What is a BSB in Australia?

What does BSB mean in Australia?

In Australia, the term BSB stands for Bank State Branch code. It is a six-digit numerical code that identifies both the bank and the branch where an account is held. The first two digits represent the bank itself, while the next four digits specify the exact branch location. This system is used across all banks in Australia to streamline the process of identifying where bank accounts are held, making it an essential part of the banking infrastructure.

BSB codes are used primarily for direct deposits, electronic funds transfers, and when setting up automatic bill payments. They ensure that money is accurately routed to and from bank accounts without confusion, especially when the same bank may have multiple branches across different states.

When making a bank transfer or filling your bank details into a form when you get a job, both the BSB and the account number are required to identify the target account successfully. In recent times, however, PayID is often used in place of the older BSB & Account Number method to send a transfer.

What is the equivalent to BSB in Latin America?

The direct equivalent to an BSB in most other Latin American countries is usually part of the longer account number, not a seperate code. Specifically, in the following LATAM countries they use:

• 🇨🇴 Colombia: In Colombia, the equivalent is not a separate code but rather part of the overall account number structure, which includes details that identify the bank and branch.

• 🇦🇷 Argentina: Argentina uses a similar system known as the CBU (Clave Bancaria Uniforme). It’s a 22-digit number that includes the bank and branch codes, plus an account number and a verifying digit.

• 🇨🇱 Chile: In Chile, the bank identification is handled through a combination of the bank’s RUT number and account number, rather than a separate branch code. Each bank’s RUT number identifies it uniquely.

• 🇧🇷 Brazil: Brazil uses the “Código do Banco” for the bank code combined with the “Agência” number for branch identification. Each bank has its specific code, and each branch of the bank has its own agency number.

• 🇲🇽 Mexico: Mexico utilizes the CLABE (Clave Bancaria Estandarizada), a standardized 18-digit banking code that includes information on the bank, branch, and account number.

How is BSB normally used in conversation?

Here are some examples of how BSB is used on a day-to-day basis in Australia:

When filling out your employment form, make sure to include both your BSB and account number or you might not get paid.

Send me your BSB and account number and I’ll transfer you the money for the concert tickets.