Dero Bank AG SWIFT/BIC code

What VEAKDEMM means for a payment to Dero Bank AG

VEAKDEMM and VEAKDEMMXXX are two ways of writing the same SWIFT/BIC code, and both point to Dero Bank AG in Muenchen. Banks worldwide use BIC codes to direct payments between countries to the right bank. In daily life you mostly come across the code on invoices from abroad, in your banking app and in the bank details of Dero Bank AG customers.

Below we go through the practical side: receiving money at Dero Bank AG, sending money abroad and how to verify a SWIFT code before you hit send. Keep in mind that the SWIFT code only identifies the bank, not the person: the IBAN or account number takes care of that.

The Euro and what conversion costs you

Most accounts at Dero Bank AG are usually held in EUR, the local currency of Germany. A payment in a foreign currency is converted into EUR before it reaches the account. There is rarely a separate line for the conversion.

Where the conversion happens has an effect on the final amount. Sending the amount directly in EUR often prevents a second conversion at the receiving end.

Rates for EUR move during the day – some services let you fix a rate in advance. With bigger transfers, even seemingly small difference in the rate can be worth more than the fee.

Why Dero Bank AG has an 8- and an 11-character code

The layout of a BIC is always the same: four characters for the institution, a two-letter country code and a two-character location code, sometimes followed by a branch code. Combined, these eight characters form VEAKDEMM – the version you usually see online.

XXX at the end of VEAKDEMMXXX does not stand for a placeholder or an error: it stands for the main office of Dero Bank AG. Certain payment forms ask for 11 characters, and then you can enter XXX after VEAKDEMM.

Enter the code as one block, in upper case and without separators. Look out for the letter O and the digit 0 or the letter I and the digit 1; they are easy to mix up.

Head office or branch code at Dero Bank AG?

Dero Bank AG has 2 separate SWIFT/BIC codes across 1 locations. One of them is the head office code; the others identify branches or departments, and sometimes internal departments.

Unless the recipient tells you otherwise, use VEAKDEMMXXX. When you receive a branch code, stick to it instead of swapping it for the head office code.

The best way is to copy the code straight from the account holder’s invoice. Branch codes can change when banks reorganise.

How to check VEAKDEMM before you pay

The most reliable source for a SWIFT code is the recipient’s own bank details. Compare that code against VEAKDEMM on this page.

A wrong SWIFT code may lead to a delay, a returned payment or extra fees for investigation. Do not forget the account number: a mistake there is more difficult to correct than a wrong BIC.

Most online banking apps check the format of IBANs and sometimes look up the BIC automatically. Some banks now compare the name with the account before you confirm. A small test payment is a sensible step for a large first payment.

Incoming international payments to Dero Bank AG

A sender in another country needs several details about your account. That means: your full name exactly as it appears on the account, your IBAN or account number, the BIC VEAKDEMMXXX and usually your address.

Their bank may request the address of your bank; the head office in Muenchen is usually fine. Check every detail before you send them.

Expect that the amount credited is below the amount on the sender’s receipt. Intermediary banks may deduct a fee and your own bank may charge for processing, and if the money is converted, a markup on the rate comes on top. Make clear with the sender who pays which costs before the money is sent.

Sending money abroad from Dero Bank AG

What you pay for an international transfer has more than one component – not just the fee on your screen. On top of a fixed fee, correspondent or intermediary banks may take a cut, and when currencies are converted, the bank usually uses a rate that is less favourable than the real market rate.

Most of the cost usually sits in the exchange rate: many banks convert using an exchange rate that includes a margin. A simple test: set the bank’s rate next to the mid-market rate for the same moment and work out the difference on your amount.

For a lot of currency pairs, a transfer service is less expensive than a traditional bank transfer, mainly because of the exchange rate. Next time you send money, it is worth comparing the total cost via GoldexPay. Using a transfer service does not require closing your account at Dero Bank AG: you simply pay the service from your account.

How long does an international transfer to Dero Bank AG take?

A SWIFT payment typically takes anywhere from one to several business days, depending on the currency, the route and the banks involved. Payments made late in the day or on weekends and holidays often go out a business day later. Occasionally a bank wants to know about the purpose of a payment.

A growing number of banks are connected to SWIFT gpi. Every payment carries a unique transaction reference, the UETR. Save your transfer receipt until the money has arrived.

If a payment has not arrived after a few business days, the person who paid needs to contact the bank that sent it, not the receiving bank. On the receiving end, you can look at your statements for a slightly lower amount.

About this information

The details here are taken from public sources that we update regularly. Institutions reorganise, close branches and change codes, and a directory never catches every change immediately. The number of codes we show are based on what is in our directory.

Use our data as a starting point, not as the last word – the bank details from the recipient are leading. GoldexPay is an independent comparison service for money transfers and not part of Dero Bank AG. Spotted outdated information? Let us know via our contact form and we will look into it.

Protect yourself against fake payment requests

Stay wary when a contact suddenly wants you to send money to a different account abroad. A valid SWIFT code says nothing about whether the request is genuine: scammers use real codes of real banks.

Always confirm changed bank details by phone on a number you know, not one from the message. Be suspicious of urgent requests, unusual wording or a sender address that is slightly off. Acted too fast? Call your bank straight away and have them start a recall.

People receiving money are targeted too: a classic trick is a buyer who pays too much followed by a request to refund the difference. Wait until the money is actually in your account – ask Dero Bank AG if something looks wrong.

Do you need VEAKDEMM for a SEPA transfer?

Inside SEPA, euro transfers to an account in Germany use the same rules. The BIC field is usually optional or missing in that case.

A SWIFT code like VEAKDEMM does matter when the currency is not euros, and for transfers from outside SEPA. If your banking app has a field for the BIC anyway, entering VEAKDEMM is fine.

Instant payments in euros are widely supported within SEPA. Fees for SEPA payments are generally low as long as everything stays in euros.