Ostharzer Volksbank EG SWIFT/BIC code

Ostharzer Volksbank EG SWIFT code: GENODEF1

GENODEF1 and GENODEF1QLY are two ways of writing the same SWIFT/BIC code, and both lead to Ostharzer Volksbank EG in Aschersleben. Every bank on the SWIFT network uses these codes to route international transfers to the correct bank. In practice you usually come across the code on invoices from abroad, in your banking app and in the bank details that Ostharzer Volksbank EG provides.

This page is meant to help anyone who sends money to an account at Ostharzer Volksbank EG. A SWIFT code names a bank or branch, never a single account; the IBAN or account number does that.

Ostharzer Volksbank EG: head office code versus branch codes

Ostharzer Volksbank EG uses 2 different SWIFT/BIC codes across 2 cities. One of them is the head office code, GENODEF1QLY; the others belong to branches or departments.

Unless the recipient tells you otherwise, use GENODEF1QLY. A branch code only makes sense if the account holder specifically mentions it.

The best way is to copy the code directly from the recipient’s invoice. Branch codes are more likely to change than the head office code when a bank merges or closes offices.

Is GENODEF1 still correct? How to check

Have the recipient copy their bank details directly from their banking app. Compare it with GENODEF1 here and ask if anything does not match.

Mistakes in the SWIFT code tend to be costly more than fatal: often the payment comes back, minus fees. A mistake in the IBAN or account number is a bigger problem, because the money may be credited to someone else, so check that just as carefully.

Most online banking apps validate the structure of IBANs and some suggest the matching BIC – that confirms the format, not the owner. Some banks now compare the name with the account before you confirm. A small test payment is a sensible step for large sums.

What a transfer from Ostharzer Volksbank EG abroad really costs

What you pay for an international transfer is made up of more than one component – not just the fee on your screen. There is the transfer fee, possibly charges from correspondent banks along the way and, above all, the margin on the exchange rate when the money is converted.

Banks rarely list the margin on the rate as a cost – you only notice it if you compare. An easy check: set the rate you get next to the mid-market rate and work out the difference on your amount.

For a lot of currency pairs, a specialist provider turns out to be cheaper than a bank, mainly because of the exchange rate. Before your next transfer, take a minute comparing the total cost via GoldexPay. You can still keep your account at Ostharzer Volksbank EG to fund the transfer, while a cheaper service handles the conversion.

Euro (EUR) and conversion costs

The currency of Germany is the Euro (EUR). If you send money in a different currency, the amount gets converted at some point. There is rarely a separate charge for the conversion; it is built into the rate.

Which bank converts the money matters: every bank has its own margin. In many cases you pay less to send EUR directly via a transfer service that converts near the mid-market rate rather than letting the receiving bank convert.

The EUR rate changes constantly, so the amount you see is usually only valid for a short time. On larger amounts, a seemingly small gap in the rate can be worth more than the fee.

Incoming international payments to Ostharzer Volksbank EG

A sender in another country needs several details from you – incomplete details often cause delays. Give them your name as the bank knows it, the IBAN or account number, SWIFT code GENODEF1QLY and your address.

The sender’s bank might request the address of your bank, in which case the Aschersleben head office is the usual answer. A mistake in the IBAN can be more trouble than it looks.

An incoming payment will not always land for the full amount. Fees for incoming transfers vary per bank; check the price list of Ostharzer Volksbank EG. For business payments, it is common to agree how the fees are split.

SEPA payments and the Ostharzer Volksbank EG BIC

Since Germany is part of the SEPA zone, a euro payment to Ostharzer Volksbank EG from within the SEPA area normally requires just an IBAN. Many banks no longer ask for the BIC in that case.

You will still need GENODEF1QLY for payments in other currencies or transfers from countries outside SEPA. If a payment form asks for the BIC regardless, entering GENODEF1 does no harm.

Euro payments within SEPA usually arrive within one business day. Fees for SEPA transfers tend to be low as long as everything stays in euros.

Changed bank details? Be careful

Be wary if a contact suddenly asks you to send money to another account abroad. A valid SWIFT code tells you nothing about whether the request is genuine – scammers simply use real codes.

Always confirm a change of bank details by phone, using a number you already had. Urgency or secrecy are warning signs. Acted too fast? Contact the bank you paid from without delay and have them try to recall the payment and report the fraud.

Fraud also target the receiver: someone sends too much and wants you to refund the difference. A payment confirmation from the sender is no proof; only your own account shows what has arrived.

Tracking a transfer to or from Ostharzer Volksbank EG

A SWIFT payment typically takes one to a few business days – it depends on currency, route and the banks in between. Bank holidays in the sending or receiving country can add a day or more, since banks do not process on those days. Extra checks by one of the banks may also cause some delay, even when all details are correct.

When a payment takes longer than expected, contact the sending bank for the tracking status or the UETR. Keep the payment confirmation until the recipient confirms; it contains the details a bank needs to start a trace.

A missing payment has to be traced by the sending bank on the basis of the transfer details. Request from the sender the payment receipt.

GENODEF1 or GENODEF1QLY – which one to use?

The layout of every SWIFT code never changes: four characters for the institution, two for the country and a two-character location code, sometimes followed by a branch code. That gives you GENODEF1 for Ostharzer Volksbank EG.

The 11-character version has three more characters for a branch or department. If the last three are XXX, the code points to the head office.

As a rule the code is typed in capitals, without spaces or dashes. Look out for O versus 0 and I versus 1, a common source of typos.

How up to date is this code?

Our SWIFT/BIC directory is based on public sources and we update it periodically. Still, banks merge, rename themselves or change codes and our data may lag behind. Counts and locations come from our directory.

Treat this page as a reference, not as the last word – the bank details from the recipient are leading. GoldexPay is a comparison site for money transfers and not affiliated with Ostharzer Volksbank EG. Found outdated information? Tell us via our contact form and we will look into it.