Australia has a lot of different banks, with each bank having many branches across the country. When making any transaction from one bank or branch to the next, you will encounter the term BSB. For instance, when you need to transfer funds to anybody, or someone needs to transfer money to your Australian bank account, you will be asked to provide the BSB.
What is a BSB?
This stands for bank-state-branch. It is a code which is composed of six digits that serves as a bank and branch identifier across Australia.
What is a BSB? This stands for bank-state-branch. It is a code which is composed of six digits that serves as a bank and branch identifier across Australia. It indicates the bank, branch, and state where you opened your account. It is usually used together with the account number system by every bank or financial institution. Also, BSB is used to process both paper and electronic transactions.
The Australian Payments Clearing Association (APCA) is the regulatory body that allocates BSB codes. A bank code is assigned to a financial institution, while the latter follows the APCA guidelines and assigns the other figures to its branches to complete the BSB code.
Where can you find your BSB? Look at your electronic or printed statement. At the top portion, you will see the six-digit BSB enclosed in brackets. It is located above the account number.
BSB plays an important role in many bank transactions, and this is only one of the many things to consider when it comes to Australian bank accounts. Are you planning to open a bank account? With so many options available, you can narrow down your selection through bank account comparison. Here are some things to take into account:
- Compare the features and other offerings of accounts from several banks. Consider the bank’s transaction fees, ease of banking, as well as customer service.
- Australian bank interest rates are another aspect to consider. Look for competitive interest rates so you can grow your money and make it work for you. In the long run, you’ll notice bigger returns just by opening an account with a higher interest rate.
- Seek advice. You can always ask questions from bank personnel so you can be guided on what you need to know about bank accounts. Family and friends can likewise give you feedback on their experiences with their respective banks.
Do you know other things worth-considering about BSB and bank account comparison? Share your ideas in the comments section.