A BSB code (Bank State Branch code) is a six-digit number used in Australia to identify individual bank branches for the purpose of transferring funds. The BSB code helps facilitate the routing of money within the country. Here's a breakdown of the BSB code structure:
First two digits: Indicate the bank or financial institution.
Third digit: Represents the state where the branch is located.
Last three digits: Specify the individual branch or office.
For example, a BSB code like 062-123 would be broken down as:
06: Indicates the bank (e.g., Commonwealth Bank of Australia).
2: Represents the state (e.g., New South Wales).
123: Specifies the particular branch.