What Is a BSB Code and Where to Find It?
BSB codes are primarily used in Australia to transfer money to a bank account. In this article, we will tell you more about BSB codes and where to find them.
If you’re a citizen or resident of Australia, you may have encountered BSB codes. These are six-digit numbers that are used to identify Australian banks and bank branches.
You should be familiar with BSB codes if you are sending or receiving transactions to or from an Australian bank account. For example, if you are arranging salary payments with an employer or transacting with friends and family, you might need to use a BSB code if any party involved in the transaction is based in Australia.
Here’s what you should know about BSB codes.
What does BSB stand for?
“BSB” stands for “bank state branch.” This means that BSB codes identify particular banks as well as specific bank branches in various Australian states.
BSB codes do not identify individual bank accounts — only banks and branches.
What does a BSB code look like?
A BSB code is made up of six digits in the format AAB-CCC.
- Digits 1-2 (AA) represent the name of a bank or financial institution
- Digit 3 (B) represents the state that the bank branch is located in
- Digits 4-6 (CCC) represent the bank branch’s address
For example, one of Bank Australia’s branches has the code 313-000. The digits “31” indicate that this branch is part of Bank Australia, and all other Bank Australia branches share these first two digits. The next “3” means that the branch is in the state of Victoria. Finally, “000” distinguishes the branch from Bank Australia’s other branches.
Some banks are “branchless” and use the same BSB code in all cases, meaning that the last three digits may be the same no matter which bank branch you use.
Where can you find your BSB code?
If you have an online bank account, you may be able to find your BSB code in your online account or on your last bank statement. A bank agent may help you find the code.
You can also look up valid BSB codes online. By visiting bsb.auspaynet.com.au, you can enter a six-digit BSB code or look up a bank name to retrieve details.
Because BSB codes identify banks, and not individual accounts, you do not need to provide personal information to find a BSB code. Knowledge of a bank’s location is sufficient to find its BSB code.
What will I need to send money to a bank account in Australia?
To make bank transfers in Australia, you will need a BSB code and a bank account number.
BSB codes only identify banks and bank branches, whereas a bank account number identifies the particular bank account of you or your transaction partner.
If you are sending money to an Australian bank account, you will need to obtain the bank account number of the transaction recipient. (Or, if you are receiving money in Australia, you will need to provide your own bank account number to the sender.)
Is a BSB code the same as an IBAN?
BSB codes are not the same as IBANs (International Bank Account Numbers). IBANs are typically used by bank branches in Europe and certain other areas.
However, BSB codes are sometimes formatted in a way that resembles an IBAN in order to allow compatibility between the two different systems.
In some cases, you can provide your Australian BSB code followed by your account number. This creates a number that is functionally equivalent to an IBAN code.
It is usually only necessary to do this if your payment service provider advises you to do so.
Is a BSB code the same as a sort code?
BSB codes are not the same as sort codes used by other countries, but they provide a similar function and are in some ways equivalent.
Sort codes are used in the UK to transfer money between UK bank accounts. These codes, like BSB codes, are six digits long and identify banks and bank branches.
However, the contents of these two codes are different. Sort code numbers represent UK banks rather than Australian banks. If you attempt to use these codes interchangeably, you will identify an entirely wrong bank and bank branch.
How do I transfer money with a BSB code number?
If you are transferring money to an Australian resident or business by using a BSB code, you may also need to provide several pieces of information, including
- The name of the receiving bank branch
- The bank’s full address
- The bank’s international SWIFT code
- The destination bank’s BSB code
- The recipient’s bank account number
You must provide this and other information when prompted during a transfer. If both parties are based in Australia, it may be possible to transact with less information.
Otherwise, if you are a resident of Australia and you are requesting a transfer from outside of the country, you should provide the sender with the above information.
Is there another way to send money to Australia?
Yes, there are ways to send money to Australia without a bank account.
With a multi-currency account from Payset, you can send money around the world rapidly and at affordable rates. Payset serves customers both inside and outside of Australia. We support the Australian dollar (AUD) via SWIFT, meaning that customers both can send and receive the asset.
Payset offers support for sending 34 currencies, serves customers in over 180+ countries, and provides tailored outgoing transaction fees beginning at 0.45%. Plus, receiving money is always free – and so is sending money to another user on the Payset network.
To sign up, click below:
Frequently asked questions
What is a multi-currency account/virtual IBAN?
A Payset multi-currency account allows you to receive money in 34 different currencies and send money in up to 38 currencies, all within the same account.
You can deposit and withdraw funds, convert currencies at competitive exchange rates, and hold your chosen currencies to capitalize on market movements.
A Payset multi-currency account allows startups and business owners to receive payments from clients virtually anywhere in the world and pay suppliers, staff, and contractors quickly and affordably in their chosen currency.
- Funds can be deposited and withdrawn from the account for a small fee.
- Account holders can send and receive money with other Payset users for free.
- Depending on your region, you can use various payment networks from your Payset account, including SWIFT, SEPA, ACH, Fedwire, Faster Payments, BACS, and CHAPS.
- Once you register an account, you will be provided with a Virtual IBAN (International Bank Account Number), which makes all of these transfers easy.
- We provide you with local payments and collections. For example, transactions in USD, EUR, CAD, and GBP are processed through the local payment networks, which is far cheaper and takes minutes as opposed to days
Are there limits on the amount of money I can send and receive?
No, there are no transaction limits on Payset multi-currency accounts.
However, higher-volume transactions may require additional anti-fraud verification. If you plan to make a large transaction, contact us in advance to avoid verification delays.
How is Payset regulated?
Payset is regulated as an authorized Electronic Money Institution by the UK Financial Conduct Authority. Our activities are also regulated by the Payment Services Regulation 2017 and the Electronic Money Regulation 2011 (SI 2011/99).
How do I add money to my account?
How do I send money from my account?
Once you have opened your verified IBAN account and added money to a balance, transferring funds is simple.
Simply log in into your account and add a beneficiary, then simply “make a transfer” in your preferred currency to that beneficiary.
Information contained in this publication is provided for general education and information purposes only and should not be construed as legal, tax, investment or other professional advice or recommendation, or an offer of, or solicitation for, any transactions or any other actions (or refraining therefrom); This material has been prepared without taking into account any particular recipient’s financial objectives or situation. We make no warranty, guarantee or representation, whether express or implied, as to the completeness or accuracy of the information contained herein or fitness thereof for a particular purpose; Use of images and symbols is made for illustrative purposes only and does not constitute a recommendation or advice to take or refraining from any action; Use of brand logos does not necessarily imply a contractual relationship between us and the entities owning the logos, nor does it represent an endorsement of any such entity by Pay Set Limited, or vice versa; Market information is made available to you only as a service, and we do not endorse or approve it; Any reference to past performance, predicted returns, or likelihood performance scenarios may not reflect actual future performance and certainly do not guarantee future outcomes.
