Ministry of Finance, Federal State of Saxony-Anhalt SWIFT/BIC code

SWIFT/BIC code of Ministry of Finance, Federal State of Saxony-Anhalt

The 8-character code MFFSDE81 and the full code MFFSDE81XXX identify one and the same institution: Ministry of Finance, Federal State of Saxony-Anhalt in Magdeburg, Germany. A SWIFT code shows every bank in the chain exactly which bank is meant to get the money. It comes up mainly for payments that cross a border or a currency.

On this page you will find how the code is put together, when it matters and which other details you need for a transfer to or from Ministry of Finance, Federal State of Saxony-Anhalt. A SWIFT code identifies a bank or branch, never a specific account, which is why you always need the account number too.

When will the money arrive at Ministry of Finance, Federal State of Saxony-Anhalt?

There is no fixed delivery time for every transfer: some arrive within a day, others take several business days. Transfers sent after the cut-off time or on a weekend or public holiday often go out a business day later. Occasionally a bank asks what the payment is for.

Many banks are connected to SWIFT gpi, which lets them follow a payment from bank to bank. Each gpi transfer carries a unique reference, the UETR, which your bank can use to see where the money is. Save the payment confirmation until the recipient confirms.

Only the sending bank is able to request a trace. On the receiving end, it helps to look at your statements to see a slightly lower amount.

Where our SWIFT data comes from

The codes here come from public sources that we update regularly. Even so, banks merge, rename themselves or retire codes. Counts and locations come from our own dataset and are not confirmed by Ministry of Finance, Federal State of Saxony-Anhalt.

Treat our data as a reference, rather than as the final word: the recipient’s bank details come first. We are an independent comparison service and not part of Ministry of Finance, Federal State of Saxony-Anhalt. If you notice something that is out of date, we welcome a short note via the contact page.

Do you need MFFSDE81 for a SEPA transfer?

Germany is a member of the SEPA area. When you send euros within SEPA, the IBAN is usually enough.

You still need MFFSDE81XXX for payments in other currencies or transfers from countries outside SEPA. Some forms also ask for the BIC out of habit; in that case, fill in MFFSDE81 or MFFSDE81XXX.

Euro payments within SEPA normally land by the next business day, and instant transfers in seconds where both banks support them. Provided the payment stays in euros, a SEPA transfer tends to be inexpensive.

Sending money abroad from Ministry of Finance, Federal State of Saxony-Anhalt

What you pay for an international transfer has several parts – not just the fee on your screen. Besides the transfer 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.

The markup on the rate is often the largest item because it is hidden in the rate. Compare their rate against the mid-market rate – the rate you find on financial news sites; the gap is what conversion costs you.

For many routes, a specialist provider turns out to be less expensive than a bank. GoldexPay compares transfer providers next to each other so you can see what actually arrives. You can always use your account at Ministry of Finance, Federal State of Saxony-Anhalt; only the conversion and sending happen elsewhere.

Receiving money from abroad at Ministry of Finance, Federal State of Saxony-Anhalt

For an international payment into your account at Ministry of Finance, Federal State of Saxony-Anhalt, the person paying you has to have more than the BIC. In practice that means: your name as registered with Ministry of Finance, Federal State of Saxony-Anhalt, your IBAN or account number, the BIC MFFSDE81XXX and sometimes your address.

Some banks want the address of Ministry of Finance, Federal State of Saxony-Anhalt in Magdeburg, so keep it at hand. Double-check each detail before you share them, because the sender’s bank usually copies them as is.

An incoming payment will not always land for the full amount. Correspondent banks can take a fee, Ministry of Finance, Federal State of Saxony-Anhalt may charge for incoming payments, and if the currency changes, a markup on the rate applies. Make clear with the sender who pays which costs, especially for larger amounts.

Head office or branch code at Ministry of Finance, Federal State of Saxony-Anhalt?

Ministry of Finance, Federal State of Saxony-Anhalt uses 2 different SWIFT/BIC codes. Only one is the head office code; the rest identify branches, and sometimes specific services.

For most incoming transfers, the head office code MFFSDE81XXX works fine. If you have been given a branch code, use it as it is rather than swapping it with the head office code.

The safest approach is to copy the code directly from the account holder’s bank details. Branch codes can change over time.

Changed bank details? Be careful

Fraudsters often send payment requests with new bank details sent from what looks like a familiar address. That MFFSDE81 is a real code is no guarantee that a request mentioning it is genuine.

Never trust a phone number in the same message that announces the new account. Pressure and requests to keep it quiet are warning signs; a genuine business can wait for you to check. Already paid? Contact the bank you paid from straight away and ask them to try to recall the payment and report the fraud.

People receiving money can be targeted as well: a classic trick is an overpayment followed by a request to send back the difference to another account. Do not act before the money has really arrived.

Verifying the SWIFT code of Ministry of Finance, Federal State of Saxony-Anhalt

Have the recipient copy their bank details straight from their online banking. When the code you were given differs from MFFSDE81 or MFFSDE81XXX, stop and ask: check with the recipient or with Ministry of Finance, Federal State of Saxony-Anhalt directly.

A wrong SWIFT code may lead to delays, a payment being sent back or extra fees along the way. Do not forget the IBAN: a mistake there is harder to undo than a wrong BIC.

Most online banking apps validate the format of IBANs and sometimes look up the BIC automatically. Where available, a payee name check before sending adds an extra layer of safety. When you pay someone new, some people send a small test amount before sending the rest.

Paying into Ministry of Finance, Federal State of Saxony-Anhalt in EUR

Germany pays in the Euro (EUR). If you send money in a different currency, the amount gets converted somewhere along the way – by your bank, by Ministry of Finance, Federal State of Saxony-Anhalt or by a bank in between. Each conversion eats into the amount.

Where the conversion happens affects the final amount, as rates and margins differ per bank. Sending the amount already in EUR often avoids an extra conversion at the receiving end – as long as your own rate is good.

Rates for EUR move all the time – some services let you fix a rate in advance. With bigger transfers, even seemingly small gap in the rate adds up quickly.

Why Ministry of Finance, Federal State of Saxony-Anhalt has an 8- and an 11-character code

Each SWIFT/BIC code has the same eight core characters: a four-letter bank code, a two-letter country code and two characters for the location. That gives you MFFSDE81, the short form of the code.

XXX at the end of MFFSDE81XXX is not a missing value or a mistake: it indicates the head office of Ministry of Finance, Federal State of Saxony-Anhalt. Some forms insist on 11 characters, in which case you simply add XXX after MFFSDE81.

Enter the code as one block, in capitals and without separators, exactly as shown here. Watch for O versus 0 or the letter I and the digit 1, a common source of typos.