BSB Number: 763-166
Bank: Commonwealth Bank
Financial Institution: CBA
Address: 224 Swan St
City: Richmond
State: VIC
Postcode: 3121
System: PEHMany of us take for granted the convenience of modern banking systems, but have you ever wondered how your money gets from one place to another? One crucial element of this process is the Bank-State-Branch (BSB) number.
In this article, we will delve into the world of BSB numbers, exploring what they are, how they are used for identification and routing of funds, and their importance in the banking system. Specifically, we will focus on the
BSB number 763-166, associated with the Commonwealth Bank and its Financial Institution, the Commonwealth Bank of Australia (CBA).
So, whether you’re a curious customer or simply interested in the inner workings of the financial world, keep reading to learn more. Topic 1:to BSB numbers
In this section, we will provide an overview of BSB numbers and their importance in the banking system.
BSB numbers serve as unique identifiers for different financial institutions and are used for routing funds accurately. What are BSB numbers?
– BSB numbers, also known as Bank-State-Branch numbers, are six-digit codes used in Australia to identify a specific branch of a financial institution. – Each BSB number has three parts – the first two digits represent the bank, the third and fourth digits indicate the state, and the last two digits specify the branch.
Importance in the banking system
– BSB numbers play a crucial role in ensuring accurate and efficient routing of funds. They help financial institutions identify the specific branch where the funds need to be transferred.
– Without BSB numbers, it would be challenging to direct funds to the correct branch, leading to errors, delays, and even potential loss of funds. Topic 2: Commonwealth Bank
In this section, we will dive into the Commonwealth Bank, exploring its role in the banking industry and its association with the
BSB number 763-166.
We will discuss the bank’s history, services, and how the BSB number is used.
History of the Commonwealth Bank
– The Commonwealth Bank of Australia, often referred to as the Commonwealth Bank or CBA, has a rich history dating back to 1911. – It was initially established as a government-owned savings bank before transitioning into a full-service, public retail bank.
– Since its inception, the Commonwealth Bank has grown to become one of Australia’s leading financial institutions, providing a wide range of banking and financial services to individuals, businesses, and institutions.
Services provided by the Commonwealth Bank
– The Commonwealth Bank offers a comprehensive suite of banking services, including personal banking, business banking, institutional banking, and wealth management. – Personal banking services provided by the Commonwealth Bank include everyday banking, loans, credit cards, insurance, and investments.
– Business banking services cater to the needs of small businesses, medium-sized enterprises, and large corporations, offering solutions such as business accounts, merchant services, loans, and cashflow management tools. – The Commonwealth Bank also serves institutional clients, providing tailored solutions for their banking, trading, and investment needs.
– Lastly, the bank offers wealth management services, empowering customers to plan for their future through investment advice, superannuation, and retirement planning.
BSB number 763-166
– The
BSB number 763-166 belongs to the Commonwealth Bank and is associated with its Financial Institution (FI), the Commonwealth Bank of Australia (CBA). – This specific BSB number is tied to the branch located at 224 Swan St, Richmond, VIC 3121.
– Whenever funds need to be transferred to this particular branch, the
BSB number 763-166 is used to ensure the accurate routing of the funds. – The BSB number acts as a unique identifier for the branch, allowing the Commonwealth Bank to allocate the funds correctly and efficiently.
Conclusion
Banks and financial institutions rely on BSB numbers for the smooth functioning of their operations. The unique, six-digit codes help identify specific branches and ensure the accurate routing of funds.
In the case of the Commonwealth Bank, the
BSB number 763-166 is associated with its branch located at 224 Swan St, Richmond, VIC 3121. Understanding the significance of BSB numbers not only gives us insights into the inner workings of the banking system but also enables us to appreciate the importance of accurate and efficient fund transfers.
So, the next time you make a transaction, remember the unsung hero – the BSB number – quietly working behind the scenes to get your money where it needs to go. Topic 3: PEH System
In this section, we will explore what the PEH system stands for and how it relates to the
BSB number 763-166 provided in the previous sections.
The PEH system plays a crucial role in the efficient processing of electronic payments in Australia. What is the PEH system?
– PEH stands for Payment Event Hub, a system developed by the Reserve Bank of Australia (RBA). – The PEH system acts as a central hub that facilitates the exchange of payment messages between financial institutions, enabling the smooth processing of electronic payments within Australia.
– It supports various payment types, including high-value interbank payments, low-value direct entry payments, and others. How does the PEH system relate to the
BSB number 763-166?
– The PEH system is responsible for processing funds transfers between different financial institutions, including the Commonwealth Bank. – When a customer initiates a funds transfer, the PEH system ensures that the payment message is securely sent from the sender’s financial institution to the recipient’s financial institution.
– The
BSB number 763-166 associated with the Commonwealth Bank acts as a key identifier within the PEH system, helping route funds accurately to the specific branch located at 224 Swan St, Richmond, VIC 3121. Topic 4: Understanding BSB number structure
In this section, we will delve into the structure of BSB numbers, including the significance of different digits within the number.
We will break down and interpret the
BSB number 763-166 to understand its meaning.
Format and structure of BSB numbers
– BSB numbers consist of six digits, divided into three parts: bank, state, and branch. – The first two digits represent the bank, indicating which financial institution the BSB number belongs to.
– The third and fourth digits signify the state or territory where the branch is located. – The last two digits specify the individual branch within the state or territory.
Interpreting
BSB number 763-166
– The
BSB number 763-166 can be broken down as follows:
– The first two digits, “76,” indicate the bank, which is the Commonwealth Bank. – The third and fourth digits, “3-1,” represent the state, which in this case is Victoria (VIC).
– The last two digits, “66,” signify the branch within the state. – The
BSB number 763-166, therefore, belongs to the Commonwealth Bank, identifies a branch located in Victoria (VIC), and specifically designates the branch as 66.
Significance of different digits within the BSB number
– The first two digits indicating the bank help financial institutions easily identify the associated bank. – The third and fourth digits representing the state or territory assist in routing funds to the correct geographic region.
– The last two digits specifying the branch enable the precise allocation of funds to the intended branch within the state or territory. Understanding the structure and significance of BSB numbers provides clarity on how these numbers are used for identification and routing of funds.
The
BSB number 763-166 belonging to the Commonwealth Bank can now be interpreted as a code that signifies both the financial institution and the specific branch location within Victoria.
Conclusion
As we’ve explored in this article, BSB numbers are fundamental to the banking system, serving as unique identifiers for specific branches of financial institutions. They play a critical role in accurately routing funds and ensuring efficient processing of transactions.
The
BSB number 763-166 associated with the Commonwealth Bank and its branch located at 224 Swan St, Richmond, VIC 3121, is an example of how these numbers are used to identify and route funds within Australia. Understanding the PEH system and the structure of BSB numbers empowers individuals to comprehend the complexities of the banking system and appreciate the seamless transfer of funds that underpins everyday financial transactions.