What is the BSB Number?
The Australian BSB (Bank/ State/ Branch) code is a 6-digit code that precedes the actual bank account number
which is used to identify individual branch of a financial institution in Australia.
The first 3 digits represent the bank institution code, and the last 3 digits represent the actual branch code for the beneficiary account.
The BSB code is required for all wires going to Australia.
BSB Number is used in Australian Paper Clearing System (APCS) and Bulk Electronic Clearing System (BECS) payment systems.
In APCS payment system, BSB and Account number are used to identify the account to be debited and are printed on the cheque.
Meanwhile in BECS system, BSB and account numbers are used when transferring funds via the Direct Entry System.
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The format of the BSB number is as below
BSB Number: 012-068
01-The First two digits specify the parent financial institution
2-The third digit specifies the state where the branch is located
068-Fourth, fifth and sixth digits specify the branch.
For example, the BSB 012-068 actually breaks down into the following.
01: Bank- Australia and New Zealand Banking Group Ltd
2: State- Victoria VIC
068- Branch- 530 Collins Street, Melbourne
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What is SWIFT Code/BIC Code?
SWIFT code is a standard format of Business Identifier Codes approved by the Society for Worldwide Interbank Financial Telecommunication(SWIFT). It acts as a unique identification code for both financial and non-financial institutions. These codes are used when transferring money between banks, particularly for international wire transfers, and also for the exchange of other messages between banks.The Society for Worldwide Interbank Financial Telecommunication (SWIFT) handles the registration of SWIFT codes.
SWIFT code is also called as BIC code, SWIFT ID or ISO 9362.
SWIFT code description:
The SWIFT code is 8 or 11 characters: - e.g. ATBRCA6EXXX
4 letters: Institution Code or bank code. (ATBRCA6EXXX )
2 letters: ISO 3166-1 alpha-2 country code.(ATBRCA6EXXX )
2 letters or digits: location code. (ATBRCA6EXXX )
if the second character is “0?, then it is typically a test BIC as opposed to a BIC used on the live network.
if the second character is “1?, then it denotes a passive participant in the SWIFT network
if the second character is “2?, then it typically indicates a reverse billing BIC, where the recipient pays for the message as opposed to the more usual mode whereby the sender pays for the message.
3 letters or digits: branch code, optional (‘XXX’ for primary office) (TBRCA6EXXX )
Where an 8-digit code is given, it may be assumed that it refers to the primary office.
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| What is BSB Number? |
The Australian BSB (Bank/ State/ Branch) code is a 6-digit code that precedes the actual bank account number which is used to identify individual branch of a financial institution in Australia. The first 3 digits represent the bank institution code, and the last 3 digits represent the actual branch code for the beneficiary account. The BSB code is required for all wires going to Australia.
BSB Number is used in Australian Paper Clearing System (APCS) and Bulk Electronic Clearing System (BECS) payment systems. In APCS payment system, BSB and Account number are used to identify the account to be debited and are printed on the cheque. Meanwhile in BECS system, BSB and account numbers are used when transferring funds via the Direct Entry System.
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