Bank Code Verified

123-635, BSB Number for Bank of Queensland, Newstead, QLD

BSB Number: 123-635

Bank: Bank of Queensland

Financial Institution: BQL

Address: 100 Skyring Terrace

City: Newstead

State: QLD

Postcode: 4006

System: PEHto BSB numbers: An Essential Part of the Banking System

Have you ever wondered how funds are transferred from one bank account to another? The process may seem complex, but it is made efficient through the use of BSB numbers.

In this article, we will explore what BSB numbers are and their importance in the banking system. We will also discuss how BSB numbers are used for identification and routing of funds.

By the end of this article, you will have a better understanding of the role BSB numbers play in ensuring smooth financial transactions. What are BSB numbers?

BSB numbers, also known as Bank State Branch numbers, are a unique identifier for each branch of a financial institution in Australia. They are six-digit numbers that are used primarily for domestic electronic funds transfers.

Every bank, credit union, and building society operating in Australia is assigned a BSB number. Think of it as a post code for your bank branch that ensures accurate routing of funds.

Importance in the banking system

BSB numbers are essential for multiple reasons in the banking system. Firstly, they facilitate the efficient processing of electronic funds transfers.

When you provide your BSB number along with your account number to receive funds, the BSB number helps identify the branch where your account is held. This identification is crucial for quickly and accurately routing the funds to the correct recipient.

Secondly, BSB numbers are utilized for interbank transactions. Banks use BSB numbers to communicate with one another and coordinate the transfer of funds between accounts held at different financial institutions.

This ensures that money can flow smoothly between banks, enabling customers to make payments or receive funds from individuals or businesses banked with different institutions.

Identification and routing of funds

BSB numbers serve as a form of identification for financial institutions and their branches. Each financial institution and its branches have a unique BSB number, which allows for easy identification and sorting.

When you provide your BSB number, it ensures that the funds are directed to the correct branch of your financial institution. Routing of funds is another crucial role that BSB numbers play.

When you initiate a fund transfer, whether it’s through online banking, over the counter, or using a mobile app, the BSB number is one of the essential pieces of information required. This number acts as a routing code that tells the system where the funds need to be sent.

By inputting the correct BSB number, you are ensuring that your money reaches its intended destination without delay. For example, let’s say you want to transfer funds from your Bank of Queensland account to a friend’s account at Westpac.

You would need to provide your friend’s BSB number, as well as their account number. The BSB number allows the system to identify the branch of Westpac where your friend’s account is held.

This information is crucial in ensuring that the funds are routed to the correct Westpac branch, where your friend’s account is registered. In some cases, especially for online banking or mobile app transfers, you may only need to provide the BSB number and the recipient’s account number.

This is because the BSB number alone contains enough information to direct the funds to the correct branch. The account number then allows the system to identify the specific account within that branch.


BSB numbers are a vital component of the banking system in Australia. They enable the efficient transfer of funds between different financial institutions and branches.

By providing accurate BSB numbers, individuals and businesses can ensure that their money is routed correctly, resulting in smooth financial transactions. Understanding the role of BSB numbers in the banking system is crucial for anyone involved in electronic funds transfers.

So the next time you make or receive a payment, remember the importance of those six-digit numbers that help keep the financial world moving. PEH System: Enhancing Electronic Funds Transfers

Have you ever wondered how electronic funds transfers are carried out seamlessly across different banks?

The answer lies in the PEH system, which stands for Primary Electronic Home. In this section, we will delve into what the PEH system entails and how it relates to the BSB number provided in our previous topic.

Understanding the PEH system and its connection to BSB numbers is crucial for comprehending the inner workings of the banking system. The PEH system is a central electronic clearing system operated by the Australian Payments Clearing Association (APCA).

It acts as a hub for processing electronic funds transfers between financial institutions in Australia. This system enables the efficient transfer of funds by providing a standardized platform for communication and verification of transaction details.

The PEH system plays a pivotal role in ensuring that transactions are processed accurately and in a timely manner. In relation to the BSB number provided (123-635), the PEH system uses these unique identifiers as part of its verification and routing process.

Each financial institution and its branches are assigned a specific BSB number, which is used to identify the origin and destination of funds during electronic transfers. When funds are transferred from one account to another, the PEH system references the BSB number to ensure that the transfer is authorized and that the funds are routed correctly.

Now let’s move on to topic 4, where we will explore the format and structure of BSB numbers in greater detail. Understanding BSB Number Structure: Unveiling the Digits

BSB numbers consist of six digits, which are organized into three sets.

Each set holds a specific significance and aids in the identification and routing of funds within the banking system. Let’s break down the structure of BSB numbers and unveil the meanings behind each digit.

Digits 1 and 2: Bank Code

The first two digits of a BSB number represent the bank code. This code identifies the financial institution that a branch belongs to.

It is allocated by the Australian Payments Network (AusPayNet) and serves as a unique identifier for each bank. For example, if the first two digits of a BSB number are 12, it signifies that the associated branch belongs to the Bank of Queensland.

Digits 3 and 4: State Code

The third and fourth digits of a BSB number represent the state code. This code indicates the state or territory in which the bank branch is located.

It helps in narrowing down the specific region where the funds need to be routed. For instance, if the state code is 36, it corresponds to Queensland in our BSB number example.

Digits 5 and 6: Branch Code

The last two digits of a BSB number make up the branch code. This code distinguishes each individual branch within a financial institution.

It ensures that funds are routed accurately to the recipient’s specific branch. In our given BSB number (123-635), the branch code is 35.

By analyzing the digits within a BSB number, we can glean valuable information about the bank, state, and branch associated with a particular account. In the case of our example BSB number (123-635), we can deduce that it belongs to the Bank of Queensland’s branch located in Newstead, Queensland.

The PEH system incorporates the BSB number’s structure during the funds transfer process. When initiating a transaction, the system verifies the BSB number to ensure that it conforms to the correct format and corresponds to a valid financial institution and branch.

This verification process safeguards against errors and helps maintain the integrity of the electronic funds transfer system. In conclusion, understanding the PEH system and the structure of BSB numbers provides valuable insight into the mechanisms behind electronic funds transfers in Australia.

The PEH system acts as a central hub, processing transactions between financial institutions. BSB numbers, with their unique structure and digits, play a vital role in identifying and routing funds accurately.

By grasping the significance behind each digit within a BSB number, individuals and businesses can confidently navigate the banking system, ensuring that their funds reach the intended recipient efficiently.

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