Raiffeisenbank Aschberg EG SWIFT/BIC code

What GENODEF1 means for a payment to Raiffeisenbank Aschberg EG

The short code GENODEF1 and the 11-character code GENODEF1HZY identify one and the same institution: Raiffeisenbank Aschberg EG in Aislingen, Germany. A SWIFT code tells every bank in the chain which institution is meant to get the money. It comes up mostly when dealing with payments that cross a border or a currency.

On this page you can read what the code is put together, when it matters and what else you need for a transfer to or from Raiffeisenbank Aschberg EG. The BIC names an institution, never a specific account, which is why you always need the account number too.

Paying someone abroad from your Raiffeisenbank Aschberg EG account

A bank transfer abroad costs rather more than the fee suggests. On top of the transfer fee, correspondent or intermediary banks may deduct a fee, and if the money changes currency, the bank usually applies a rate below the actual market rate.

The markup on the rate is often the largest cost even though it is not listed as a fee. An easy check: put the rate you get against the mid-market rate for the same moment and work out the difference on your amount.

For many currency pairs, a transfer service is less expensive than a bank. GoldexPay lists these services side by side so you can see the amount the recipient gets for the same amount sent. Using a transfer service does not mean leaving Raiffeisenbank Aschberg EG: you simply pay the service from your account.

SEPA payments and the Raiffeisenbank Aschberg EG BIC

Germany is a member of the Single Euro Payments Area (SEPA), the zone for standardised euro payments. When you send euros from another SEPA country, the IBAN is usually enough.

Outside the euro and for senders outside SEPA, GENODEF1HZY or GENODEF1 remains required. Some forms also show a field for the BIC out of habit; in that case, fill in GENODEF1 or GENODEF1HZY.

Instant payments in euros are increasingly supported within SEPA – whether Raiffeisenbank Aschberg EG offers them for your account is worth checking. Provided the payment stays in euros, a SEPA transfer tends to be cheap; it is the conversion that costs money.

Receiving money from abroad at Raiffeisenbank Aschberg EG

To receive an international payment at Raiffeisenbank Aschberg EG, the sender has to have more than the BIC. That means: your name as registered with Raiffeisenbank Aschberg EG, your account number or IBAN, the SWIFT/BIC code GENODEF1HZY and sometimes your address.

Certain banks also ask for the address of Raiffeisenbank Aschberg EG. A mistake in your account number can be more trouble than it looks.

Money from abroad does not always land in full. Correspondent banks can take a fee, and when currencies differ, a markup on the rate applies. For business payments, you can state who bears the costs, so that nobody is left short.

A note on our data

Our SWIFT/BIC directory is compiled from publicly available sources and we update it periodically. It can happen that information here is out of date. The figures we show are based on what is in our directory.

Treat the information here as a handy check and rely on the recipient or Raiffeisenbank Aschberg EG for the final confirmation. GoldexPay is independent of Raiffeisenbank Aschberg EG; we are a comparison site for money transfers. Spotted an error? Tell us through the contact page.

8 or 11 characters: GENODEF1 versus GENODEF1HZY

The layout of every SWIFT code is always the same: four characters for the institution, a two-letter country code and a two-character location code, plus an optional branch code. In this case, that core is GENODEF1.

The full version has a three-character extension that identify a branch or department. When those three characters are XXX, the code points to the head office.

Do not add spaces, dots when you enter GENODEF1. A single letter can send the money to another bank, so copy it carefully.

Verifying the SWIFT code of Raiffeisenbank Aschberg EG

The best place to find the correct BIC remains a document from the bank itself. Compare it with GENODEF1 here; if they differ, ask before you pay.

Errors in the SWIFT code are costly more than disastrous: often the payment comes back, minus fees. Remember the IBAN: a mistake there can be more difficult to undo than a wrong code.

An automatic check by your bank merely confirms that the code exists. Where available, a payee name check on the recipient adds extra certainty. A small test payment is worth it for a large first payment.

How long does an international transfer to Raiffeisenbank Aschberg EG take?

How fast a transfer reaches Raiffeisenbank Aschberg EG depends on a few things: the currency, the number of banks in between, cut-off times and time zones. Transfers sent late in the day or just before weekends and holidays often go out the next business day. Sometimes a bank wants to know about the purpose of a payment, which can hold things up.

A growing number of banks use SWIFT gpi. Every payment carries a unique reference, the UETR. Save your transfer receipt until the money has arrived – you will need it for any trace request.

The bank that sent the money can request a trace – the recipient’s bank often cannot see a payment that has not arrived. Ask the sender for a copy of the payment confirmation including the reference; that often settles the question quickly.

Euro (EUR) and conversion costs

Germany uses the Euro. A payment in a foreign currency is converted into EUR, and whoever converts it chooses the rate. Each conversion eats into the amount.

Which bank converts the money matters, because each party uses its own rate. Sending the money directly in EUR often prevents a second conversion.

Rates for EUR move during the day – some services let you fix a rate in advance. For recurring payments, a slightly better rate make a real difference over a year.

Changed bank details? Be careful

Be alert when a contact suddenly wants you to pay into a different account or a bank in another country. A valid SWIFT code tells you nothing about who owns the account.

Check changed payment details through a different channel, never via the email that asked for the change. Pressure or requests to keep it quiet tend to be warning signs – a real supplier can wait a day. Already paid? Contact your bank without delay and ask them to try to recall the payment and report the fraud.

Scams also work the other way: someone sends more than agreed and wants you to return the extra to a new account. Do not act before the money is actually in your account.

Choosing between the 3 SWIFT codes of Raiffeisenbank Aschberg EG

Raiffeisenbank Aschberg EG has 3 different SWIFT/BIC codes across 3 locations. Only one is the head office code; the others identify branches, and sometimes internal departments.

Usually you do not need to pick a branch: transfers sent to GENODEF1HZY reach Raiffeisenbank Aschberg EG correctly. Only use a branch code when the recipient gives you that exact code, for example on an invoice or in their bank details.

Not sure which code applies? Ask the recipient or the bank itself. Branch codes are more likely to be retired than the head office code when a bank merges or closes offices.