Bank Code Verified

066-532, BSB Number for Commonwealth Bank, Margaret River, WA

BSB Number: 066-532

Bank: Commonwealth Bank

Financial Institution: CBA

Address: Shop 2 141 Bussell Hwy

City: Margaret River

State: WA

Postcode: 6285

System: PEHto BSB numbers:

In today’s technological world, banking systems play a crucial role in ensuring the smooth flow of funds and transactions. One essential component of this system is the BSB number.

Standing for Bank State Branch, BSB numbers hold great importance in the banking industry. They serve as unique identifiers for each financial institution and assist in routing funds accurately.

In this article, we will delve into the significance of BSB numbers, how they are used for identification and routing of funds, and specifically focus on the Commonwealth Bank and its associated BSB number. The Importance of BSB Numbers:

In a banking system that handles millions, if not billions, of transactions daily, it is vital to have an efficient method of identifying and finding the right destination for funds.

This is where BSB numbers become invaluable. By assigning a specific BSB number to each bank and branch, the system ensures that funds are directed accurately.

Identification and Routing of Funds:

BSB numbers act as unique identifiers for financial institutions. They consist of six digits and can be found on a bank’s official documents, such as statements, checks, and online banking portals.

Through the BSB number, financial institutions can be easily identified, making it essential for routing funds to the correct recipient. When initiating a transfer, it is crucial to input the correct BSB number to ensure the funds reach the correct account.

The BSB number, combined with the recipient’s account number, forms a unique identifier for the final destination of the funds. Routing funds accurately is essential to avoid any delays or potential loss of money.

Commonwealth Bank:

One of the largest banks in Australia, the Commonwealth Bank, commonly known as CBA, plays a significant role in the country’s financial landscape. With its wide range of financial services and a strong customer base, it has become a trusted and reputable institution.

Commonwealth Bank’s BSB Number:

The Commonwealth Bank has its own unique BSB number, which aids in the identification and routing of funds. As mentioned earlier, the BSB number for the Commonwealth Bank is 066-532.

This number, combined with the recipient’s account number, ensures that funds are transferred accurately and promptly. Address and Location:

The Commonwealth Bank branch associated with the provided BSB number is located at Shop 2 141 Bussell Hwy, Margaret River, Western Australia.

With its prime location in Margaret River, this branch serves the local residents and businesses, providing a wide range of banking services. System: PEH

In addition to the BSB number, another significant element to consider is the system used by financial institutions for transferring funds.

For the Commonwealth Bank, the system used is PEH. The PEH system ensures smooth and secure transfers, maintaining the integrity and privacy of each transaction.

Conclusion:

BSB numbers play a vital role in the efficient functioning of the banking system. They provide a unique identification method for financial institutions and ensure accurate routing of funds.

The Commonwealth Bank, represented by the BSB number 066-532, is one such institution that relies on BSB numbers to serve its customers effectively. Understanding the importance and proper use of BSB numbers is essential for anyone involved in financial transactions, as it guarantees the timely and accurate transfer of funds.

So the next time you engage in a transaction, remember the significance of BSB numbers and their role in the banking system. Topic 3: PEH System

The PEH system, often mentioned in conjunction with BSB numbers, stands for Payment Entry Hub.

It is a centralized payment processing system utilized by the Commonwealth Bank and several other financial institutions in Australia. This system serves as a hub for the initiation and processing of various payment transactions.

The PEH system automates and standardizes the payment processing procedures, ensuring efficiency and accuracy. It is designed to handle both domestic and international transfers, including direct deposits, bill payments, and interbank transfers.

This centralized approach streamlines the payment process, reducing manual intervention and human errors. The PEH system is interconnected with other banking networks and payment systems, such as the Reserve Bank Information and Transfer System (RITS).

This integration facilitates the seamless transfer of funds across different banks and financial institutions. When it comes to BSB numbers, the PEH system plays a significant role in routing funds accurately.

As the funds are processed through the PEH system, the system uses the BSB number in conjunction with the recipient’s account number to identify the recipient’s bank and branch. This ensures that the funds are correctly directed and credited to the intended account.

By utilizing the PEH system, the Commonwealth Bank and other participating financial institutions can offer efficient and secure payment services to their customers. The system enforces strict security measures, safeguarding customer information and reducing the risk of fraud or unauthorized access.

Overall, the PEH system enhances the speed and reliability of payment transactions, benefiting both customers and financial institutions alike. Topic 4: Understanding BSB Number Structure

BSB numbers consist of six digits and are structured in a specific format.

Each digit within the BSB number holds significance and provides information about the bank and branch to which it pertains. The first two digits of the BSB number represent the bank code.

These digits denote the financial institution or bank to which the BSB number is assigned. In the case of the provided BSB number 066-532, the bank code “06” indicates that it belongs to the Commonwealth Bank.

The next two digits, known as the state code, represent the specific state or territory where the bank branch is located. Continuing from the example, the state code “65” signifies that the branch associated with the BSB number is located in Western Australia.

The final two digits of the BSB number are the branch code. This code helps further identify the specific branch within the given bank and state.

In the BSB number 066-532, the branch code “32” serves to highlight the Margaret River branch of the Commonwealth Bank. Understanding the breakdown of the BSB number 066-532, it becomes clear that this particular number represents the Commonwealth Bank located in Margaret River, Western Australia.

This information is vital in ensuring that funds are transferred accurately and reach the intended recipient. The significance of each digit within the BSB number structure helps streamline the routing process and ensures that the funds are directed to the correct bank, state, and branch.

By dissecting the BSB numbers, users can quickly identify the financial institution and branch associated with it, allowing for smooth and reliable transactions. In summary, BSB numbers are structured in a specific format, consisting of six digits.

Each digit holds significance and provides valuable information about the associated bank, state, and branch. Understanding the structure of BSB numbers enables users to accurately identify and route funds to their intended recipients.

Factors such as the bank code, state code, and branch code play a crucial role in ensuring the proper delivery of funds within Australia’s banking system.

Popular Posts