Bank Code Verified

066-764, BSB Number for Commonwealth Bank, Melbourne, VIC

BSB Number: 066-764

Bank: Commonwealth Bank

Financial Institution: CBA

Address: (NBFI Agency to 063-000)

City: Melbourne

State: VIC

Postcode: 3000

System: EH_x000D_

BSB numbers, also known as Bank-State-Branch numbers, are a unique identifier for banks and financial institutions in Australia. They play a crucial role in the banking system by facilitating the routing of funds and ensuring that transactions are directed to the correct destination.

In the Australian banking system, each bank is assigned a BSB number which consists of six digits. The first two digits represent the bank, the next two digits represent the state or territory where the bank is located, and the last two digits represent the specific branch of the bank.

This hierarchical structure allows for easy identification and routing of funds within the banking system. One of the primary functions of BSB numbers is to ensure that all transactions are directed to the correct bank and branch.

When making a payment or transferring funds, the sender is required to include the recipient’s BSB number along with their account number. This combination of BSB and account number ensures that the funds are routed to the correct bank and branch.

BSB numbers are also used for other banking operations, such as direct debits and direct credits. For example, when setting up automatic bill payments, the service provider will request your BSB number to ensure that the funds are withdrawn from the correct account.

Additionally, BSB numbers are used by financial institutions to process electronic funds transfers, including payroll processing and online banking transactions. By including the recipient’s BSB number, the financial institution can verify the account details and ensure that the funds are transferred to the correct destination.

The importance of BSB numbers in the banking system cannot be overstated. Without these unique identifiers, it would be challenging to route funds accurately, leading to potential errors and delays in transactions.

BSB numbers also enhance the security of banking operations, as they provide an additional level of verification for account details. In conclusion, BSB numbers are a vital component of the Australian banking system.

They serve as unique identifiers for banks and financial institutions, enabling the accurate routing of funds and ensuring that transactions are directed to the correct destination. By including the recipient’s BSB number in payment instructions and other banking operations, individuals and businesses can ensure that their funds are transferred securely and efficiently.

Topic 3: EH System

The EH system, also known as External Clearing House system, is a platform used by the Commonwealth Bank of Australia to process transactions involving non-bank financial institutions (NBFIs). It serves as an intermediary between the NBFI and the Commonwealth Bank, facilitating the clearance and settlement of transactions.

In the case of the BSB number provided (066-764), the EH system is relevant because it specifies that this particular branch is an NBFI agency. The EH system code (EH_x000D_) is appended to the BSB number to indicate that it is an agency of the Commonwealth Bank operating in a non-bank financial institution capacity.

This distinction is important for the routing and processing of funds, as it signifies that the transaction is being handled through the EH system. Topic 4: Understanding BSB Number Structure

The structure of BSB numbers in Australia provides valuable information about the bank, branch, and location associated with a particular account.

BSB numbers consist of six digits organized in a hierarchical format. The first two digits of the BSB number represent the bank.

In the case of the BSB number 066-764, the bank identifier is 06, which corresponds to the Commonwealth Bank. The next two digits represent the state or territory in which the bank is located.

For example, the state code for Victoria is 32. The final two digits denote the specific branch within the bank.

In the BSB number 066-764, the branch identifier is 32, indicating a specific branch of the Commonwealth Bank. Now let’s break down the BSB number 066-764:

– The bank identifier “06” represents the Commonwealth Bank.

– The state code “67” corresponds to Victoria. – The branch identifier “64” designates a specific branch of the bank.

Therefore, the BSB number 066-764 specifically points to a branch of the Commonwealth Bank in Victoria. By understanding the structure and significance of the different digits within the BSB number, one can interpret the information it provides.

The hierarchical nature of BSB numbers allows for quick and accurate routing of funds within the banking system. Financial institutions rely on these numbers to ensure that transactions are directed to the correct bank and branch.

This system enhances efficiency and reduces errors when processing payments, transfers, and other banking operations. In conclusion, BSB numbers play a vital role in the Australian banking system.

Understanding the format and structure of BSB numbers is key to interpreting the information they provide. The BSB number provided (066-764) indicates a branch of the Commonwealth Bank in Victoria, associated with an NBFI agency through the EH system.

This knowledge is essential for individuals and businesses when conducting transactions and ensuring that their funds are processed accurately and securely.

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