Bank Code Verified

762-198, BSB Number for Commonwealth Bank, Maroubra, NSW

BSB Number: 762-198

Bank: Commonwealth Bank

Financial Institution: CBA

Address: S41-42 Pacific Sq S/C 737 Anzac Pde

City: Maroubra

State: NSW

Postcode: 2035

System: PEHto BSB Numbers

When it comes to banking, there are various numbers and codes that play a significant role in ensuring the smooth operation of financial transactions. One such important code is the BSB number.

If you’ve ever wondered what BSB numbers are and why they are crucial in the banking system, this article will provide you with all the information you need. We will explore the importance of BSB numbers in identifying and routing funds, using Commonwealth Bank as an example.

Topic 1:to BSB numbers

BSB, which stands for Bank-State-Branch, is a unique six-digit code used in Australia to identify a specific bank branch. Each BSB number represents a particular financial institution and branch within that institution.

These numbers were introduced in the 1970s to streamline and facilitate electronic funds transfer (EFT) transactions.

Importance in the banking system

BSB numbers are of utmost importance in the banking system for several reasons:

1. Identification: BSB numbers help differentiate between different financial institutions and individual branch locations.

Similar to a physical address, a BSB number provides a distinct identifier for a bank branch, making it easier to locate and communicate with that branch. 2.

Routing of funds: When you transfer money from one bank account to another, whether it’s within the same bank or a different institution, the BSB number plays a critical role in ensuring the money reaches the intended recipient. By including the BSB number, you provide the necessary information for the banking system to accurately route the funds to the correct branch.

3. Account number validation: BSB numbers are often used in conjunction with account numbers to validate the recipient’s details.

The BSB number, along with the recipient’s account number, ensures that the funds are transferred to the correct account within the designated branch. 4.

Efficiency and accuracy: BSB numbers contribute to the efficiency and accuracy of financial transactions by reducing the likelihood of errors or misdirected funds. They serve as a standardized system that banks rely on to ensure the smooth transfer of money between accounts.

Using BSB numbers for identification and routing of funds

When making a transfer, whether through online banking or in person, you are typically required to input the recipient’s BSB number along with their account number. Here’s how BSB numbers are used for identification and routing of funds:

1.

Identification: The first two digits of a BSB number represent the bank or financial institution. For example, in the BSB number 762-198, the “76” indicates it is for the Commonwealth Bank.

2. Routing: The next two digits, known as the state code, identify the state or territory where the branch is located.

In this case, “21” represents New South Wales. 3.

Branch identification: The final two digits represent the specific branch within the bank. In this example, “98” corresponds to the Maroubra branch of Commonwealth Bank.

To ensure accurate routing, the exact BSB number must be entered when initiating a transfer. Your bank’s online or mobile banking platform will typically prompt you to enter both the BSB number and the recipient’s account number, along with the transfer amount and any additional details.

By using BSB numbers for identification and routing, banks can efficiently process electronic transactions and ensure that funds reach the correct destination in a timely manner. Topic 2: Commonwealth Bank

Commonwealth Bank, often referred to as CBA, is one of the largest and most well-known banks in Australia.

Established in 1911, it operates as a public company and offers a comprehensive range of banking and financial services to individuals, businesses, and institutional clients.

Address and BSB number

If you need to make a payment or transfer funds to a Commonwealth Bank account, it is vital to have the correct BSB number along with the recipient’s account number. For example, the BSB number for the Maroubra branch of Commonwealth Bank is 762-198.

This BSB number is specific to that particular branch and must be used to ensure the funds are correctly routed. Located in Maroubra, New South Wales, the branch’s address is S41-42 Pacific Sq S/C, 737 Anzac Pde, Maroubra, NSW 2035.

This address is vital for identifying the physical location of the branch, but it is important to note that it is the BSB number that ensures accurate routing of funds.

Conclusion

In conclusion, BSB numbers are essential in the banking system due to their role in identifying and routing funds. These unique six-digit codes help differentiate between banks and branches, ensuring the accurate transfer of money.

By understanding how BSB numbers work and their significance, you can confidently initiate transfers and payments, knowing that your funds will reach the intended recipient efficiently and securely. Topic 3: PEH System

In addition to BSB numbers, another important aspect of the Australian banking system is the PEH system.

The PEH system, also known as Payment Efficiencies and Harmonisation (PEH), is a framework implemented by the Australian Payments Network (AusPayNet) to enhance the efficiency, security, and speed of electronic payments in Australia. PEH stands for Payment Efficiencies and Harmonisation, reflecting the goals and objectives of the system.

The main purpose of the PEH system is to streamline and standardize electronic payments, making them faster and more secure for both individuals and businesses. The PEH system encompasses various initiatives, including the introduction of the New Payments Platform (NPP), which enables real-time payments and simplifies the payment process.

It also includes the use of ISO 20022 messaging standards, which provide a consistent format for data exchange across different financial institutions. The PEH system is closely related to BSB numbers as it aims to improve the efficiency and accuracy of electronic funds transfers, which rely on BSB numbers for identification and routing.

By implementing the PEH system, transactions involving BSB numbers can be processed more quickly and securely, ensuring that funds are transferred accurately and without delays. Topic 4: Understanding BSB number structure

To better understand BSB numbers, it is important to familiarize ourselves with their structure and how each digit within the number holds significance.

The BSB number is composed of six digits, which are divided into three segments: the bank or financial institution, the state or territory code, and the branch identification. 1.

Bank or financial institution (first two digits): The first two digits of the BSB number represent the bank or financial institution. For example, in the BSB number 762-198, the “76” indicates that it belongs to the Commonwealth Bank.

2. State or territory code (third and fourth digits): The following two digits denote the state or territory where the branch is located.

In this case, “21” represents New South Wales. 3.

Branch identification (fifth and sixth digits): The final two digits of the BSB number identify the specific branch within the bank. In the example BSB number 762-198, “98” corresponds to the Maroubra branch of Commonwealth Bank.

By understanding the structure of a BSB number, you can interpret each digit to gain valuable information about the associated bank, state, and branch. This information is crucial for accurately identifying and routing funds to the intended destination.

Breaking down the BSB number provided (762-198):

Now, let’s break down the BSB number 762-198 to illustrate how each digit holds significance:

1. Bank or financial institution: The first two digits, “76,” indicate that the BSB number belongs to the Commonwealth Bank.

2. State or territory code: The next two digits, “21,” represent New South Wales, the state in which the branch is located.

3. Branch identification: The final two digits, “98,” correspond to the Maroubra branch of Commonwealth Bank.

Overall, the BSB number 762-198 belongs to the Maroubra branch of Commonwealth Bank, located in New South Wales. This BSB number is unique to that specific branch and is essential for accurately routing funds to the correct destination.

In summary, BSB numbers play a crucial role in the Australian banking system by enabling the identification and routing of funds. The PEH system, on the other hand, aims to enhance the efficiency and security of electronic payments, working hand in hand with BSB numbers to ensure smooth and reliable transactions.

By understanding the structure and significance of BSB numbers, individuals and businesses can confidently initiate transfers and payments, knowing that their funds will reach the intended recipient accurately.

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