Banking

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CA Jasbir Singh

CA Jasbir Singh (Querist)
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15 June 2012 what is bsb code of bank
is swift code is bsb code ?

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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15 June 2012 A Bank State Branch (often abbreviated and used in conversation as "BSB") is the name used in Australia and New Zealand for a bank code, which is a branch identifier. Both countries use an identifier consisting of a six digit numerical code that identifies an individual branch of an Australian and New Zealand financial institution. The BSB is normally used in association with the bank account number. However, the New Zealand and Australian systems are incompatible. For international transfers a SWIFT identifier is used in addition to the BSB identifier and a bank account number.

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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15 June 2012 Must read:

https://en.wikipedia.org/wiki/Bank_code

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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15 June 2012 on the other hand SWIFT CODE is:

society for worldwide inter banking fund transfer mechanism.

SWIFT Codes are used for transferring money and messages between banks.
SWIFT Code is 8 or 11 characters for a bank. If SWIFT Code is 8 character code then it points to the primary branch/office

First 4 characters represents bank code.
Next 2 characters represents ISO 3166-1 alpha-2 country code.
Next 2 characters represents location code. (letters and digits) (passive participant will have "1" in the second character)
Last 3 characters represents branch code. These characters are optional. ('XXX' for primary office)

CA Jasbir Singh

CA Jasbir Singh (Querist)
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20 June 2012 thanx ramesh sir

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