Volksbank Dortmund-Nordwest EG SWIFT/BIC code

SWIFT/BIC code of Volksbank Dortmund-Nordwest EG

GENODEM1 and GENODEM1DNW are two spellings of the same bank identifier, and both lead to Volksbank Dortmund-Nordwest EG in Dortmund. Every bank on the SWIFT network uses BIC codes to direct international transfers to the right institution. In daily life you mostly come across it on international invoices, in your banking app and on the account details that Volksbank Dortmund-Nordwest EG provides.

On this page you will find what the code is put together, when you need it and what else you need for a transfer to or from Volksbank Dortmund-Nordwest EG. The SWIFT code on its own does not identify a personal account; for that you need the account number or IBAN is for.

Sending money abroad from Volksbank Dortmund-Nordwest EG

The price of an international transfer is made up of more than one component – not just the fee on your screen. You pay the fee for the transfer itself, possibly fees charged by intermediary banks along the way and, most importantly, the exchange rate markup if the currency changes.

The markup on the rate is often the largest item even though it is not listed as a fee. Compare the rate you are offered against the mid-market rate, the midpoint between buy and sell rates you see on financial sites; the gap is what conversion costs you.

For many currency pairs, a specialist provider turns out to be less expensive than a traditional bank transfer – mostly thanks to the rate. GoldexPay compares what recipients receive with different providers. You can always keep your account at Volksbank Dortmund-Nordwest EG to fund the transfer; only the conversion and sending happen elsewhere.

Why Volksbank Dortmund-Nordwest EG has an 8- and an 11-character code

A SWIFT code is built from a few fixed parts: the first four letters stand for the bank, characters five and six give the country and the two after that mark the location. Together, these eight characters form GENODEM1, the code most people search for.

The 11-character version adds three more characters for a branch or department. If the last three are XXX, they simply mean the head office, so GENODEM1DNW and GENODEM1 are interchangeable.

Leave out spaces or dashes when you type GENODEM1. Look out for the letter O and the digit 0 and the letter I and the digit 1; they are easy to mix up.

Is GENODEM1 still correct? How to check

Ask the recipient to send you their account details directly from their banking app. Check that code with GENODEM1 here; if they differ, ask before you pay.

A wrong SWIFT code may lead to delays, a returned payment or additional charges. A mistake in the IBAN or account number is more serious, because the money may be credited to someone else; check it just as carefully.

A validity check in your banking app merely tells you that the code is valid, not that it is the right account. More and more banks check the payee name with the account; take any warning seriously. When you pay someone new, some people send a small test amount before sending the rest.

Incoming international payments to Volksbank Dortmund-Nordwest EG

For a transfer from abroad into your account at Volksbank Dortmund-Nordwest EG, the sender needs not just the BIC. What they need is: the account holder’s name, IBAN or account number, GENODEM1DNW or GENODEM1 and often your home address.

It helps to include Volksbank Dortmund-Nordwest EG and its city too. A typo in your account number can be harder to fix than you might think; copy them from your banking app rather than typing.

What lands in your account is often lower than what was sent. Correspondent banks can take a fee, Volksbank Dortmund-Nordwest EG may charge for incoming payments, and when currencies differ, a markup on the rate comes on top. Agree with the sender who covers the fees before the money is sent.

Paying Volksbank Dortmund-Nordwest EG in euros within SEPA

Because Germany is part of SEPA, a euro transfer into Volksbank Dortmund-Nordwest EG from another SEPA country usually only needs the IBAN. Many banks do not require the BIC in that case or fill it in for you.

A SWIFT code like GENODEM1 still come into play for payments in other currencies and when the money comes from outside SEPA. A few banks and apps still ask for the BIC out of habit; if so, fill in GENODEM1.

Instant euro transfers are widely available within SEPA; check with Volksbank Dortmund-Nordwest EG whether it applies to your account. As long as the payment stays in euros, a SEPA transfer is inexpensive.

Tracking a transfer to or from Volksbank Dortmund-Nordwest EG

How quickly a transfer reaches Volksbank Dortmund-Nordwest EG is determined by several factors: which currency you send, how many intermediary banks are involved, cut-off times and differences in time zone. Payments made after the cut-off time or just before weekends and holidays usually start the next business day. Sometimes a bank asks about the purpose of a payment before releasing it.

A growing number of banks are connected to SWIFT gpi. Each payment gets a unique transaction reference, the UETR, which your bank can use to see where the money is. Save the payment confirmation until the money has arrived – you will need it for any trace request.

The bank that sent the money can request a trace. Ask the sender for the payment receipt including the reference; that often settles the question quickly.

Euro (EUR) and conversion costs

Accounts at Volksbank Dortmund-Nordwest EG are typically held in EUR, the national currency of Germany. A payment in a foreign currency is exchanged into EUR on its way to Volksbank Dortmund-Nordwest EG, and whoever converts it chooses the rate. Every conversion costs something, even when no fee is shown.

Where the conversion happens has an effect on how much arrives, since every bank sets its own rate. Compare what EUR arrives with different providers.

The rate for EUR fluctuates throughout the day. With bigger transfers, a seemingly small gap in the rate can be worth more than the fee.

Volksbank Dortmund-Nordwest EG: head office code versus branch codes

Having 2 codes in 2 locations, Volksbank Dortmund-Nordwest EG belongs to the banks that register separate codes for branches and departments. The head office code is GENODEM1DNW.

In most cases there is no need to pick a branch: payments sent to GENODEM1DNW reach Volksbank Dortmund-Nordwest EG correctly. When you receive a branch code, stick to it instead of swapping it for the head office code.

If you are not sure, ask the person you are paying which code their bank gave them. Branch codes are sometimes changed or retired over time.

Protect yourself against fake payment requests

Be wary if someone suddenly asks you to pay into another account or a bank in another country. The fact that GENODEM1 exists does not mean that a request mentioning it is genuine; criminals use the codes of real banks too.

Do not rely on a phone number in the same message that announces the new account. Urgency or secrecy tend to be warning signs – a real supplier can wait a day. Acted too fast? Call your bank straight away and ask them to try to recall the payment.

Scams can also work the other way. Someone sends more than agreed and wants you to refund the difference via a different route. Do not act before the money is actually in your account.

About this information

The codes on this page are taken from publicly available data which we refresh regularly. It can happen that information on this page is out of date after a merger or reorganisation. Counts and locations come from our directory.

See the information on this page as a handy check, and let the details from the recipient or Volksbank Dortmund-Nordwest EG have the final say. GoldexPay has no connection to Volksbank Dortmund-Nordwest EG. Should you notice a mistake, we appreciate a message.