Raiffeisenbank Auerbach-Freihung EG SWIFT/BIC code

SWIFT/BIC code of Raiffeisenbank Auerbach-Freihung EG

GENODEF1 and GENODEF1AUO are two spellings of the same SWIFT/BIC code, and both lead to Raiffeisenbank Auerbach-Freihung EG in Auerbach. A SWIFT code tells the banks handling a payment exactly which bank is meant to get the money, a bit like a postal address for banks. You will need it mostly for transfers between countries.

On this page we explain what the code is put together, when it matters and what else a transfer to or from Raiffeisenbank Auerbach-Freihung EG requires. Remember that the BIC only identifies the bank, not the person: the IBAN or account number does that part.

Tracking a transfer to or from Raiffeisenbank Auerbach-Freihung EG

There is no fixed delivery time for every transfer: many land the same day or the next while others need several business days. Transfers sent after the cut-off time or on weekends and holidays often go out the next business day. Sometimes a bank wants to know about the purpose of a payment before releasing it.

Many banks are connected to SWIFT gpi. Every gpi transfer gets a unique transaction reference, the UETR. Save your transfer receipt; it contains the details a bank needs to start a trace.

The bank that sent the money is able to request a trace or a recall. As a recipient, you can look at your statements for a slightly lower amount.

Which of the 2 codes of Raiffeisenbank Auerbach-Freihung EG do you need?

With 2 codes, Raiffeisenbank Auerbach-Freihung EG belongs to the banks that use individual codes for parts of the organisation. The head office code is GENODEF1AUO.

For most incoming transfers, the head office code GENODEF1AUO is the right choice. Just use a branch code when the recipient gives you that exact code, for example on a letter or invoice.

Not sure which code applies? Ask the recipient, or look at a recent statement from Raiffeisenbank Auerbach-Freihung EG. Branch codes are sometimes changed or retired over time, so a code from an old document is not always valid.

Euro (EUR) and conversion costs

The currency in Germany is the Euro (EUR). If you send money in a different currency has to be converted at some point – by your bank, by Raiffeisenbank Auerbach-Freihung EG or by a bank in between. There is rarely a separate line for the conversion.

Where the conversion happens affects the final amount, as rates and margins differ per bank. In many cases you pay less to send EUR straight away through a transfer service that converts near the mid-market rate rather than letting the receiving bank convert.

The EUR rate changes constantly and quotes are often valid only for a short time. If you pay regularly, small differences in the rate add up over time.

Changed bank details? Be careful

Criminals regularly use payment requests containing new bank details. That GENODEF1 is a real code does not mean that the account is genuine – fraudsters use real bank codes as well.

Never trust a phone number from the same email that announces the new account. Pressure and requests to keep it quiet are red flags – a real supplier can wait a day. If money has already gone to a fraudster, call your bank right away – speed improves the chance of getting it back.

Recipients can be targeted as well: a classic trick is an overpayment followed by a request to refund the difference abroad. A screenshot of a transfer proves nothing.

GENODEF1 or GENODEF1AUO – which one to use?

Every SWIFT/BIC code starts with the same eight core characters: four letters for the bank, two letters for the country and two characters for the location. Combined, those parts form GENODEF1, the code most people search for.

The 11-character version has a three-character extension that identify a branch or department. If the last three are XXX, the code points to the head office.

In practice the code is written in capitals. Copying the code is safer than typing it by hand: a typo can point to another bank.

Do you need GENODEF1 for a SEPA transfer?

Since Germany is in SEPA, a euro transfer to Raiffeisenbank Auerbach-Freihung EG from another SEPA country normally requires just the IBAN. Most banking apps do not require the BIC for these payments or fill it in for you.

You still need GENODEF1AUO 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.

SEPA transfers usually arrive by the next business day, and instant transfers in seconds where both banks support them. As long as no currency is converted, a SEPA transfer tends to be cheap; it is the conversion that costs money.

What a transfer from Raiffeisenbank Auerbach-Freihung EG abroad really costs

What you pay for an international transfer is made up of more than one component. There is the fee for the transfer itself, sometimes fees charged by intermediary banks in between and, most importantly, the margin on the exchange rate.

Most of the cost usually sits in the exchange rate: many banks convert at a rate that includes a margin. A simple test: put the bank’s rate against the mid-market rate and work out the difference on your amount.

For a lot of currency pairs, a transfer service is cheaper than a bank. Before your next transfer, it is worth to compare what arrives on GoldexPay instead of going straight to your bank. Using a transfer service does not require closing your account at Raiffeisenbank Auerbach-Freihung EG: you simply pay the service from your account.

Where our SWIFT data comes from

We collect SWIFT/BIC codes using public sources and check them from time to time. Institutions reorganise, change names and retire codes – a directory can be a step behind. Figures such as the number of codes come from our directory and are not confirmed by Raiffeisenbank Auerbach-Freihung EG.

Treat our data as a starting point, rather than as the final word – the bank details from the recipient are leading. GoldexPay has no connection to Raiffeisenbank Auerbach-Freihung EG, we only compare transfer services. Found outdated information? Let us know through the contact page.

How to check GENODEF1 before you pay

The safest source for a SWIFT code is the recipient’s own bank details – an invoice, a statement or a screenshot from online banking. Compare that code against GENODEF1 here; if they differ, ask before you pay.

If the code is wrong, the transfer might get stuck, bounce back or end up costing more. An error in the IBAN or account number can be a bigger problem, so check that just as carefully.

Most online banking apps check the format of IBANs. If your bank offers it, a payee name check on the recipient gives extra certainty. A small test payment can be worth it for large sums despite the extra fee.

Receiving money from abroad at Raiffeisenbank Auerbach-Freihung EG

Someone abroad who wants to pay you will ask for several details about your account, and missing ones are a common cause of delays. That means: your full name exactly as it appears on the account, your account number or IBAN, the BIC GENODEF1AUO (or GENODEF1) and sometimes your address.

Their bank might also ask for the bank address of Raiffeisenbank Auerbach-Freihung EG; the head office in Auerbach is usually fine. Check each detail before you send them – a sender rarely spots a mistake in someone else’s details.

An incoming payment will not always arrive in full. Intermediary banks may deduct a fee, and if the money is converted, an exchange rate margin comes on top. On invoices, you can state how the fees are split, so that nobody is left short.