Bank Code Verified

064-127, BSB Number for Commonwealth Bank, Stafford, QLD

BSB Number: 064-127

Bank: Commonwealth Bank

Financial Institution: CBA

Address: Shop 59-65 Stafford City Shpg Ctr

City: Stafford

State: QLD

Postcode: 4053

System: PEHto BSB Numbers: The Precise Pathway for Your Funds

Have you ever wondered how banks in Australia efficiently route funds to the right accounts? The answer lies in BSB numbers.

They serve as the precise pathway for funds, ensuring that money ends up in the correct hands. In this article, we will dive deep into the world of BSB numbers, exploring what they are and why they are imperative to the banking system.

Let’s unravel this fascinating banking puzzle together. Topic 1:to BSB numbers: Explain what BSB numbers are and their importance in the banking system.

Discuss how BSB numbers are used for identification and routing of funds.

What are BSB numbers?

BSB numbers, or Bank-State-Branch numbers, are a unique identifier for individual bank branches in Australia. Consisting of six digits, BSB numbers play a vital role in processing financial transactions accurately and securely.

Each BSB number is unique to a particular bank branch and helps in identifying where the funds should be routed.

Importance of BSB numbers in the banking system

BSB numbers are the backbone of the Australian banking system, acting as essential elements in the smooth functioning of financial transactions. They facilitate the correct routing of funds to the recipient’s account, ensuring that payments are timely and accurate.

Without BSB numbers, the banking system would be prone to errors and confusion, leading to unreliable transactions.

Identification and routing of funds

BSB numbers serve a dual purpose in the banking system identification and routing. When you make a payment or transfer funds, your BSB number helps the bank identify the branch to which the funds need to be sent.

Once the bank identifies the correct branch, the BSB number further guides the money’s routing through the banking system, akin to a precise postal code for funds. To understand the importance of BSB numbers in the routing process, envision a vast network of interconnected banks.

When you provide your BSB number, it is like telling the system which specific branch within that vast network should receive the funds. The BSB number acts as a virtual signpost, ensuring that your money takes the correct pathway to its destination, be it Stafford or any other branch across Australia.

Topic 2: Commonwealth Bank

The Commonwealth Bank of Australia (CBA) is a prominent player in the Australian banking landscape. With a rich history dating back to 1911, this institution has been a trusted financial partner for millions of Australians.

Let’s delve into the details of the Commonwealth Bank and understand what sets it apart.

History and significance

Established under the Commonwealth Bank Act of 1911, the Commonwealth Bank played a crucial role in Australia’s economic development. Initially serving as the country’s central bank, it later transformed into a commercial bank with broader financial services.

Today, it serves as one of the “big four” banks in Australia, offering a wide range of banking and financial products.

Channels and accessibility

The Commonwealth Bank provides multiple channels for its customers to access their accounts and conduct financial transactions. These channels include traditional brick-and-mortar branches, online banking platforms, mobile applications, and telephone banking.

With such diverse options, customers can choose the most convenient way to manage their finances based on their individual preferences.

Customer-centric approach

The Commonwealth Bank places a strong emphasis on customer satisfaction and experience. It continuously invests in technology and innovation to enhance its services, ensuring a seamless experience for customers across various touchpoints.

The bank’s commitment to meeting customer needs is reflected in its extensive product offerings, tailored financial solutions, and dedicated customer support.

Community involvement and social responsibility

Beyond its core banking functions, the Commonwealth Bank actively engages with the community and takes its social responsibilities seriously. Through various corporate social responsibility initiatives, the bank supports education, environmental sustainability, and charitable organizations.

This commitment to giving back demonstrates the bank’s dedication to making a positive impact on society.

Summary

BSB numbers are the unsung heroes of the Australian banking system, enabling accurate and secure routing of funds. They play a critical role in identifying the correct bank branches and ensuring that payments reach their intended recipients.

Without BSB numbers, the banking system would be in disarray, causing delays and errors in financial transactions. Additionally, the Commonwealth Bank of Australia stands as a pillar in the Australian financial landscape.

With a rich history, diverse accessibility channels, customer-centric approach, and active community involvement, it has earned its reputation as one of the leading banks in the country. Whether you’re in Stafford or anywhere else in Australia, Commonwealth Bank exemplifies excellence in banking services.

So, the next time you make a payment or transfer funds, appreciate the efficiency of BSB numbers and the reliable services provided by the Commonwealth Bank. With BSB numbers paving the precise pathway for your funds, and the Commonwealth Bank as your trusted financial partner, you can navigate Australia’s banking system with confidence.

Topic 3: PEH System: The Power Behind Efficient Fund Transfers

Have you ever wondered how banks in Australia ensure that funds are transferred swiftly and accurately? One of the systems that aid in this process is the PEH system.

In this section, we will explore what the PEH system stands for and how it relates to the BSB number provided, 064-127. What is the PEH system?

The PEH system stands for “Payment Event Handling,” which is a streamlined mechanism used by financial institutions to process and handle payment events. It facilitates the smooth and efficient transfer of funds between different accounts and banks.

In the context of BSB numbers, the PEH system plays a significant role in ensuring that funds are accurately routed based on these unique identifiers.

The Relationship between the PEH system and BSB numbers

In the banking system, BSB numbers act as identifiers for individual bank branches, and within the PEH system, they play a crucial role in routing funds to the correct recipient. When funds are transferred, the PEH system relies on the BSB number to identify the specific bank branch that should receive the funds.

This seamless integration between the PEH system and BSB numbers enables timely and accurate fund transfers, enhancing the overall efficiency of the banking system. Now let’s move on to understanding the structure and format of BSB numbers in greater detail.

Topic 4: Understanding BSB Number Structure: A Roadmap to Accurate Fund Routing

BSB numbers might seem like a random combination of digits at first glance, but they actually follow a specific structure and format. Understanding this structure is essential for interpreting and extracting valuable information from BSB numbers.

Let’s break down the format and significance of different digits within a BSB number, using the provided BSB number 064-127 as an example.

The format of BSB numbers

A BSB number consists of six digits, separated by a hyphen (-) into three different parts. The first two digits represent the bank, the next two digits correspond to the state or territory, and the final two digits indicate the specific branch within that state or territory.

This structure allows for easy identification and routing of funds to the intended bank branch.

Breaking down BSB number 064-127

Now let’s analyze the BSB number 064-127 in detail, uncovering the significance of each digit within the number. 1.

The Bank Identifier (First two digits: 06)

The first two digits in a BSB number indicate the bank. In this case, the digits “06” signify that the associated bank is the Commonwealth Bank.

Each bank in Australia has its own unique bank identifier. 2.

The State or Territory Identifier (Next two digits: 4-12)

The following two digits in a BSB number represent the state or territory where the bank branch is located. In the given BSB number, the digits “4-12” refer to the state of Queensland.

Each state and territory in Australia has a specific numeric code assigned to it, facilitating efficient fund routing within that region. 3.

The Branch Identifier (Final two digits: 27)

The last two digits of a BSB number identify the specific branch within the respective state or territory. In this case, the digits “27” indicate a particular branch of the Commonwealth Bank within Queensland.

These digits serve as a unique identifier, distinguishing one branch from another. The BSB number, 064-127, indicates that the associated bank is the Commonwealth Bank (06), located in Queensland (4-12), with a specific branch identification of 27.

This information helps the PEH system direct funds accurately to this particular Commonwealth Bank branch in Queensland. By understanding the structure and significance of different digits within a BSB number, individuals and financial institutions can extract valuable information about the bank and branch associated with the number.

This knowledge ensures that funds are routed correctly and reaches the intended destination. In summary, the PEH system acts as a powerful mechanism within the banking system, enabling efficient fund transfers.

Integrated with BSB numbers, it ensures that funds are accurately routed based on these unique identifiers. Furthermore, understanding the structure and format of BSB numbers empowers individuals to decipher valuable information about the associated bank and branch, facilitating seamless fund transfers.

With the PEH system and BSB numbers working hand in hand, the Australian banking system continues to provide reliable and secure financial services, ensuring the smooth transfer of funds across the country.

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