Bank Code Verified

484-576, BSB Number for Suncorp-Metway, Maroochydore, QLD

BSB Number: 484-576

Bank: Suncorp-Metway

Financial Institution: MET

Address: 170-176 Horton Parade

City: Maroochydore

State: QLD

Postcode: 4558

System: PEHBanking systems rely on various identification and routing mechanisms to ensure smooth and efficient financial transactions. One such mechanism is the Bank-State-Branch (BSB) number, a unique code that plays a vital role in the Australian banking system.

This article aims to provide a comprehensive understanding of BSB numbers and their importance in the banking system. Additionally, it will delve into the specifics of Suncorp-Metway, a prominent financial institution that utilizes BSB numbers for identification and routing of funds.

Topic 1:to BSB numbers

BSB numbers, also known as BSB codes, are a 6-digit numerical code that uniquely identifies each bank branch and financial institution in Australia. They play a crucial role in the banking system, enabling the seamless transfer of funds between accounts.

BSB numbers were introduced in Australia in the late 1960s to simplify and streamline the process of identifying and routing funds.

Importance in the banking system

BSB numbers are of utmost importance in the banking system due to their role in accurately identifying the bank branch and financial institution involved in a transaction. When a transfer of funds is initiated, the BSB number is used to pinpoint the exact branch and institution that needs to handle the transaction.

This ensures that the funds reach the intended recipient without any errors or delays.

Identification and routing of funds

BSB numbers serve as a vital component in the identification and routing of funds within the banking system. When a sender initiates a transfer, they provide the recipient’s BSB number along with their account number.

This information, combined with the sender’s account number, allows the financial institution to correctly identify the recipient’s bank branch and institution. Once the BSB number is established, the funds are routed to the appropriate branch.

This process typically involves the use of interbank networks and systems that facilitate the transfer of funds between institutions. The receiving branch then utilizes the BSB number to further identify the specific account within their establishment that the funds should be credited to.

Topic 2: Suncorp-Metway

Suncorp-Metway, commonly known as Suncorp, is a prominent financial institution in Australia that utilizes BSB numbers for identification and routing of funds. Headquartered in Brisbane, Suncorp provides a wide range of banking, insurance, and wealth management services to millions of Australian customers.

Overview

As a leading financial institution, Suncorp operates numerous branches across Australia, each with its unique BSB number. These numbers allow Suncorp to efficiently handle financial transactions, ensuring the accurate routing of funds to the intended recipients.

BSB number for Suncorp-Metway

The

BSB number for Suncorp-Metway is 484-576. This unique code identifies Suncorp’s branch at 170-176 Horton Parade, Maroochydore, QLD, 4558.

When initiating a transfer to a Suncorp account, it is essential to include this BSB number to ensure the funds reach the correct branch for further processing.

Routing funds through Suncorp

When initiating a transfer to a Suncorp account, the sender needs to provide the recipient’s account number and the Suncorp BSB number, 484-576. This crucial information allows the financial institution to identify the specific branch and account that the funds should be credited to.

Once the funds are received by Suncorp, they utilize the provided BSB number to route the funds to the recipient’s account. This process ensures that the funds reach the intended account securely and without any errors or delays.

Conclusion

In conclusion, BSB numbers are an integral part of the Australian banking system, facilitating the accurate identification and routing of funds. Suncorp-Metway, a prominent financial institution, relies on BSB numbers like 484-576 to ensure the seamless transfer of funds within its vast network of branches.

Understanding the importance of BSB numbers and their role in the banking system is essential for individuals and businesses engaging in financial transactions. Topic 3: PEH System

The PEH System, short for Payments Entry Hub, is a crucial element within the Australian banking system that relates to the provided BSB number.

The PEH system is responsible for the processing and clearing of electronic payment transactions across different financial institutions. It acts as a central hub where all incoming and outgoing payments are managed, providing a seamless and efficient network for financial transactions.

The PEH system plays a vital role in ensuring the accuracy and security of electronic payments, including transfers that involve the use of BSB numbers. When a payment is initiated, whether it is a direct debit, credit transfer, or other electronic transaction, the PEH system is responsible for receiving the transaction information, validating it, and routing it to the appropriate financial institution.

In the case of the BSB number provided (484-576), the PEH system utilizes this unique identifier to route payments specifically to Suncorp-Metway’s branch located at 170-176 Horton Parade, Maroochydore, QLD, 4558. By utilizing the BSB number, the PEH system ensures that the funds are directed accurately to the intended recipient within the Suncorp-Metway network.

Topic 4: Understanding BSB number structure

BSB numbers are structured in a specific format that holds significance in identifying different elements and components associated with a particular bank branch and financial institution. The BSB number provided (484-576) can be broken down and interpreted as follows:

1.

The first two digits (48): The first two digits of a BSB number represent the bank code. In this case, the bank code ’48’ corresponds to Suncorp-Metway.

The bank code indicates the specific financial institution associated with the BSB number. 2.

The following two digits (4-4): These digits form the state or territory code. The first digit of the state code (4) indicates Queensland (QLD), which is where the branch is located.

3. The last two digits (57-6): The final two digits of a BSB number represent the branch code.

These digits differentiate between different bank branches within the same financial institution. In this case, the branch code ’57-6′ identifies the Suncorp-Metway branch situated at 170-176 Horton Parade, Maroochydore, QLD, 4558.

Understanding the structure of BSB numbers is crucial, as it allows individuals and businesses to accurately identify the specific financial institution, state or territory, and branch associated with a particular BSB number. This information ensures that funds are directed precisely to the intended recipient, minimizing errors and delays in electronic payments.

In conclusion, the PEH system and BSB numbers are vital components within the Australian banking system, facilitating the efficient processing and routing of electronic payments. The PEH system acts as a central hub, ensuring the accuracy and security of transactions, while BSB numbers identify and differentiate between financial institutions, states or territories, and specific bank branches.

Understanding these systems is crucial for individuals and businesses engaging in financial transactions, ultimately ensuring the smooth flow of funds within the banking system.

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