Raiffeisenbank Im Allgauer Land EG SWIFT/BIC code

What GENODEF1 means for a payment to Raiffeisenbank Im Allgauer Land EG

The short code GENODEF1 and the full code GENODEF1DTA identify one and the same institution: Raiffeisenbank Im Allgauer Land EG, with its head office in Altusried. Every bank on the SWIFT network uses BIC codes to direct international transfers to the correct institution. In daily life you usually come across the code on international invoices, in your banking app and on the account details that Raiffeisenbank Im Allgauer Land EG provides.

Below we go through the practical questions: money coming in from abroad, sending money abroad and how to verify the code before you hit send. A SWIFT code identifies a bank or branch, not a single account.

What the XXX in GENODEF1DTA means

A SWIFT code is made up of a few fixed parts: characters one to four identify the bank, characters five and six give the country and characters seven and eight indicate the location. The result is GENODEF1, the short form of the code.

The 11-character version adds a three-character extension that identify a branch or department. When those three characters are XXX, they simply mean the head office.

Do not add spaces when you type GENODEF1. Watch for O versus 0 and I versus 1, a common source of typos.

Sending EUR to Raiffeisenbank Im Allgauer Land EG

Most accounts at Raiffeisenbank Im Allgauer Land EG are typically held in EUR, the national currency of Germany. When you pay another currency it has to be converted at some point. There is rarely a separate charge for the conversion – the cost sits in the rate.

Where the conversion happens has an effect on the final amount. Transferring the amount directly in EUR usually avoids a second conversion by Raiffeisenbank Im Allgauer Land EG, provided the rate you get is fair.

The rate for EUR fluctuates throughout the day and quotes are often valid only for a short time. With bigger transfers, a seemingly small gap in the rate adds up quickly.

Before you send: check the Raiffeisenbank Im Allgauer Land EG code

Have the recipient copy the bank details directly from their banking app. Check it against GENODEF1 on this page and ask if anything does not match.

With a wrong code, the payment might be delayed, be returned or cost extra – sometimes after weeks of searching. Do not forget the IBAN: an error there is more difficult to undo than a wrong code.

A validity check in your banking app only confirms that the code exists – not that it belongs to the person you mean to pay. If your bank offers it, a name check on the recipient gives an extra layer of safety. When you pay someone new, many people send a small amount first and wait for confirmation.

Which of the 2 codes of Raiffeisenbank Im Allgauer Land EG do you need?

Having 2 codes, Raiffeisenbank Im Allgauer Land EG is one of the banks that use individual codes for parts of the organisation and departments. The head office code remains GENODEF1DTA.

For the vast majority of incoming transfers, the head office code GENODEF1DTA is what you need. Branch codes are only needed when the account holder explicitly asks for it.

The safest approach is to copy the code straight from the account holder’s statement. Branch codes are more prone to change than the head office code when a bank merges or closes offices.

Getting paid from abroad into a Raiffeisenbank Im Allgauer Land EG account

To receive an international payment at Raiffeisenbank Im Allgauer Land EG, the person paying you has to have not just the SWIFT code. That means: your full name exactly as it appears on the account, your IBAN or account number, the BIC GENODEF1DTA (or GENODEF1) and, often, your address.

Certain banks want the address of Raiffeisenbank Im Allgauer Land EG in Altusried, so keep it at hand. Double-check every detail before you send 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 differ per bank – the price list of Raiffeisenbank Im Allgauer Land EG tells you what applies. On invoices, you can agree who bears the costs.

Protect yourself against fake payment requests

Fraudsters often use fake invoices with new bank details. A real SWIFT code tells you nothing about who owns the account: scammers use real codes of real banks.

Never rely on contact details in the same message that contains the new account. Watch out for urgent requests, unusual wording or an email address that differs by one letter. If money has already gone to a fraudster, call your bank right away – speed improves the chance of getting it back.

Recipients are targeted too: one known trick is a buyer who pays too much and then sends a request to refund the difference. A screenshot of a transfer is no proof; only your own account shows what has arrived.

Transfer times and tracking a payment to Raiffeisenbank Im Allgauer Land EG

There is no fixed answer for international payments: some arrive within a day. Bank holidays in either country add a day or more, since banks do not process on those days. Occasionally a bank asks what the payment is for.

Many banks use SWIFT gpi. Each gpi transfer gets a unique transaction reference, the UETR that banks can use to trace it. Money transfer services usually show a status online showing where the money has got.

A delayed transfer has to be investigated from the sending side. Ask the sender for the payment receipt – it helps your own bank look for the money.

About this information

The details here are taken from publicly available data. Even so, banks merge or retire codes and our data may lag behind. Figures such as the number of codes are from our own dataset.

For any payment that matters, always confirm the code with Raiffeisenbank Im Allgauer Land EG or the recipient. We are an independent comparison site for money transfers and not part of Raiffeisenbank Im Allgauer Land EG. Should you notice something that is out of date, we appreciate a short note via the contact page.

International transfers from Raiffeisenbank Im Allgauer Land EG: the real cost

An international bank payment can cost more than the fee suggests. There is the fee for the transfer itself, possibly fees charged by intermediary banks in between and, most importantly, the margin on the exchange rate.

The real cost is often in the rate: the bank converts at a rate that includes a margin. A simple test: put the bank’s rate next to the mid-market rate and work out the difference on your amount.

For many currency pairs, a transfer service turns out to be cheaper than a traditional bank transfer – mostly thanks to the rate. GoldexPay compares these services side by side so you can see what actually arrives. Choosing a specialist does not mean leaving Raiffeisenbank Im Allgauer Land EG: you simply pay the service from your account.

Paying Raiffeisenbank Im Allgauer Land EG in euros within SEPA

Germany is part of the Single Euro Payments Area (SEPA). For a regular euro transfer within SEPA, you normally only need the IBAN; many banks no longer ask for the BIC.

The BIC still matter when the currency is not euros. Some forms still show a field for the BIC; in that case, enter GENODEF1 or GENODEF1DTA.

Instant euro transfers are increasingly supported within SEPA – whether Raiffeisenbank Im Allgauer Land EG offers them for your account is worth checking. As long as no currency is converted, a SEPA transfer tends to be inexpensive; costs rise once a conversion is involved.