Raiffeisenbank Hirschau EG SWIFT/BIC code

What GENODEF1 means for a payment to Raiffeisenbank Hirschau EG

GENODEF1 and GENODEF1FRD are two spellings of the same SWIFT/BIC code, and both point to Raiffeisenbank Hirschau EG in Freudenberg. Banks worldwide use BIC codes to direct payments between countries to the correct bank. In daily life you usually see it on international invoices, in payment forms and on the account details of Raiffeisenbank Hirschau EG customers.

Below we go through the practical side: receiving money at Raiffeisenbank Hirschau EG, paying someone in another country and how to verify a SWIFT code before you hit send. Remember that the BIC just identifies the bank, not the account: the account number or IBAN does that part.

The Euro and what conversion costs you

The currency of Germany is the Euro (EUR). If you send money in a different currency it has to be converted somewhere along the way: by your bank, an intermediary or Raiffeisenbank Hirschau EG itself. You rarely see a separate line for that conversion – the cost sits in the rate.

Who does the conversion affects how much arrives. In many cases it is cheaper if you send EUR directly via a transfer service with a good rate, so that the receiving bank does not need to convert again.

The EUR rate fluctuates constantly. On larger amounts, even seemingly small gap in the rate can be worth more than the fee.

Watch out for payment fraud

One of the most common tricks works like this: an email arrives with a request claiming that a company has a new bank account and that the next payment should go there. A correct SWIFT code says nothing about who owns the account – scammers simply use real codes.

Do not trust a phone number from the same email that announces the new account. Watch out for time pressure, odd spelling or a sender address that is slightly off. Acted too fast? Contact your bank without delay and have them start a recall.

Scams can also target the receiver. Someone claims to have sent too much and asks you to refund the difference via a different route. Wait until the money has really arrived.

What to give a sender who pays you at Raiffeisenbank Hirschau EG

When you are waiting for a payment from another country, give the sender everything they need in one go. That means: your full name exactly as it appears on the account, your IBAN or account number, the BIC GENODEF1FRD and usually your address.

Some sending banks also ask for the bank’s address in Freudenberg. Check each detail before you share them – a sender rarely spots a mistake in someone else’s details.

Money from abroad does not always arrive for the full amount. Charges on incoming payments vary from bank to bank – the price list of Raiffeisenbank Hirschau EG tells you what applies. On invoices, it is common to state who bears the costs to avoid a shortfall.

GENODEF1 or GENODEF1FRD – which one to use?

Each SWIFT/BIC code starts with an 8-character core: a four-letter bank code, a two-letter country code and a two-character location code. Together, these eight characters form GENODEF1, the code most people search for.

XXX at the end of GENODEF1FRD does not stand for a missing value or a mistake: it stands for the main office of Raiffeisenbank Hirschau EG. Some banking apps insist on 11 characters, in which case you simply add XXX behind GENODEF1.

Do not add spaces, dots when you type GENODEF1 or GENODEF1FRD. Watch for O versus 0 or the letter I and the digit 1, a common source of typos.

Choosing between the 2 SWIFT codes of Raiffeisenbank Hirschau EG

Raiffeisenbank Hirschau EG has 2 different SWIFT/BIC codes across 2 cities. One of them is the head office code, GENODEF1FRD; the others belong to branches or departments, and sometimes specific services.

For most incoming transfers, the head office code GENODEF1FRD is the right choice. When you receive a branch code, stick to it instead of swapping it with the head office code.

Not sure which code to use? Check with the recipient, or look at a recent statement from Raiffeisenbank Hirschau EG. Branch codes are more prone to be retired than GENODEF1FRD.

When will the money arrive at Raiffeisenbank Hirschau EG?

An international transfer usually takes one to a few business days. Payments made after the cut-off time or just before weekends and holidays usually go out a business day later. Occasionally a bank asks what the payment is for before releasing it.

If the money seems delayed, contact your bank for the status and the transaction reference; with that reference banks can see where the payment is. Money transfer services usually show tracking in their app so you can see how far the money has got.

Only the sending bank can start an official trace or a recall – 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 – it helps your own bank look for the money.

A note on our data

The directory on GoldexPay is compiled from publicly available sources. Banks reorganise, change names and change codes, and a directory never catches every change immediately. The number of codes we show reflect what is in our directory and not on information from Raiffeisenbank Hirschau EG itself.

See our directory here as a handy check. GoldexPay is a comparison site and not part of Raiffeisenbank Hirschau EG. If you notice something that is out of date, we welcome a short note.

Paying someone abroad from your Raiffeisenbank Hirschau EG account

A bank transfer abroad can cost more than the fee suggests. You pay the fee for the transfer itself, possibly charges from correspondent banks along the way and, above all, the margin on the exchange rate.

The real cost is often in the rate: the bank converts at a rate with a margin built in. Compare their rate against the mid-market rate – the rate you find on financial news sites.

For many currency pairs, a specialist provider is less expensive than a traditional bank transfer – mostly thanks to the rate. Next time you send money, take a minute to compare the total cost on GoldexPay. You can always keep your account at Raiffeisenbank Hirschau EG.

How to check GENODEF1 before you pay

Ask the recipient to copy the account details straight from a recent statement. Compare that code with GENODEF1 here.

With a wrong code, the payment may get stuck, bounce back or cost extra. Remember the account number: an error there is harder to correct than a wrong code.

Most online banking apps check the structure of an IBAN and some suggest the matching BIC. Where available, a name check before sending gives extra certainty. Sending a small amount first can be worth it for large sums.

Do you need GENODEF1 for a SEPA transfer?

Inside SEPA, euro payments to an account in Germany use common rules, so the IBAN does the job in most cases. A field for the BIC is often optional for those payments.

Outside the euro and for senders outside SEPA, GENODEF1FRD is still required. If a payment form asks for the BIC regardless, entering GENODEF1 is fine.

SEPA transfers usually arrive within one business day. Provided the payment stays in euros, the transfer tends to be inexpensive.