Bank Code Verified

342-018, BSB Number for HSBC Bank, Burwood, NSW

BSB Number: 342-018

Bank: HSBC Bank

Financial Institution: HBA

Address: 202 Burwood Road

City: Burwood

State: NSW

Postcode: 2134

System: PEHto BSB numbers:

When it comes to banking, there are many technical terms and acronyms that can be confusing for the average person. One such term is BSB number.

But fear not, for we are here to shed some light on this topic and help you understand what BSB numbers are all about. So, what exactly are BSB numbers?

BSB stands for Bank State Branch, and it is a unique identifier that is used within the Australian banking system. It is a six-digit number that is assigned to each bank branch in Australia.

These numbers play a crucial role in the identification and routing of funds within the banking system. Importance in the banking system:

Now you may be wondering, why are BSB numbers so important?

Well, BSB numbers are used for various purposes in the banking system. Firstly, they are used to uniquely identify each bank branch in Australia.

This is important because it allows for accurate and efficient processing of transactions. Secondly, BSB numbers are used to route funds between different banks and branches.

When you make a payment or transfer funds from your account, the BSB number helps the banking system identify the correct branch to send the funds to. This ensures that your money reaches the intended recipient quickly and securely.

Identification and routing of funds:

Let’s take a closer look at how BSB numbers are used for the identification and routing of funds. When you initiate a transaction, such as making a payment or transferring funds, you are required to provide the BSB number of the recipient’s bank branch.

The BSB number consists of two parts – the bank code and the branch code. The bank code is the first three digits, while the branch code is the last three digits.

Together, these six digits uniquely identify the bank branch. When you provide the BSB number, along with the recipient’s account number, the banking system uses this information to route the funds to the correct branch.

The BSB number acts as a key that unlocks the correct branch’s location within the banking system, ensuring that your funds are sent to the right place. It is worth noting that BSB numbers are not the same as account numbers.

While BSB numbers identify the bank branch, account numbers are used to identify individual accounts within a branch. In conclusion, BSB numbers are a crucial part of the Australian banking system.

They allow for accurate identification and efficient routing of funds between bank branches. So the next time you make a payment or transfer funds, you can rest assured knowing that the BSB number is there to ensure your money reaches its destination safely and securely.

Topic 3: PEH System

In addition to understanding what BSB numbers are and their importance in the banking system, it is also essential to familiarize ourselves with the PEH system. PEH stands for Payment Entry Hub, and it is a central clearinghouse system used by banks in Australia.

The PEH system acts as a facilitator for the exchange of funds between different banks and financial institutions in the country. It allows for the seamless transfer of money by processing transactions quickly and securely.

So, how does the PEH system relate to the BSB number provided? Well, the BSB number plays a crucial role in the routing of funds through the PEH system.

When a transaction is initiated, the BSB number acts as an identifier for the recipient’s bank branch. This information is then used by the PEH system to determine the correct routing for the funds.

Once the PEH system receives the transaction request, it checks the BSB number against its database to identify the recipient’s bank branch. It then routes the funds to the appropriate branch for further processing and crediting to the recipient’s account.

This ensures that the funds reach the intended recipient efficiently and without delay. The PEH system is a significant component of the Australian banking system, as it helps to automate and streamline the payment process.

It minimizes manual intervention and reduces the chances of errors or delays in fund transfers. By leveraging the BSB number as an essential piece of information, the PEH system ensures the accuracy and security of transactions within the banking system.

Topic 4: Understanding BSB Number Structure

Now that we have a good understanding of the importance of BSB numbers let’s delve deeper into their structure and how to interpret them. BSB numbers consist of six digits, with the first three digits representing the bank code and the last three digits representing the branch code.

The bank code is a unique identifier assigned to each bank in Australia. It helps differentiate between different financial institutions within the banking system.

The branch code, on the other hand, identifies the specific branch within the bank. This is important because many banks have multiple branches spread across different locations.

By breaking down the BSB number provided (342-018), we can interpret its structure and extract valuable information. The bank code in this case is ‘342,’ which corresponds to HSBC Bank.

The branch code is ‘018,’ indicating that this particular BSB number represents HSBC Bank’s branch located at 202 Burwood Road in Burwood, NSW, with the postcode 2134. Understanding the structure of BSB numbers allows individuals and businesses to verify the accuracy of their payment instructions.

It also helps in cases where specific branches or locations need to be identified for various purposes. By familiarizing ourselves with the significance of different digits within the BSB number, we can ensure smooth and error-free transactions.

In summary, the BSB number structure consists of six digits, with the first three digits representing the bank code and the last three digits representing the branch code. This structure provides valuable information about the bank and branch associated with the BSB number.

Additionally, understanding the PEH system’s role in the routing of funds and its relation to the BSB number enhances our comprehension of the overall banking system in Australia.

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