BSB Numbers Explained

What Is a BSB Number?

A Bank State Branch (BSB) number is a six-digit bank identifier code that's divided into three parts in order to identify specific Australian banks, their state of operation, and specific bank branches.

BSB codes are needed for all transfers to Australian bank accounts, whether domestic or inbound international payments. They are always used alongside an individual person's bank account number to identify the exact account into which funds should be deposited. While some smaller banks use one BSB code to represent all bank accounts, most Australian banks have many BSB codes, each representing individual branches.

When you're sending money to Australia from abroad, you'll need to provide the SWIFT/BIC code and the BSB code for your recipient's bank. In addition, you'll also need to provide more specific personal information, such as:

• Your recipient's full name;
• Your recipient's physical address;
• Your recipient's bank account number.

International BSB Transfers: Beware The Hidden Costs

If you're looking for information about BSB codes, you're probably either:

1. sending money domestically within Australia, or
2. sending money to Australia from abroad, or
3. receiving money to your Australian account from abroad.

In the case of the second and third, then you should beware of hidden bank fees for international transfers and consider using a digital provider to save money instead. (On the other hand, in the case of a domestic transfer, then you need only make a transfer like normal.) To see why we recommend most people avoid the bank for international money transfers, select the link below that applies to your situation:

Case 1: Sending Money in Australia

If you're sending money domestically within Australia from a local bank account to another, then all you'll need to make a transfer is your beneficiary's BSB code, account number, and personal details (e.g. full name and address). It's as simple as that!

However, if you ever happen to make or receive international payments, then you may be interested to know that you could save a lot of money by choosing the right transfer service. Read on to learn more about how to send and receive money to and from Australia.

Case 2: Sending Money to Australia

If you're sending money internationally to an Australian bank account from overseas through your local bank, the transaction will likely be much pricier than it ought to be. —

This is because fixed international bank transfer fees, bad exchange rates, and correspondent banking fees can stack up very quickly. At Monito, we analyzed the cost of sending money with around 50 major banks in eight countries around the world, and we can confidently say that we don't recommend using your bank to send money to Australia.

Additionally, bank transfers via the SWIFT network tend to take quite long (between one and five business days on average), meaning they're not a good option if you want to make a speedy transfer.

Fortunately for you, much smarter alternatives exist. Using a digital money transfer provider, not only could you up to 95% in fees compared to the bank, but you'll also be able to send money more quickly to your beneficiary's account. Compare now on Monito's real-time comparison engine to find the cheapest way to send to any bank account in Australia:

Case 3: Receiving Money From Abroad

Are you expecting a transfer from abroad and is the sender asking you to provide BSB code for your Australian bank account? Then you're likely going to receive less than you should because of the high international bank transfer fees and bad exchange rates that are usually applied by the senders' bank.

For example, a typical foreign bank will charge between 5% and 10% in total fees for sending $1,000 equivalent to Australia. With costs like this, you'd easily receive $50 to $100 less per $1,000 sent than you would've had transferred at the real, mid-market exchange rate.

Luckily, a much better alternative exists to save money when receiving money in Australia from abroad. It's called the Wise Account and it's available for both individuals and businesses. Using a Wise Account (available in Australia), you'll get local bank account details for 10 different currencies. What's more, you'll be able to send, hold, spend, and receive Aussie dollars and other foreign currency at the mid-market exchange rate with low, transparent fees. This means you'll be able to use Wise to receive money like a local in Australia (and other countries), making it an excellent online account for this purpose.