BSB Number: | 802-159 |
SWIFT/BIC Code: | CUSCAU2S |
Bank Name: | Cuscal Limited |
Financial Institution Code: | CRU |
Branch: | Macquarie Credit Union |
Bank Branch Address: | Post Office Box 1618 |
State: | NSW |
City: | Dubbo |
Payment System*: | PEH |
Active: | Yes |
Use
As said earlier, APCA is responsible for assigning BSB codes in Australian Banking Institutions. These types of codes are required for carrying out numerous payment transactions in Australia. For acquiring success to the many different systems of cheque clearance, a banking institution needs to have its own BSB code or use a intermediary code with a BSB code attached.
Paper transaction handling.
In Australia, cheque transactions are the least popular method of payment with no cash, but it’s the stronger method of payment in terms of value. Both BSB and bank account numbers should be featured by the banking institutions in MICR form to identify the number of the specific bank account that should be credited. An additional use of BSB codes is for deposit transactions and grant of vouchers. APCS or CS1 system is the system responsible for processing paper transactions, which is under the APCA system. Any accounts with no BSB identifier, need to be processed in manual basis.
Electronic transactions
EFT (Electronic Fund Transfers), are the most popular form of payment with no cash in Australia. Any EFT transactions that take place between two or more bank accounts are processed by the Direct Entry system. If this system is used to carry out these transactions, BSB and bank account codes are required for debiting one account and crediting the other. The system that handles electronic transactions is Bulk Electronic Clearing System (BECS), again handled by APCA. In transactions concerning the use of credit/debit cards, there is no requirement for two sided BSBs. The same applies to BPAY transactions as well.
International transactions
For the processing of incoming international transfers, SWIFT codes are required in conjunction with the BBAN (Basic Bank Account Number). Currently, there are no official discussions for the use of IBAN codes for handling international transfers. This is because, such measure should require a series of changes to the databases and digital systems of the banks and banking institutions may need to set a specific length of account numbers, which would include the country’s BBAN standards.