Bank Code Verified

352-006, BSB Number for Bank of China, Burwood, NSW

BSB Number: 352-006

Bank: Bank of China

Financial Institution: BOC

Address: 170 Burwood Road

City: Burwood

State: NSW

Postcode: 2134

System: PEHWhen it comes to banking, there are a multitude of important numbers and codes that play a crucial role in ensuring smooth and efficient financial transactions. One such code is the Bank State Branch (BSB) number.

In this article, we will delve into the world of BSB numbers, exploring what they are and their significance in the banking system. Additionally, we will take a closer look at the Bank of China, a prominent financial institution that operates in Australia.

Topic 1:to BSB numbers

BSB numbers are a unique identifier used by banks in Australia to facilitate electronic funds transfers (EFTs) between different financial institutions. Standing for Bank State Branch, a BSB number is a numerical code that represents a specific branch of a bank.

Each bank branch in Australia is assigned a unique BSB number, which helps in identifying the bank, state, and branch associated with any given account. The importance of BSB numbers in the banking system cannot be overstated.

These numbers serve as a vital tool for routing funds during electronic transactions. When conducting a transfer, the BSB number acts as an address that directs the funds to the correct bank and branch.

Without a valid BSB number, the transaction could face errors or be redirected to the wrong recipient, causing delays and potential complications. To further emphasize the significance of BSB numbers, let’s consider an example.

Imagine you want to send money to your friend’s bank account in Australia. Without knowing their BSB number, you would be unable to complete the transaction, as BSB numbers are required to ensure the funds reach the desired branch of the recipient’s bank.

In this way, BSB numbers provide a crucial layer of security and accuracy in the banking system. Topic 2: Bank of China

The Bank of China (BOC) is one of the major international banks operating in Australia.

As one of the largest banks in the world, BOC offers a wide range of banking services to individuals and businesses alike. Established in 1912, the Bank of China has a rich history and has been catering to customers’ financial needs for over a century.

Operating in Australia since 1985, the Bank of China has steadily grown its presence and has become a prominent player in the Australian banking sector. With its headquarters situated in Beijing, China, BOC serves as a bridge between the Chinese and Australian economies, facilitating financial transactions and fostering economic cooperation between the two nations.

The Bank of China in Australia provides various financial services, including personal banking, corporate banking, and trade finance solutions. Personal banking services offered by BOC include savings accounts, personal loans, credit cards, and foreign exchange services.

Corporate banking services cover areas such as trade finance, cash management, foreign exchange, and investment banking, catering to the diverse needs of businesses. Understanding the importance of the banking system’s security, BOC ensures that its customers’ funds are well protected.

The bank employs robust security measures, including encrypted online banking platforms and multi-factor authentication, to safeguard against unauthorized access and fraudulent activities. Additionally, BOC takes pride in its customer-centric approach, offering personalized services to meet individual needs.

The bank strives to provide excellent customer service and offers bilingual support to customers who require assistance in Chinese or English.

Conclusion

BSB numbers play a crucial role in the Australian banking system, facilitating secure electronic fund transfers between different financial institutions. These unique codes help in identifying specific bank branches, ensuring accuracy and efficiency in transactions.

In the case of the Bank of China, its presence in Australia has had a significant impact on fostering economic cooperation between China and Australia. With its extensive range of financial services and commitment to customer satisfaction, BOC continues to be a trusted financial institution in the country.

Topic 3: PEH System

In the world of banking, efficiency and accuracy are paramount. Every financial institution strives to streamline processes and ensure seamless transactions.

In Australia, one of the systems that facilitates these goals is the Payment Event Handling (PEH) system. In this section, we will explore what the PEH system stands for and how it relates to the BSB number provided.

The PEH system is an electronic payment processing system used by banks in Australia. It allows for the efficient handling and processing of various types of payments, including direct debits, direct credits, and electronic fund transfers.

This system plays a crucial role in ensuring that these transactions are processed accurately and in a timely manner. Now, how does the PEH system relate to the BSB number provided, which is 352-006?

The BSB number is a vital piece of information used within the PEH system. It helps in identifying the bank and branch to which a particular account is linked.

This information is crucial for routing funds accurately during electronic transactions. The PEH system relies on the BSB number to determine the correct destination for the funds.

Let’s take a closer look at the BSB number 352-006 and analyze its structure and significance. Topic 4: Understanding BSB number structure

BSB numbers follow a specific structure and format that provide important information about the bank, state, and branch associated with an account.

The BSB number consists of six digits, which are divided into two parts: the bank code and the branch code. The first three digits of the BSB number represent the bank code.

This code uniquely identifies the bank to which the branch belongs. In the case of the BSB number 352-006, the bank code is 352.

This code corresponds to the Bank of China, which is associated with this particular BSB number. The last three digits of the BSB number indicate the branch code.

This code helps in identifying the specific branch within the bank. In the BSB number 352-006, the branch code is 006, which points to the Bank of China branch located at 170 Burwood Road in Burwood, NSW.

Understanding the structure of the BSB number allows for the interpretation and utilization of this important piece of information. By breaking down the number, we can identify the bank, state, and branch, ensuring accurate routing of funds and efficient transactions.

In the case of the BSB number 352-006 provided, we can decipher the following information:

– Bank: Bank of China (BOC)

– Financial Institution: BOC

– Address: 170 Burwood Road

– City: Burwood

– State: NSW

– Postcode: 2134

– System: PEH

By knowing the BSB number, customers and banking institutions can easily identify the branch associated with the account, making it easier to direct funds and avoid potential errors.

Conclusion

The PEH system and the structure of BSB numbers are integral components of the Australian banking system. The PEH system ensures efficient processing of various electronic payments, while BSB numbers enable accurate routing of funds.

Understanding the structure of the BSB number, as demonstrated by the example of BSB number 352-006, allows for the identification of the bank, state, and branch associated with an account. Through the synergy of the PEH system and BSB numbers, banks in Australia can ensure secure and streamlined financial transactions for their customers.

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