Bank Code Verified

122-773, BSB Number for Bank of Queensland, Newstead, QLD

BSB Number: 122-773

Bank: Bank of Queensland

Financial Institution: BQL

Address: 100 Skyring Terrace

City: Newstead

State: QLD

Postcode: 4006

System: PEHto BSB Numbers and Their

Importance in the Banking System

Have you ever wondered how banks manage to process billions of transactions every day? Well, one of the key players behind this seamless process is the Bank-State-Branch (BSB) number.

In this article, we will delve into the world of BSB numbers, exploring their significance in the banking system and how they are used for identification and routing of funds. So, let’s dive right in!

Understanding BSB Numbers

BSB numbers are a unique set of six digits that identify specific banks and branches within Australia. This system was introduced by the Australian Payments Clearing Association (APCA) to streamline and simplify the processing of electronic funds transfer (EFT) transactions.

Each BSB number corresponds to a single financial institution branch, providing a precise location identifier for transferring funds.

Importance in the Banking System

BSB numbers play a critical role in the efficient functioning of the banking system. They are used for both identification and routing of funds between financial institutions.

Here’s how it works:

Identification of Financial Institutions

Each BSB number is assigned to a particular financial institution, guaranteeing accurate identification of the bank and its corresponding branch. This makes it simpler for banks and customers to verify the correct destination of funds before initiating a transaction.

For instance, a BSB number such as 122-773 represents Bank of Queensland, providing a quick reference for anyone looking to send money to that specific branch.

Routing of Funds

BSB numbers are also used to facilitate the routing of funds during EFT transactions. When you initiate a transfer, the BSB number acts as a roadmap that directs your payment to the correct destination.

By including the BSB number of the recipient’s bank, you ensure that the funds are directed to the intended branch, streamlining the process and minimizing errors.

The Structure of BSB Numbers

To better understand BSB numbers, let’s break down their structure. The first two digits represent the bank code, while the remaining four digits represent the branch code.

In the case of our example BSB number, 122-773, “122” represents the bank code for Bank of Queensland, while “773” represents the unique branch code. It is worth noting that different financial institutions may have different structures for their BSB numbers.

For instance, some banks may use alphanumeric characters in their BSB numbers, while others may have longer configurations. Therefore, it is essential to verify the correct BSB number before initiating a transaction to avoid any potential errors.

Benefits of Using BSB Numbers

The utilization of BSB numbers yields several benefits for both banks and customers. Let’s take a look at some of the advantages:


Accuracy: BSB numbers ensure accurate identification and routing of funds, minimizing the risk of errors or misdirected transactions. 2.

Speed: By including the BSB number, transactions can be processed quickly and efficiently, enabling faster fund transfers between financial institutions. 3.

Accountability: BSB numbers provide a traceable record of financial transactions, enhancing transparency and accountability in the banking system. 4.

Convenience: For customers, BSB numbers simplify the process of initiating transfers, as they serve as a reliable method of verifying the correct destination branch before sending funds.


BSB numbers are a vital component of the Australian banking system, serving as a unique identification and routing tool for financial institutions. By using BSB numbers, banks ensure accurate allocation and swift transfer of funds, benefiting both themselves and their customers.

So the next time you make a payment or transfer funds, remember the little six-digit identifier that makes it all happen seamlessly: the BSB number. PEH System: The Link to BSB Numbers

In our previous discussions, we explored the importance of BSB numbers in the banking system, highlighting how they assist in identifying and routing funds.

Now, let’s dive deeper into the world of BSB numbers by introducing the PEH system and understanding how it relates to the BSB number mentioned earlier. So, buckle up for an informative ride!

Understanding the PEH System

The Payment Event Handling (PEH) system is an integral part of Australia’s electronic funds transfer infrastructure. It is a system developed by the Australian Payments Clearing Association (APCA) to ensure smooth and secure processing of financial transactions.

The PEH system handles the clearing and settlement of payments between banks and other financial institutions, taking into account the unique BSB numbers assigned to each institution.

The Relationship between PEH and BSB Numbers

The PEH system relies heavily on accurate BSB numbers to ensure the successful routing and settlement of funds. Let’s explore how the PEH system and BSB numbers work together:


Routing of Payments

When a payment is initiated from one bank to another, the PEH system receives the transaction request and uses the BSB number to identify the correct financial institution and branch. This enables the PEH system to route the payment accurately and efficiently, ensuring that funds are directed to the intended recipient.

2. Verification and Validation

As part of the transaction processing, the PEH system validates the BSB number provided by the initiating bank.

It checks the BSB number against a central database to confirm the accuracy and existence of the financial institution and branch. This serves as an important safety measure, reducing the risk of fraudulent transactions and ensuring that funds are sent to legitimate destinations.

3. Transfer Compliance

The PEH system also ensures compliance with transfer requirements by checking if the transaction meets legal and regulatory standards.

This includes verifying that the BSB number provided is valid and belongs to an authorized financial institution. By cross-referencing the BSB number with its database, the PEH system helps prevent unauthorized or illegal transactions from taking place.

Breaking Down the BSB Number Structure

Now that we have a good understanding of the PEH system and its relationship with BSB numbers, let’s dive into the structure of BSB numbers and how they can be interpreted. The BSB number 122-773 can be broken down as follows:


Bank Code: The first two digits of the BSB number represent the bank code. In our example, “122” corresponds to Bank of Queensland.

This code uniquely identifies the financial institution within the Australian banking system. 2.

Branch Code: The remaining four digits represent the branch code. In our example, “773” represents a specific branch of Bank of Queensland, indicating its location or division within the broader institution.

Understanding the Significance of BSB Digits

Each digit within a BSB number holds significance:

1. The First Digit: The first digit of a BSB number represents the National Clearing Code (NCC).

It signifies the electronic clearinghouse where the financial institution is a member. Different values indicate membership in different clearing systems.

2. The Second Digit: The second digit of a BSB number denotes the state or territory where the financial institution is located.

It helps narrow down the search for the appropriate bank within a specific region. 3.

The Third Digit: The third digit represents the type of financial institution. Different values signify different classifications, such as banks, credit unions, or building societies.

4. The Fourth, Fifth, and Sixth Digits: These digits form the branch code, which uniquely identifies individual branches of financial institutions.

Multiple branches within the same bank will have distinct branch codes, enabling precise routing of funds.


The PEH system acts as the backbone of Australia’s electronic funds transfer infrastructure, ensuring the smooth processing of financial transactions. By utilizing the BSB numbers assigned to financial institutions, the PEH system accurately identifies and routes funds, promoting efficiency and security.

Understanding the relationship between the PEH system and BSB numbers gives insight into the intricacies of the banking system and how it functions seamlessly behind the scenes. So, the next time you make an electronic payment, remember the PEH system and its reliance on BSB numbers for a safe and efficient transfer of funds.

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