Raiffeisen-Volksbank EG SWIFT/BIC code

Raiffeisen-Volksbank EG SWIFT code: GENODEF1

GENODEF1 and GENODEF1UPL are the short and the long form of the same SWIFT/BIC code, and both point to Raiffeisen-Volksbank EG in Aurich. A SWIFT code shows every bank in the chain which institution is meant to get the money, a bit like a postal address for banks. In practice you mostly come across the code on invoices from abroad, in payment forms and on the account details that Raiffeisen-Volksbank EG provides.

We wrote this page to help anyone who pays into an account at Raiffeisen-Volksbank EG and wants to get the details right. A SWIFT code identifies an institution, never a single account; the IBAN or account number does that.

International transfers from Raiffeisen-Volksbank EG: the real cost

When you transfer money abroad through Raiffeisen-Volksbank EG, the visible fee is only part of the cost. There is the fee for the transfer itself, possibly fees charged by intermediary banks in between and, above all, the margin on the exchange rate when the money is converted.

The markup on the rate tends to be the biggest item. A simple test: put the bank’s rate against the mid-market rate and look at the difference.

For many routes, a specialist provider turns out to be less expensive than a traditional bank transfer – mostly thanks to the rate. GoldexPay compares transfer providers side by side so you can see what actually arrives for the same amount sent. You can always keep your account at Raiffeisen-Volksbank EG.

Paying Raiffeisen-Volksbank EG in euros within SEPA

Within the SEPA zone, euro payments to an account in Germany follow the same rules, so the IBAN does the job in most cases. The BIC field is usually optional or missing in that case.

You will still need GENODEF1UPL for non-euro payments or transfers from countries outside SEPA. If your banking app asks for the BIC regardless, entering GENODEF1 does no harm.

Euro payments within SEPA usually arrive by the next business day; instant payments are faster if both banks offer them. As long as no currency is converted, a SEPA transfer tends to be inexpensive; costs rise once a conversion is involved.

Receiving money from abroad at Raiffeisen-Volksbank EG

For a transfer from abroad into your account at Raiffeisen-Volksbank EG, the person paying you needs not just the BIC. In practice that means: your full name exactly as it appears on the account, your account number or IBAN, the BIC GENODEF1UPL (or GENODEF1) and, often, your postal address.

The sender’s bank may also ask for the address of your bank, in which case the Aurich head office is the usual answer. Check the details before you share them – a sender rarely spots a mistake in someone else’s details.

What lands in your account is often less than the amount sent. Intermediary banks may deduct a fee and your own bank may charge for processing, and if the currency changes, a markup on the rate comes on top. Agree with the sender who pays which costs.

Transfer times and tracking a payment to Raiffeisen-Volksbank EG

How fast a transfer reaches Raiffeisen-Volksbank EG depends on several factors: the currency, the number of banks in between, cut-off times and differences in time zone. Transfers sent late in the day or just before weekends and holidays often go out a business day later. Compliance checks by one of the banks may also add some delay, even when all details are correct.

A growing number of banks are connected to SWIFT gpi, which lets them follow a payment from bank to bank. Every payment gets a unique transaction reference, the UETR. Money transfer services usually provide tracking in their app so you can see how far the payment has got.

Only the sending bank is able to start an official trace; the receiving side usually has nothing to trace yet. Request from the sender a copy of the payment confirmation.

Where our SWIFT data comes from

This directory draws on publicly available sources. Even so, banks merge or change codes. Figures such as the number of codes are from our own dataset and may differ from what Raiffeisen-Volksbank EG publishes.

Treat the information here as a handy check, and let the details from the recipient or Raiffeisen-Volksbank EG have the final say. GoldexPay is not affiliated with Raiffeisen-Volksbank EG; we are a comparison site for money transfers. Should you notice a mistake, we welcome a message.

Scams that use SWIFT codes

Be alert if someone unexpectedly wants you to send money to another account. The fact that GENODEF1 exists is no guarantee that a request mentioning it is genuine.

Do not rely on contact details in the same message that contains the new account. Watch out for time pressure, unusual wording or a sender address that is slightly off. Already paid? Contact your bank without delay and have them start a recall; also report it to the police.

Fraud can also target the receiver: someone claims to have sent more than agreed and wants you to refund the difference to a new account. Wait until the money has really arrived – ask Raiffeisen-Volksbank EG if something looks wrong.

GENODEF1 or GENODEF1UPL – which one to use?

Every SWIFT/BIC code has an 8-character core: four letters for the bank, a two-letter country code and a two-character location code. For Raiffeisen-Volksbank EG, the 8-character core is GENODEF1.

Most banks and apps accept both lengths. If a form asks for eleven characters, enter GENODEF1UPL, otherwise GENODEF1 is fine.

Leave out spaces or dashes when you enter GENODEF1; the code is always written in one block. Pasting the code is safer than retyping it.

Paying into Raiffeisen-Volksbank EG in EUR

Accounts at Raiffeisen-Volksbank EG are usually held in EUR, the local currency. If you send money in a different currency has to be converted at some point: by your bank, an intermediary or Raiffeisen-Volksbank EG itself. Each conversion costs the amount – usually through the rate rather than a fee.

Who does the conversion has an effect on the final amount. Sending the amount already in EUR usually prevents a second conversion at the receiving end – as long as your own rate is good.

The EUR rate fluctuates constantly and quotes are often valid only for a short time. If you pay regularly, a slightly better rate add up over a year.

Verifying the SWIFT code of Raiffeisen-Volksbank EG

Have the recipient send you their account details straight from a recent statement. Check it with GENODEF1 on this page; if they differ, ask before you pay.

With a wrong code, the payment might get stuck, bounce back or cost extra, and tracing it can take weeks. A mistake in the account number is more serious, because the money may be credited to someone else, so check that just as carefully.

Many banking apps validate the structure of an IBAN. Where available, a name check before sending gives an extra layer of safety. When you pay someone new, many people start with a small test amount and wait for confirmation.

Raiffeisen-Volksbank EG: head office code versus branch codes

Having 4 codes in 4 locations, Raiffeisen-Volksbank EG is one of the banks that use separate codes for parts of the organisation. The main code remains GENODEF1UPL.

For the vast majority of payments to a private or business account, the head office code GENODEF1UPL is what you need. If you have been given a specific code, stick to it rather than swapping it for the head office code.

If you are not sure, check with the recipient which code their bank gave them. Branch codes are more likely to change than the head office code.