Bank Code Verified

763-841, BSB Number for Commonwealth Bank, Geelong, VIC

BSB Number: 763-841

Bank: Commonwealth Bank

Financial Institution: CBA

Address: 96-102 Malop Street

City: Geelong

State: VIC

Postcode: 3220

System: PEHto BSB numbers

In the vast world of banking, there are numerous terminologies and acronyms that can leave anyone feeling overwhelmed. One such term is BSB numbers.

While they may seem like a jargon-filled mystery, BSB numbers play a vital role in the banking system, serving as a unique identifier and facilitating the smooth routing of funds. In this article, we will delve into the importance of BSB numbers and how they are used in the banking system.

What are BSB numbers? BSB stands for Bank State Branch.

A BSB number is a six-digit numerical code used in Australia to identify a specific bank branch. Each bank branch within a financial institution is assigned a unique BSB number, making it easier to distinguish and route funds accurately.

The BSB number, in conjunction with an account number, ensures that funds are directed to the correct account within a particular branch.

The importance of BSB numbers in the banking system

BSB numbers are incredibly important in the banking system, primarily because they facilitate the accurate routing of funds. When you transfer money from your account to another account, whether it’s within the same bank or a different bank, the BSB number serves as the key element that directs the funds to the intended destination.

An incorrect or missing BSB number can result in the funds being misrouted or lost in the system, causing unnecessary delays and complications.

Identification and routing of funds using BSB numbers

When you initiate a fund transfer, whether it’s through internet banking, mobile banking, or in-person at a bank branch, you will be prompted to input the recipient’s BSB number along with their account number. The combination of these two numbers helps identify the specific branch and account where the funds should be directed.

Once the BSB number is entered, it acts as a routing mechanism within the banking system. It allows the financial institution’s computer systems to identify the recipient’s bank branch and ensures that the funds are transferred to the correct location.

By using BSB numbers, banks can maintain a high level of accuracy and efficiency in fund transfers.

BSB numbers in action

To better understand how BSB numbers work, let’s take a look at an example: Commonwealth Bank, one of Australia’s largest banks. The Commonwealth Bank’s BSB number is 063-123.

The first two digits, 06, represent the financial institution (in this case, Commonwealth Bank). The next two digits, 3-1, indicate the state (Victoria) and the city (Melbourne) of the bank branch.

Finally, the last two digits, 23, differentiate between different branches within Melbourne. Using a BSB number in conjunction with an account number, let’s say you want to transfer $500 from your Commonwealth Bank account to your friend’s account at the Commonwealth Bank branch in Melbourne.

You would need to enter your friend’s BSB number (063-123) and their account number. This information ensures that the funds will be transferred specifically to your friend’s account at the designated branch.

In conclusion, BSB numbers are an integral part of the Australian banking system. They provide a unique identification code for each bank branch, allowing for accurate and efficient routing of funds.

By using BSB numbers when initiating transfers, individuals can ensure that their money reaches the intended recipient without any hiccups. So the next time you make a fund transfer, remember the importance of those six little digits that make up the BSB number.

Topic 3: PEH System

In the realm of banking, there are various systems and processes in place to ensure smooth and efficient operations. One such system is the PEH system.

PEH stands for Primary Electronic Host, and it plays a crucial role in the functioning of financial institutions, including the routing of funds using BSB numbers. The PEH system is essentially a central processing hub that handles electronic transactions within a financial institution.

It acts as a gateway between different channels such as ATM networks, online banking, mobile banking, and branch teller systems. The PEH system processes and routes these transactions based on the BSB numbers provided, ensuring that funds are directed accurately to the intended recipient.

How does the PEH system relate to the BSB number provided? Let’s circle back to the BSB number mentioned in the previous section 763-841.

This BSB number belongs to Commonwealth Bank and is associated with the branch located at 96-102 Malop Street, Geelong, Victoria. When you initiate a fund transfer using Commonwealth Bank’s services, the PEH system comes into play.

Once you enter the recipient’s BSB number (763-841) and their account number, the PEH system uses this information to identify the specific branch associated with the BSB number. It then processes and directs the funds to the respective account within the 96-102 Malop Street branch in Geelong.

The PEH system acts as a central hub where all electronic transactions converge. It relies on the BSB number as a key identifier to ensure accurate routing.

By integrating the BSB number with the PEH system, Commonwealth Bank can efficiently process thousands of transactions, maintain record accuracy, and avoid misrouting of funds. Topic 4: Understanding BSB number structure

Now that we have discussed the importance and usage of BSB numbers and their association with the PEH system, let’s dive deeper into the format and structure of BSB numbers.

By understanding the significance of different digits within the BSB number, we can interpret and decode its meaning. A BSB number consists of six digits, which are divided into three segments.

Each segment serves a specific purpose and helps identify different aspects of the bank branch. The first two digits: Financial Institution

The first two digits of a BSB number represent the financial institution.

In the case of the BSB number 763-841, the “76” indicates the financial institution associated with Commonwealth Bank. These digits are unique to each financial institution, so different banks will have different first two digits.

The third and fourth digits: State and City

The third and fourth digits of a BSB number represent the state and city where the bank branch is located. In our example, “3-8” indicates that the branch is located in the state of Victoria, specifically in Geelong.

Each state and territory in Australia is assigned a specific range of numbers, making it easy to identify the location of the branch. The fifth and sixth digits: Branch identification

The last two digits of a BSB number differentiate between different branches within the same state and city.

In the case of the BSB number 763-841, the “41” identifies the specific branch located at 96-102 Malop Street in Geelong. These digits help pinpoint the exact location of the branch, ensuring accurate routing of funds.

By breaking down the BSB number into its components and understanding the significance of each digit, we can interpret the details associated with a particular bank branch. This decoding allows financial institutions, the PEH system, and customers to accurately transfer funds and ensure that they reach the intended destination.

In conclusion, BSB numbers play a critical role in the banking system, facilitating the accurate routing of funds. The PEH system, in conjunction with BSB numbers, ensures that electronic transactions are processed and directed to the appropriate branch and account.

By understanding the structure of BSB numbers and their relation to the PEH system, individuals can navigate the world of banking more effectively, ensuring their funds reach their intended recipients with ease.

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