Volksbank Im Harz EG SWIFT/BIC code

What GENODEF1 means for a payment to Volksbank Im Harz EG

GENODEF1 and GENODEF1OHY are two spellings of the same bank identifier, and both lead to Volksbank Im Harz EG in Clausthal-Zellerfeld. Banks worldwide use BIC codes to route international transfers to the correct bank. It comes up mainly for payments that cross a border and payments in foreign currencies.

This page is meant to help people who pays into an account at Volksbank Im Harz EG without mistakes. The BIC names an institution, not a single account; the IBAN or account number does that.

Why Volksbank Im Harz EG has an 8- and an 11-character code

The layout of every SWIFT code never changes: four characters for the institution, two for the country and a two-character location code, sometimes followed by a branch code. In this case, the 8-character core is GENODEF1.

XXX at the end of GENODEF1OHY does not stand for a missing value or a mistake: it stands for the main office of Volksbank Im Harz EG. Some banking apps ask for 11 characters, and then you simply add XXX after GENODEF1.

In practice the code is typed in capitals and without spaces. Watch for O versus 0 and I versus 1; they are easy to mix up.

SEPA payments and the Volksbank Im Harz EG BIC

Since Germany is part of SEPA, a euro payment to Volksbank Im Harz EG from another SEPA country normally only needs the IBAN. Many banks no longer ask for the BIC for these payments or fill it in for you.

Outside the euro and for senders outside SEPA, GENODEF1OHY is still part of the payment details. A few forms also show a field for the BIC out of habit; in that case, fill in GENODEF1 or GENODEF1OHY.

SEPA transfers normally land within one business day, and instant transfers in seconds where both banks support them. Provided no currency is converted, a SEPA transfer tends to be cheap; it is the conversion that costs money.

Is GENODEF1 still correct? How to check

The most reliable source for the BIC is the recipient’s own bank details – an invoice, a statement or a screenshot from online banking. Compare that code against GENODEF1 here.

If the code is wrong, the transfer may get stuck, bounce back or cost extra. Remember the IBAN: a mistake there can be more difficult to undo than a wrong BIC.

Many banking apps validate the format of an IBAN. More and more banks compare the payee name against the account. Sending a small amount first can be a sensible step for large sums.

Incoming international payments to Volksbank Im Harz EG

If you expect a payment from another country, give the sender all details at once. That means: your name as registered with Volksbank Im Harz EG, your IBAN or account number, the SWIFT/BIC code GENODEF1OHY (or GENODEF1) and, often, your address.

Some sending banks want the bank’s address. Double-check the details before you send them – a sender rarely spots a mistake in someone else’s details.

Do not be surprised if the amount credited is below the amount on the sender’s receipt. Intermediary banks may deduct a fee, and if the money is converted, a markup on the rate applies. Make clear with the sender who covers the fees.

About this information

We gather SWIFT/BIC codes using publicly available data and update them regularly. It can happen that a code here is out of date, for example after a merger. Figures such as the number of codes come from our directory.

Before a payment of any size, always confirm the BIC with the recipient’s bank or with the recipient. GoldexPay is not affiliated with Volksbank Im Harz EG, we only compare transfer services. If you notice a mistake, we welcome a message.

Head office or branch code at Volksbank Im Harz EG?

Our database contains 2 SWIFT/BIC codes for Volksbank Im Harz EG in 2 places. Besides the head office code GENODEF1OHY, you will find codes for branches, departments or specific services.

Usually you do not need to pick a branch: transfers sent to GENODEF1OHY reach Volksbank Im Harz EG without problems. A branch code only makes sense if the account holder specifically mentions it, which is more common for corporate accounts and specialised services.

Not sure which code applies? Ask the recipient, or look at a recent statement from Volksbank Im Harz EG. Branch codes are sometimes changed or retired when banks reorganise, so a code from an old document is not always valid.

Paying someone abroad from your Volksbank Im Harz EG account

What you pay for a payment abroad has more than one component. On top of a fixed fee, correspondent or intermediary banks may take a cut, and if currencies are converted, the bank often uses a rate that is less favourable than the real market rate.

That exchange rate margin tends to be the biggest cost. A simple test: set the rate you get against the mid-market rate for the same moment and work out the difference on your amount.

Specialist money transfer services frequently offer a rate near the mid-market rate and lower fees. On GoldexPay we compare the amount that arrives with different providers, so you can pick the cheapest route. You can always use your account at Volksbank Im Harz EG, while a cheaper service handles the conversion.

Protect yourself against fake payment requests

Stay alert when a contact suddenly wants you to send money to another account abroad. A correct SWIFT code says nothing about who owns the account: scammers use real codes of real banks.

Never trust contact details from the same email that announces the change. Pressure and requests to keep it quiet are warning signs. Acted too fast? Call the bank you paid from straight away and ask them to try to recall the payment; also report it to the police.

Fraud also target the receiver. Someone claims to have sent more than agreed and asks you to refund the extra. A payment confirmation from the sender is no proof.

The Euro and what conversion costs you

The currency of Germany is the Euro (EUR). A payment in a foreign currency will be converted into EUR before it reaches the account – and the bank that does it picks the rate. Each conversion eats into the amount.

Which bank converts the money makes a difference. Often it is cheaper to send EUR directly via a transfer service with a good rate.

Exchange rates move all the time. For recurring payments, small differences in the rate add up over time.

Tracking a transfer to or from Volksbank Im Harz EG

How quickly a transfer reaches Volksbank Im Harz EG depends on several factors: which currency you send, how many intermediary banks are involved, daily processing deadlines and differences in time zone. Transfers sent late in the day or just before weekends and holidays often go out the next business day. Sometimes a bank asks about the purpose of a payment.

If the money is delayed, ask your bank about the status so they can trace it along the chain. Save the payment confirmation until the recipient confirms.

A delayed transfer has to be traced by the sending bank on the basis of the transfer details. Request from the sender the payment receipt including the reference – it helps your own bank look for the money.