Bank Code Verified

484-429, BSB Number for Suncorp-Metway, Brisbane, QLD

BSB Number: 484-429

Bank: Suncorp-Metway

Financial Institution: MET

Address: 36 Wickham Terrace

City: Brisbane

State: QLD

Postcode: 4000

System: PEHto BSB numbers

When it comes to banking, there are plenty of numbers floating around – account numbers, credit card numbers, and of course, BSB numbers. But what exactly are BSB numbers and why are they important in the banking system?

In this article, we’ll explore the world of BSB numbers, their role in identification and fund routing, and why every banking customer should be familiar with them. What are BSB numbers?

BSB stands for Bank State Branch, and it is a unique six-digit number that identifies both the bank and the branch where an account is held. In simpler terms, it’s like the postal code of your bank branch.

BSB numbers were introduced in the 1960s by the Australian Payments Clearing Association (APCA) to simplify and streamline the process of transferring funds between banks.

Importance in the banking system

BSB numbers are crucial for several reasons. Firstly, they help ensure that funds are directed to the correct bank and branch.

In a country as vast as Australia, where banks have branches scattered across cities and towns, it would be a nightmare to manually sort through all the bank branches without BSB numbers. BSB numbers make it efficient and accurate to route funds from one bank to another.

Secondly, BSB numbers provide an additional layer of security and accuracy. By including the BSB number along with the account number, banks can confirm the legitimacy of the transaction and reduce the chances of transfers going astray.

This is particularly important in cases where the account number alone might not be enough to differentiate between multiple accounts held by the same individual or organization.

Identification and routing of funds

Let’s take a closer look at how BSB numbers are used for identification and routing of funds. When you make a payment or transfer funds to another bank account, you will be asked to provide the recipient’s BSB number along with their account number.

This information is crucial for the banks to identify the recipient’s bank and branch correctly. Once the BSB number is provided, the funds are then routed through the banking system based on this information.

The receiving bank will receive the funds and credit them to the appropriate account based on the account number provided. Without the BSB number, the funds could end up in the wrong branch or bank altogether, causing unnecessary delays and complications for both the sender and the recipient.

Furthermore, BSB numbers are not only used for transferring funds between different banks, but they also come into play for domestic transfers within the same bank. Even if you are transferring funds within your own bank, the BSB number is still required to ensure that the funds are accurately allocated to the correct branch and account.

As an example, consider a scenario where John wants to transfer money from his Suncorp-Metway account to his friend Peter’s Commonwealth Bank account. John would need to provide Peter’s BSB number, which is unique to his branch, along with his account number.

This combination of BSB number and account number ensures that the funds are routed to Peter’s correct branch and credited to his account. In conclusion, BSB numbers play a vital role in the Australian banking system.

They ensure that funds are correctly routed to the intended bank and branch, providing efficiency, accuracy, and security in financial transactions. Whether you’re transferring funds to another bank account or within your own bank, understanding and providing the correct BSB number is essential.

So the next time you’re making a payment or transfer, don’t forget the importance of those six digits! Keep them handy, and you’ll be on your way to smooth and hassle-free banking.

PEH System

In the world of banking, there are many systems in place to ensure smooth and efficient transactions. One such system is the PEH system, which stands for Participant Electronic House.

This system is closely related to the BSB number provided and plays a crucial role in the processing of electronic funds transfers in Australia. The PEH system acts as a central hub where financial institutions can connect and exchange payment information securely.

It allows banks and other authorized participants to send and receive electronic payment instructions, ensuring that funds are transferred accurately and efficiently between accounts. How does the PEH system relate to the BSB number?

To understand the relationship between the PEH system and the BSB number, it is essential to know that the PEH system assigns a unique identification code to each financial institution participating in the electronic payment network. This identification code is known as the PEH ID.

The BSB number, on the other hand, identifies the individual bank branch where an account is held. It consists of six digits, with the first two identifying the bank and the remaining four identifying the branch.

In the PEH system, each financial institution is assigned a unique PEH ID, which is linked to its BSB number. This linkage allows the system to accurately direct electronic payment instructions to the correct financial institution and branch in the context of the broader Australian banking system.

When funds are transferred electronically, the sender’s financial institution uses the BSB number provided by the sender to determine the recipient’s financial institution and branch. The sender’s financial institution then uses the PEH system to send the payment instruction to the recipient’s financial institution using the corresponding PEH ID.

Once the payment instruction is received by the recipient’s financial institution, it can then use the BSB number provided by the sender to determine the precise branch where the funds should be deposited. This ensures that the funds are directed to the correct recipient’s account, even within a large institution with multiple branches.

Understanding BSB number structure

BSB numbers have a consistent structure to provide a standardized format for identification and routing purposes. Let’s break down the structure of a BSB number and understand the significance of each digit within it.

The BSB number consists of six digits, with the first two digits representing the bank and the remaining four digits identifying the branch. Each digit within the BSB number serves a specific purpose in identifying the bank and branch.

The first digit of the BSB number represents the bank’s industry sector. This digit ranges from 0 to 9, and each number is assigned to a specific sector within the banking industry.

For example, 1 is reserved for the Reserve Bank of Australia, while 0 is used for bank branches operated by individual financial institutions. The second digit of the BSB number represents the state or territory where the bank is located.

This digit ranges from 1 to 8, with each number corresponding to a specific state or territory. For example, 2 represents New South Wales, 3 represents Victoria, and so on.

The third and fourth digits of the BSB number represent the district within a state or territory. This allows for more specific identification of bank branches within a particular region.

For instance, if the third and fourth digits are 00, it generally indicates the head office or main branch of the bank in that state or territory. The fifth and sixth digits of the BSB number represent the specific branch within the district.

This provides the highest level of detail, ensuring that funds are routed to the correct branch within a financial institution.

Interpreting the BSB number provided

Let’s apply our knowledge of the BSB number structure to interpret the BSB number provided: 484-429. The first two digits, 48, represent the bank’s industry sector.

In this case, 48 corresponds to Suncorp-Metway, a prominent banking institution in Australia. The next digit, 4, represents the state or territory where the bank is located.

In this case, 4 corresponds to Queensland (QLD). The following two digits, 42, represent the district within Queensland.

Unfortunately, without further information, it is not possible to determine the specific district. The final two digits, 9, represent the specific branch within the district.

Once again, without additional information, we cannot ascertain the exact branch. In conclusion, the BSB number 484-429 belongs to Suncorp-Metway, located in Queensland.

While we are unable to determine the specific district and branch without additional information, we now have a clear understanding of the significance of each digit within the BSB number and how it aids in identification and routing within the banking system.

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