Bank Code Verified

064-791, BSB Number for Commonwealth Bank, Taigum, QLD

BSB Number: 064-791

Bank: Commonwealth Bank

Financial Institution: CBA

Address: Cnr Church Rd & Beams Road

City: Taigum

State: QLD

Postcode: 4018

System: PEHto BSB Numbers

In the world of banking, there are various numbers and codes that play a vital role in ensuring seamless transactions. One such code is the BSB number.

Standing for Bank State Branch, BSB numbers are a unique set of numbers that are used for identification and routing of funds in Australia. In this article, we will delve deeper into the world of BSB numbers, exploring their importance in the banking system and how they are used to facilitate the transfer of funds.

The Importance of BSB Numbers in the Banking System

BSB numbers serve as a crucial identifier for banks and financial institutions in Australia. They are used to distinguish between different bank branches and streamline the transfer of funds.

Without these numbers, transferring money from one account to another would be a cumbersome and error-prone process.

Identification and Routing of Funds

BSB numbers are primarily used to identify the bank and branch where an account is held. Every bank branch in Australia is assigned a unique BSB number, which helps in routing funds to the correct destination.

When making a transfer or setting up direct debits, it is essential to provide the correct BSB number to ensure that the funds reach the intended recipient. Let’s take an example to understand this better.

Suppose you want to transfer money from your Commonwealth Bank account to a friend’s account at another bank. You would need to enter your friend’s BSB number, which corresponds to their bank branch.

This allows the bank to direct the funds to the correct branch within their system, ensuring a smooth transfer. BSB numbers are also used for other banking operations, such as setting up automated payments, direct debits, and electronic fund transfers.

These numbers act as a critical reference point for banks, helping them identify the correct account to debit or credit. BSB numbers typically consist of six digits, with the first two representing the bank’s identifier and the remaining four denoting the specific branch.

For example, the BSB number 064-791 corresponds to the Commonwealth Bank branch located at the address mentioned earlier in Taigum, QLD. In addition to their use in domestic transactions, BSB numbers also play a role in international transfers.

When sending money internationally, BSB numbers are required for intermediary banks to route the funds accurately. This ensures that the money reaches its intended destination, even if it involves multiple banks in different countries.

It is crucial to note that BSB numbers should be handled with care. Providing an incorrect BSB number can lead to a failed transaction or funds being wrongly credited to another account.

Therefore, it is essential to double-check the BSB number before initiating any transfers or payments. In conclusion, BSB numbers are a vital component of the Australian banking system.

They serve as unique identifiers for banks and their branches, facilitating the smooth flow of funds between accounts. Whether it’s a domestic transfer or an international payment, BSB numbers play a crucial role in ensuring accurate routing of funds.

So the next time you make a payment or set up a direct debit, remember the significance of those six digits that make up the BSB number. PEH System: The Perfect Environment for Handling BSB Numbers

In the world of banking, efficiency and accuracy in handling transactions are of utmost importance.

To ensure this, banks often employ advanced systems and technologies. One such system is the PEH system, which stands for “Perfect Environment for Handling.” In this section, we will explore what the PEH system entails and its role in managing BSB numbers, specifically focusing on how it relates to the provided BSB number: 064-791.

The PEH system is an integrated banking software solution that centralizes and automates various processes related to transaction handling. It provides a seamless infrastructure for managing financial transactions, including the routing and identification of funds through BSB numbers.

This system ensures that transactions are processed accurately and efficiently, minimizing errors and delays. When it comes to BSB numbers, the PEH system plays a vital role in validating and routing funds.

The system is designed to match the BSB number entered by the user with the corresponding bank and branch in its database. In the case of the BSB number 064-791 provided, the PEH system would cross-reference this number to identify the Commonwealth Bank branch located at the address in Taigum, QLD.

Through the PEH system, banks can ensure that transactions are directed to the correct branch, reducing the risk of misrouted funds. This not only saves time but also enhances the overall customer experience, as payments and transfers are processed seamlessly and accurately.

Understanding BSB Number Structure: Breaking Down the Code

Now, let’s take a closer look at the structure and format of BSB numbers, including the significance of different digits within the code. This breakdown will help us interpret the BSB number 064-791 provided, shedding light on its meaning.

BSB numbers consist of six digits, typically formatted with three pairs separated by hyphens. The first two digits represent the bank identifier, indicating the financial institution associated with the account.

In the case of BSB number 064-791, the bank identifier is “06,” which corresponds to the Commonwealth Bank. The remaining four digits represent the branch identifier, indicating the specific bank branch where the account is held.

In the given BSB number, “4791” denotes the Commonwealth Bank branch located at the intersection of Church Rd and Beams Road in Taigum, QLD. This branch serves as the point of contact for customers conducting banking transactions in the area.

Breaking down the BSB number further, we can also extract additional information. The third and fourth digits, “4” and “7” respectively, provide insight into the geographic region where the branch is located.

Each region in Australia is assigned a unique range of third and fourth digits, creating a sense of geographical organization within the BSB numbering system. Lastly, the fifth and sixth digits, “9” and “1” respectively, are generally used for internal purposes within the bank.

These digits may represent sub-branches, specific departments, or other classification codes relevant to the bank’s internal operations. In summary, BSB numbers are structured with the first two digits representing the bank identifier and the following four digits indicating the branch identifier.

The BSB number 064-791 corresponds to the Commonwealth Bank branch in Taigum, QLD, and provides valuable information about the bank and its location. In conclusion, the PEH system, along with BSB numbers, forms the backbone of efficient and accurate banking transactions in Australia.

The PEH system ensures that funds are routed accurately by validating the BSB number and cross-referencing it with the corresponding bank branch. Understanding the structure of BSB numbers, such as the bank and branch identifiers, allows us to interpret the provided BSB number and extract relevant information about the bank and its location.

With the combination of the PEH system and BSB numbers, banks can provide a seamless and robust banking experience for their customers.

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