Bank Code Verified

066-105, BSB Number for Commonwealth Bank, Nedlands, WA

BSB Number: 066-105

Bank: Commonwealth Bank

Financial Institution: CBA

Address: 4 Stirling Highway

City: Nedlands

State: WA

Postcode: 6009

System: PEHBanking systems around the world rely on a series of numbers called BSB numbers to efficiently identify and route funds. These numbers may seem like a random combination of digits at first, but they play a crucial role in the smooth functioning of the financial system.

In this article, we will explore what BSB numbers are, their importance in the banking system, and how they are used for identification and routing of funds. We will also take a closer look at the Commonwealth Bank, one of Australia’s leading financial institutions.

Topic 1:to BSB Numbers

BSB numbers, also known as Bank State Branch numbers, are a unique set of numbers specifically assigned to each bank branch in Australia. These numbers serve as an address for the branch, allowing the banking system to identify and route funds accurately and efficiently.

Think of it as a postal code for your bank branch. The importance of BSB numbers lies in their role as a key identifier in electronic transactions.

When you make a payment or transfer funds, you will usually be required to input the BSB number of the recipient’s bank branch. This ensures that the funds are directed to the correct branch and credited to the correct account.

BSB numbers are typically six digits long, with the first two digits representing the financial institution and the following four digits indicating the specific branch. For example, the BSB number 066-105 belongs to the Commonwealth Bank, with the branch located at 4 Stirling Highway, Nedlands, in Western Australia.

Topic 1: Use of BSB Numbers in Identification and Routing

BSB numbers are used by the banking system to ensure accurate identification and routing of funds. When you initiate a transaction, whether it’s a payment, transfer, or direct deposit, the banking system relies on the BSB number to process the transaction correctly.

Firstly, the BSB number helps identify the financial institution. Each bank has its own unique BSB prefix, which is used as the first two digits of the BSB number.

In the case of the Commonwealth Bank, its BSB prefix is 06. This prefix helps the banking system determine which bank the funds should be routed to.

Secondly, the remaining four digits of the BSB number identify the specific bank branch. These digits serve as a unique identifier within the financial institution.

By using the BSB number, the banking system can accurately route the funds to the intended branch, even if there are multiple branches under the same financial institution. In summary, BSB numbers are vital for accurately identifying and routing funds within the banking system.

By including the correct BSB number in your transactions, you can ensure that your funds are directed to the correct bank branch and credited to the intended account. Topic 2: Commonwealth Bank

The Commonwealth Bank, also known as CBA, is one of Australia’s largest and most trusted financial institutions.

Founded in 1911, the bank has a rich history of serving the needs of individuals, businesses, and communities across the country. With over 1,000 branches and more than 4,000 ATMs nationwide, the Commonwealth Bank offers a wide range of banking services.

From everyday banking accounts to home loans, credit cards, and investment options, the bank caters to the diverse financial needs of its customers. The Commonwealth Bank is committed to providing innovative and convenient banking solutions.

As technology continues to reshape the banking landscape, the bank has embraced digital innovations to enhance the customer experience. Its award-winning mobile banking app allows customers to manage their accounts, make payments, and transact securely anytime, anywhere.

In addition to its retail banking services, the Commonwealth Bank also serves the needs of businesses and institutions through its business banking and institutional banking divisions. The bank provides tailored financial solutions, including business loans, merchant services, and cash management solutions, to help businesses thrive.

As a socially responsible financial institution, the Commonwealth Bank is dedicated to making a positive impact on society. The bank actively supports various community initiatives, focusing on education, sustainability, and indigenous empowerment.

Through its community programs, the bank aims to create a more inclusive and sustainable future for all Australians. In conclusion, BSB numbers play a vital role in the banking system, ensuring accurate identification and routing of funds.

The Commonwealth Bank, with its extensive branch network and innovative banking solutions, is a trusted provider of financial services in Australia. Whether you’re an individual, a business owner, or a community organization, the Commonwealth Bank offers a comprehensive range of products and services to help you achieve your financial goals.

Topic 3: PEH System

The PEH system stands for Payment Express House (PEH). It is a payment clearing system used in Australia to facilitate transaction settlements between financial institutions.

The PEH system ensures that funds are transferred securely and efficiently, providing a reliable means of transferring money between banks. In relation to the BSB number provided (066-105), the PEH system comes into play when funds are being routed from one bank to another.

When a transaction is initiated, the PEH system identifies the recipient bank using the BSB number provided. This enables the funds to be directed to the correct financial institution and subsequently credited to the intended account.

The PEH system operates in real-time, allowing for prompt fund transfers. It provides a seamless and secure transaction clearing process, reducing the risk of errors and delays.

By utilizing the BSB number, the PEH system ensures that funds are transferred accurately and promptly, enhancing the efficiency of the banking system. Topic 4: Understanding BSB Number Structure

BSB numbers are composed of six digits, each serving a specific purpose within the number.

Let’s break down the structure of the BSB number (066-105) provided and understand its significance:

1. The first two digits: In the BSB number 066-105, the first two digits are 06.

These digits represent the financial institution. In this case, the prefix “06” indicates that the bank belongs to the Commonwealth Bank.

2. The following four digits: The remaining four digits, 6105, represent the specific bank branch.

These digits uniquely identify the branch within the financial institution. In the case of the BSB number 066-105, the digits 6105 correspond to the branch located at 4 Stirling Highway, Nedlands, Western Australia.

Understanding the structure of the BSB number allows for accurate identification and routing of funds. The first two digits signify the financial institution, ensuring that the funds are directed to the correct bank.

The following four digits pinpoint the specific branch, providing the necessary information to route the funds accurately within the selected institution. By analyzing the BSB number, the banking system can identify the recipient’s financial institution and branch, enabling seamless routing and crediting of funds to the intended account.

In conclusion, BSB numbers are critical components of the Australian banking system. They provide a unique identifier for each bank branch, ensuring accurate identification and routing of funds.

The PEH system, with its real-time transaction clearing capabilities, relies on BSB numbers to facilitate secure and efficient fund transfers. Understanding the structure and significance of BSB numbers allows individuals and businesses to transact with confidence, knowing that their funds will be directed to the correct bank branch and credited to the intended account.

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