Bank Code Verified

763-230, BSB Number for Commonwealth Bank, Keilor East, VIC

BSB Number: 763-230

Bank: Commonwealth Bank

Financial Institution: CBA

Address: Shp 25 Milleara Shp Ctr Milleara Rd

City: Keilor East

State: VIC

Postcode: 3033

System: PEHto BSB numbers

When it comes to banking, there are numerous terms and numbers thrown around that can sometimes be confusing. One such term is the BSB number.

If you have ever wondered what BSB numbers are and why they are important in the banking system, you have come to the right place. In this article, we will explain everything you need to know about BSB numbers and their role in identifying and routing funds.

What are BSB numbers? BSB stands for Bank-State-Branch, and it is a unique identifier assigned to each bank branch in Australia.

The BSB number consists of six digits, with the first two digits representing the bank code, the next two digits representing the state, and the final two digits representing the specific branch.

Importance of BSB numbers in the banking system

BSB numbers play a crucial role in the banking system as they help in the identification and routing of funds. Let’s dive deeper into how BSB numbers are used for these purposes.

Identification of banks and branches

Each bank and branch in Australia has a unique BSB number, which helps in identifying and distinguishing them. When you provide your BSB number to someone, they can easily determine which bank and branch you belong to, making it easier for them to send funds directly to your account.

Routing of funds

When you initiate a funds transfer, whether it’s through a bank transfer or an online payment, the BSB number is used to route the funds to the correct bank and branch. This ensures that the funds reach the intended recipient without any errors or delays.

The BSB number acts as a routing tool, guiding the funds to the right place.

How BSB numbers work

Now that we understand the importance of BSB numbers, let’s take a closer look at how they work.

Bank code

The first two digits of the BSB number represent the bank code. Each bank in Australia has a unique bank code assigned to it.

For example, the bank code for Commonwealth Bank is 76. This allows the banking system to identify the specific bank involved in a transaction.

State code

The following two digits represent the state code. Australia is divided into different states and territories, each having its own designated code.

For instance, the state code for Victoria is 32. This helps in narrowing down the location of the bank branch involved in the transaction.

Branch code

The final two digits of the BSB number signify the branch code. This code is unique to each individual branch within a bank.

It helps in specifying the exact branch where the funds need to be routed. For example, the branch code for the Commonwealth Bank branch in Keilor East is 30.

Using BSB numbers for identification and routing

When you provide your BSB number to someone, such as your employer or a friend who wants to send you money, they can use it to identify both the bank and branch you belong to. This ensures that the funds are sent to the right place, avoiding any potential mix-ups.

The BSB number also helps the banking system route the funds accurately, ensuring that they reach your account without any issues. In conclusion, BSB numbers are an essential part of the banking system in Australia.

They serve as unique identifiers for each bank and branch, helping in the identification and routing of funds. By understanding how BSB numbers work and their importance, you can ensure smooth and accurate transactions when it comes to sending and receiving funds.

So the next time you come across a BSB number, you will know exactly what it means and why it matters in the world of banking.

PEH System

In the world of banking, numerous systems and technologies are in place to ensure smooth and secure transactions. One such system is the PEH system.

In this section, we will explore what the PEH system stands for and how it relates to the BSB number provided earlier. PEH stands for Personal Electronic Home.

It is an electronic funds transfer system that allows individuals to transfer money between their accounts electronically, without the need for physical cash or checks. The PEH system is widely used in Australia and has revolutionized the way people manage their finances.

The PEH system is closely related to the BSB number as it is used to identify and route funds during electronic transfers. When you initiate an electronic transfer, the PEH system relies on the BSB number to ensure that the funds are sent to the correct bank and branch.

Understanding BSB number structure

Now that we have explored the PEH system and its relation to the BSB number, let’s delve into the structure of BSB numbers and how they can be interpreted. The BSB number consists of six digits, with each digit holding significance in identifying the bank, state, and branch.

Let’s break down the BSB number provided earlier (763-230) to understand its structure:

– The first two digits (76) represent the bank code. In this case, it corresponds to Commonwealth Bank, as the bank code for Commonwealth Bank is 76.

– The following two digits (32) represent the state code. In this case, it signifies the state of Victoria, as the state code for Victoria is 32.

– The last two digits (30) represent the branch code. These digits specify the particular branch within the bank.

In this instance, it represents the Commonwealth Bank branch located in Keilor East. By understanding the structure of the BSB number, we can discern the specific bank, state, and branch associated with it.

This information is vital for accurate and streamlined fund transfers.

The significance of different digits within the BSB number

Each digit within the BSB number plays a crucial role in identifying specific aspects of the bank and branch. Let’s explore the significance of each digit:

1.

Bank code (first two digits): The bank code represents the specific bank involved in the transaction. Each bank in Australia has its unique bank code assigned to it.

2.

State code (following two digits): The state code identifies the state or territory where the bank branch is located.

Australia is divided into different states and territories, each having its own designated code. 3.

Branch code (last two digits): The branch code specifies the exact branch within the bank. This code differentiates between multiple branches within the same bank and state.

By understanding the meaning and significance of each digit, individuals can easily interpret and utilize the BSB numbers provided by their banks.

Conclusion

The PEH system and BSB numbers are essential components of the banking system in Australia. The PEH system allows individuals to transfer funds electronically, while the BSB number ensures that these funds are accurately identified and routed to the correct bank and branch.

By understanding the structure and significance of BSB numbers, individuals can confidently and efficiently manage their finances, knowing that their transactions will be processed smoothly. So, the next time you encounter a BSB number or utilize the PEH system, you can navigate the world of electronic banking with ease and confidence.

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