently. When funds are transferred from one account to another, the sender’s bank relies on the BSB number provided to identify the recipient’s financial institution.

Once the correct bank is identified, the PEH system takes over, processing the transaction and transferring the funds to the recipient’s account. The PEH system plays a crucial role in ensuring the security and accuracy of electronic payments.

It provides a standardized platform for financial institutions to exchange information and execute transactions seamlessly. By relying on BSB numbers, the PEH system can automatically route funds to the correct bank and branch, reducing the risk of errors and ensuring prompt delivery of funds.

Topic 4: Understanding BSB number structure

BSB numbers follow a specific format and structure, consisting of six digits that provide unique identification for each bank and branch. Understanding the significance of these digits is essential in interpreting and utilizing BSB numbers effectively.

The BSB number structure can be broken down as follows:

– The first two digits represent the bank code. This identifies the financial institution associated with the BSB number.

For example, in the BSB number 063-740, the bank code “06” corresponds to the Commonwealth Bank. – The next two digits form the branch code, which signifies the specific branch or location associated with the BSB number.

In the example BSB number 063-740, the branch code is “37,” indicating a particular branch of the Commonwealth Bank. – The final two digits, known as the serial number, differentiate between different branches of the same bank.

They help ensure that transactions are directed to the correct branch within a financial institution. In the BSB number 063-740, the serial number is “40,” distinguishing this particular branch from others within the Commonwealth Bank.

By understanding the structure of BSB numbers, individuals can interpret and utilize them effectively. For example, when initiating a transaction, it is crucial to provide the correct BSB number to ensure funds are directed to the intended branch of the recipient’s financial institution.

Furthermore, BSB numbers can be used to identify the branch associated with a particular account. By examining the BSB number of an account, individuals can determine the physical location and contact details of the corresponding branch.

In the case of the BSB number 063-740, it corresponds to the Commonwealth Bank branch located at Cnr Gillies and Moore Streets in Rochester, VIC, with a unique serial number of “40.”

In conclusion, BSB numbers play a fundamental role in the Australian banking system, allowing for the identification and routing of funds. The PEH system leverages BSB numbers to process electronic payments efficiently, while understanding the structure of BSB numbers enables individuals to interpret them accurately.

By recognizing the significance of BSB numbers, individuals can ensure secure and accurate financial transactions.

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