What Is A BSB And How To Find One

What is a BSB? how to find one.

Whether you are planning to move to Australia, or have already moved there, BSB codes are almost certainly on your radar. These play an integral role in money transfers within the country, so it is important for newcomers to Australia to be aware of how BSB codes work and when they are required.

We know that adjusting to a new country and a new way of life can be difficult. That’s why things have been kept simple with this BSB code guide, to help you get to grips with making and receiving money transfers in Australia.

What is actually a BSB code?

BSB stands for ‘Bank State Branch’. So, as you can imagine, the BSB code identifies which Australian bank you have an account with and which particular branch of that bank is associated with your account.

Each BSB code consists of six numbers, often presented with a dash in the middle. A typical BSB code would look like this: 673-876.

The first two digits identify the bank itself, for example Westpac or NAB. The third digit identifies the state where your branch is located, for example Queensland or New South Wales. Finally, the remaining three digits refer to the address of the branch itself.

BSB codes are a vital component of the Australian financial system as they are used in conjunction with account numbers to properly direct money transfers between accounts.

Also See:

How to Open A Bank Account in the United States 

The Best Banks for Non-Residents in the US

The 10 UK Universities that Accepts the Most International Students 

How To Get An ITIN: Step by Step Guide

How to Make Budget In 4 Steps

Please note that some Australian banks provide the same universal BSB code to all their customers, no matter which branch was used to open a particular account. For example, the universal BSB code for all Bank of Queensland accounts is 124-001.

Why do I need a BSB code?

Knowing your BSB code is vital because you will not be able to receive money in your bank account without it. If someone you know wants to send you funds or if you want to receive your salary from an employer, you will need to provide them with both your account number and your BSB code. You’ll also need your recipient’s account number and BSB code when sending money to another Australian bank account.

Another scenario that requires the BSB code is when creating a Direct Debit, which is a convenient way to stay on top of bills and other regular payments. Let’s say you want to let a utility company automatically take the amount it owes you each month or quarter. You can set up Direct Debit by giving them your account number and BSB code, and then rest easy knowing you’ll never miss a payment.
How do I find my BSB code?
Finding your BSB code is easy. You can:

Sign in to your bank account, either through the bank’s website or mobile app , and look for the BSB code in your account details.
Look for the BSB code on your latest bank statement
Find the bank branch where you opened your account using the branch locator tool on the bank’s website; the BSB code must appear next to the address.

For more job updates and recommendations, visit mextechy.com.ng