What is a BSB number in Australia?

BSB number stands for Bank State Branch number. This number is used for domestic payments in Australian banks and incoming international payments. With a BSB number, you can make sure your money reaches the right destination.

This article will answer the question: “What is a BSB number in Australia?” and tell you how to find BSB number. BSB number will help ensure that your next international or domestic money transfer goes smoothly.

What is a BSB number?

If you’re living in Australia and receiving an incoming payment, you need to give your sender your BSB (Bank State Branch) number. Similarly, if you’re sending a payment to Australia, you need to know your beneficiary BSB number in Australia.

A BSB number is used for directing domestic payments within Australia to reach the right bank accounts. It helps to reach the exact bank, state and branch for the required account.

What is a BSB number in Australia?

Basically, this function is quite similar to SWIFT/BIC codes for some international payments.

With a BSB code provided, you should double check the other details to make sure the information matches up.

Your BSB can also be used to create an IBAN. Although IBAN isn’t used in Australia, some international banks will require an IBAN to permit an international payment to be processed.

You need to know that some banks use a single BSB for all accounts, while others have a different number assigned to every branch.

To stay organized, BSB codes apply a standardized format to communicate the detailed information that banks require to have.

Let take 112-333 as an example for a 6-digit BSB number:

BSB numbers consist of 3 key pieces of information. You’ll find 6 numbers in a BSB code:

11: This represents the bank.

2: This represents the state that your local bank branch is in.

333: This represents the specific branch.

Combined with your account number, this code helps banks to process everything they need to find your account for some transfer.

The Australian Payments Network is in charge of making sure all branches and banks have a unified system of identification. They act as a custodian and supplier of BSB numbers.

In general, each branch has its own BSB number, so you need to look it up on correspondence from your bank, via your online banking, or by some tools.

How to find your BSB number?

If you want to look for your BSB number because you are planning to receive a transfer from overseas, BSB numbers can be found in several ways.

If you want to transfer money to a bank in Australia, the fastest way to find a BSB number is to look on the bank’s website. All of BSB codes should be often included along with a branch.

Also, you can use a BSB finder tool available online by searching on Google.

Or you can find the BSB code you need by logging on to your bank account online. Most of the time, this number is located with your individual account number.

You can find it via the statements or other correspondence given by your bank.

In addition to the above-mentioned ways, if you’re unsure, you can call your bank staff to ask for your BSB number. For most banks, this request is an easy task to find your BSB number for money transfers.

In summary, you can search online, check online accounts, recent banking statements, or give your local branch a call to ask for a BSB number.

When you’re sending money, it’s very important to double-check to get the right BSB code. If not, your money can go astray. If there is any doubt, check with the bank for sure.

A comparison between BSB number, account number and SWIFT/BIC

The main difference between BSB number and account number is that your account number is unique to your account. Meanwhile, the BSB number directs your payment to the exact branch. Both numbers provide banks with the information necessary for transferring your funds correctly.

Similarly, you can wonder whether a BSB number or SWIFT/BIC is the same. Both BSB and SWIFT/BIC reach the same goal: to determine where you are transferring money to.

However, they are not the same. The biggest difference between BSB and SWIFT/BIC is that BSB numbers are also used for domestic purposes, while SWIFT/BIC codes are an international network only. For overseas money transfers, both a BSB code and a SWIFT/BIC code are applied.

More about DNBC Financial Group

DNBC Financial Group is a financial institution in the Fintech industry, supplying money payment solutions all around the world, especially for online accounts for business and personal purposes.

DNBC Financial Group can be an optimal solution for incoming & outgoing transfers in Australia.

DNBC Financial Group has become a trustworthy payment provider in the world since 2017 with payment solutions at reasonable fee and favorable exchange rate.