Leipziger Volksbank EG SWIFT/BIC code

Leipziger Volksbank EG SWIFT code: GENODEF1

The 8-character code GENODEF1 and the full code GENODEF1LVY identify one and the same institution: Leipziger Volksbank EG, with its head office in Borna. Every bank on the SWIFT network uses these codes to route international transfers to the right bank. You will need it mainly for payments that cross a border or a currency.

On this page you will find what the code means, when you need it and what else you need for a transfer to or from Leipziger Volksbank EG. Remember that the BIC just identifies the bank, not the account: the IBAN or account number takes care of that.

A note on our data

The directory on GoldexPay is based on public sources and we update it periodically. Even so, banks merge or change codes. Figures such as the number of codes come from our own dataset.

Use this page as a reference, not as the final word. GoldexPay is a comparison service and not affiliated with Leipziger Volksbank EG. Found an error? Tell us via our contact form and we will look into it.

GENODEF1 or GENODEF1LVY – which one to use?

The layout of every SWIFT code is always the same: a bank code of four letters, a two-letter country code and two for the location, sometimes followed by a branch code. Together, these eight characters form GENODEF1, the code most people search for.

XXX at the end of GENODEF1LVY does not stand for a placeholder or an error: it indicates the main office of Leipziger Volksbank EG. Certain payment forms ask for 11 characters, in which case you can add XXX after GENODEF1.

In practice the code is typed in capitals, without spaces or dashes. Pasting the code beats retyping it.

Transfer times and tracking a payment to Leipziger Volksbank EG

How quickly a payment arrives at Leipziger Volksbank EG is determined by several factors: which currency you send, how many intermediary banks are involved, daily processing deadlines and time zones. Payments made after the cut-off time or on weekends and holidays usually start the next business day. Extra checks by one of the banks can also cause a delay, even when all details are correct.

When a payment takes longer than expected, ask your bank about the status and the transaction reference so they can trace it along the chain. Money transfer services usually show tracking online so you can see where the payment has got.

Only the sending bank is able to request a trace; the receiving side usually has nothing to trace yet. On the receiving end, you can look at your account for a partial amount because fees can reduce the amount.

Leipziger Volksbank EG: head office code versus branch codes

Leipziger Volksbank EG uses 2 different SWIFT/BIC codes. Only one is the head office code; the rest belong to branches or departments, and sometimes specific services.

For the vast majority of payments to a private or business account, the head office code GENODEF1LVY is what you need. When you receive a branch code, use it as it is rather than replacing it for the head office code.

If you are not sure, check with the recipient for the exact BIC in their bank details. Codes are sometimes changed or retired when banks reorganise, so a code from an old document is not always valid.

Paying someone abroad from your Leipziger Volksbank EG account

If you send money to another country from Leipziger Volksbank EG, the fee you see is rarely all of the cost. On top of the transfer fee, correspondent or intermediary banks can take a cut, and when the money changes currency, the bank often uses a rate that is less favourable than the actual market rate.

The markup on the rate is often the biggest cost, and it is easy to miss. A simple test: set the bank’s rate next to the mid-market rate and work out the difference on your amount.

For many routes, a transfer service turns out to be cheaper than a traditional bank transfer, mainly because of the exchange rate. Next time you send money, take a minute comparing the total cost on GoldexPay. Using a transfer service does not mean leaving Leipziger Volksbank EG.

The Euro and what conversion costs you

Accounts at Leipziger Volksbank EG are usually held in EUR, the national currency. A payment in a foreign currency is exchanged into EUR on its way to Leipziger Volksbank EG, and whoever converts it chooses the rate. You rarely see a separate line for the conversion.

Which bank converts the money matters: every bank has its own margin. Sending the money already in EUR usually prevents a second conversion – as long as your own rate is good.

Exchange rates move during the day. On larger amounts, a seemingly small gap in the rate adds up quickly.

Euro transfers to Leipziger Volksbank EG: is a BIC needed?

Inside SEPA, euro payments to Leipziger Volksbank EG follow the same rules, so the IBAN does the job in most cases. A field for the BIC is usually optional or missing in that case.

You still need GENODEF1LVY for payments in other currencies or money from outside the SEPA area. If a payment form asks for the BIC regardless, entering GENODEF1 is fine.

Instant euro transfers have become increasingly supported within SEPA; check with Leipziger Volksbank EG whether it applies to your account. Provided no currency is converted, the transfer tends to be cheap.

Scams that use SWIFT codes

One of the most common tricks goes like this: an email arrives with a message claiming that a contact has a new bank account. The fact that GENODEF1 exists is no guarantee that the account is legitimate – fraudsters use real bank codes as well.

Do not trust contact details from the same email that contains the change. Pressure and requests to keep it quiet are red flags – a real supplier can wait a day. When a payment has already gone to a fraudster, call your bank right away: the sooner they act, the better the chance of a recall.

Fraud also target the receiver. Someone claims to have sent too much and asks you to refund the difference via a different route. Do not act before the money is actually in your account and check with Leipziger Volksbank EG if anything seems off.

Receiving money from abroad at Leipziger Volksbank EG

Someone abroad who wants to pay you will ask for a few details from you – incomplete details often cause delays. In practice that means: your full name as registered with Leipziger Volksbank EG, your account number or IBAN, the BIC GENODEF1LVY (or GENODEF1) and sometimes your address.

Certain banks also ask for the address of Leipziger Volksbank EG. A typo in the IBAN can be harder to fix than you might think, so copy the details from your online banking.

The amount you receive can be lower than what was sent. Intermediary banks may deduct a fee, and if the money is converted, an exchange rate margin applies. For business payments, you can state who bears the costs to avoid a shortfall.

Is GENODEF1 still correct? How to check

The safest source for a SWIFT code is the recipient’s own bank details: an invoice, a bank statement or their online banking. Compare that code with GENODEF1 on this page and ask if anything does not match.

Errors in the BIC tend to be annoying more than disastrous: often the payment comes back, minus fees. An error in the account number is more serious.

A format check by your bank only confirms that the code is valid, not that it is the right account. More and more banks check the payee name with the account – do not ignore a mismatch warning. Sending a small amount first is worth it for large sums.