Find BSB Numbers By Bank or City Name
WHAT IS A BSB CODE ?
The Bank State Branch(BSB) is the name given to the bank code in Australia, which is also a branch identifier. The BSB code is used for the account number system by every financial organization. The shape of BSB with the account number does not allow account numbers to be transferred between financial organizations. It consist of six figures and is used for the processing of electronic and paper transactions, excluding the payment card number.
DECODING A BSB CODE
The BSB Number comprises of six digits. Example- AACDCC
- Initial two characters depict the bank name. (AA)
- The third character indicates the location where the branch is located. (C)
- The remaining (4th, 5th and 6th) characters depict the bank branch. (DCC)
HOW IS A BSB CODE GENERATED?
In Australia Electronic Fund Transfer are used the most and the system of payment through cheques are less used. Therefore, the BSB numbers are widely used for payment. For various monetary clearance system a financial organization should have its own BSB or use an intermediary with an SBS.
WHAT IS THE USAGE OF BSB CODES IN DIFFERENT WAYS OF TRANSACTIONS?
For the transaction through paper cheque, financial organizations are required to add BSB and bank account numbers on cheques. However, at the base of the cheque there is an MICR code that identifies the unique bank account number, to be debited.
For Electronic fund transfers (EFT) between bank accounts, one uses Direct Entry system. To transfer money through the Direct Entry System, BSB and bank account numbers are required for the accounts to be debited as well as for the account to which the funds are to be transferred.