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BSB is a six-digit code used in Australia and New Zealand to identify bank branches for electronic funds transfers and check clearing. The code includes the parent company’s identification, state, and specific branch location. Credit unions and building societies may not use BSBs, and overseas transfers may take several days and incur additional fees.
State Bank Branch (BSB) is a unique identification code used in Australia and New Zealand to record bank branch location information in a standardized manner. This bank code is used for activities such as electronic funds transfers and check clearing to facilitate fast and accurate communication of information about banks involved in the transaction. People can find the bank’s state branch on statements and other documents provided by their banks, and they can also ask bank staff for help locating it if they have problems.
The code contains six digits. The first two digits encode the identification of the parent company. A single digit after the first two denotes the state where a branch is located, and the last three digits correspond to a specific branch location. These codes are widely used by banks, although credit unions and building societies may not use state bank branches because they are structured differently from conventional banks.
When a bank is sold or transferred, the state branch of the bank may remain the same so that customer service is not interrupted, creating situations where the parent bank code is actually incorrect. However, the information associated with the number in the system will be accurate, ensuring that electronic banking activity, such as a wire transfer to or from someone’s bank account, is recorded correctly.
Whenever people who bank in Australia and New Zealand fill out direct deposit or electronic funds transfer documents, they will need the state branch of the bank, as well as their own account number. If people can’t locate the code, they can call the bank to get it. Building society and credit union customers may be advised that a state bank branch is not available to the institution they use, as such facilities are primarily oriented to local banking and may not have applied for and received a code.
People outside of Australia wishing to transfer funds to or from a bank will need information on the state bank branch. The bank outside of Australia must have a routing code or similar identification number that can be used to make the transfer. Overseas transfers can take anywhere from three to five days to take effect, depending on the banks involved, and transfers that require conversion between currencies can come with additional fees, which are typically passed on to the bank’s customer, rather than being absorbed by the bank.
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