Volksbank Krefeld EG SWIFT/BIC code

What GENODED1 means for a payment to Volksbank Krefeld EG

The short code GENODED1 and the 11-character code GENODED1HTK identify the same bank: Volksbank Krefeld EG, with its head office in Krefeld. A SWIFT code shows the sending bank which institution is meant to get the money, much like a postcode for banks. It comes up mostly for payments that cross a border or a currency.

This page is meant to help anyone who pays into an account at Volksbank Krefeld EG and wants to get the details right. The BIC identifies an institution, not a single account; the IBAN or account number does that.

What the XXX in GENODED1HTK means

A BIC is made up of a few fixed parts: characters one to four identify the bank, the next two show the country and characters seven and eight mark the location. Together, those parts form GENODED1 – the version you usually see online.

The long version adds a three-character extension that identify a branch or department. When those three characters are XXX, the code points to the head office.

Leave out spaces, dots when you type GENODED1. Copying the code beats typing it by hand, because one wrong letter changes the bank.

Sending money abroad from Volksbank Krefeld EG

An international bank payment can cost more than the fee suggests. There is the transfer fee, sometimes fees charged by intermediary banks along the way and, most importantly, the exchange rate markup when the money is converted.

That exchange rate margin tends to be the largest cost because it is hidden in the rate. Compare their rate against the mid-market rate – the rate you find on financial news sites; the gap is what conversion costs you.

Specialist money transfer services often use rates closer to the mid-market rate. GoldexPay lists transfer providers side by side so you can see the amount the recipient gets. You can still use your account at Volksbank Krefeld EG as the source of the money, while a cheaper service handles the conversion.

The Euro and what conversion costs you

Germany pays in the Euro. If you send money in a different currency, the amount gets converted at some point – by your bank, by Volksbank Krefeld EG or by a bank in between. Every conversion costs something.

Who does the conversion has an effect on the final amount, as rates and margins differ per bank. Transferring the amount directly in EUR often prevents an extra conversion by Volksbank Krefeld EG – as long as your own rate is good.

Rates for EUR change all the time. For recurring payments, small differences in the rate make a real difference over a year.

How to check GENODED1 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. Check it against GENODED1 on this page; if they differ, ask before you pay.

A wrong SWIFT code can cause delays, a returned payment or additional charges. Do not forget the IBAN: an error there can be harder to correct than a wrong code.

Many banking apps check the format of IBANs and some suggest the matching BIC. More and more banks check the name against the account before you confirm. When you pay someone new, many people send a small test amount.

Getting paid from abroad into a Volksbank Krefeld EG account

If you are waiting for money from abroad, give the sender everything they need in one go. The basics are: your name, IBAN or account number, GENODED1HTK or GENODED1 and in many cases your home address.

The sender’s bank might also ask for the bank address of Volksbank Krefeld EG, in which case the Krefeld head office is the usual answer. A typo in the IBAN can be harder to fix than it looks, so copy the details from your online banking.

Do not be surprised if the amount credited is smaller than the amount on the sender’s receipt. Charges on incoming payments vary per bank – the price list of Volksbank Krefeld EG tells you what applies. Agree with the sender who covers the fees.

Which of the 2 codes of Volksbank Krefeld EG do you need?

Volksbank Krefeld EG uses 2 different SWIFT/BIC codes across 2 locations. One of them is the head office code, GENODED1HTK; the rest belong to branches.

In most cases you do not need to pick a branch: payments sent to GENODED1HTK are routed within Volksbank Krefeld EG without problems. Just use a branch code when your contact explicitly asks for it, for example on an invoice or in their bank details.

Not sure which code applies? Ask the recipient, or look at a recent statement from Volksbank Krefeld EG. Branch codes are sometimes changed or retired over time, so do not rely on old paperwork.

Euro transfers to Volksbank Krefeld EG: is a BIC needed?

Germany belongs to the Single Euro Payments Area (SEPA). When you send euros within SEPA, the IBAN is usually enough.

Outside the euro and for senders outside SEPA, GENODED1HTK remains part of the payment details. If a payment form asks for the BIC regardless, entering GENODED1 is fine.

SEPA transfers normally land by the next business day, and instant transfers in seconds where both banks support them. Charges on SEPA transfers tend to be low.

Tracking a transfer to or from Volksbank Krefeld EG

There is no fixed delivery time: many arrive within a day. Bank holidays in either country can add a day or more. Compliance checks on larger or unusual payments may also add some delay, even when all details are correct.

When a payment takes longer than expected, contact your bank for the status and the transaction reference. Keep your transfer receipt until the money has arrived.

The bank that sent the money is able to request a trace. On the receiving end, it helps to look at your account to see a partial amount because fees can reduce the amount.

Protect yourself against fake payment requests

Criminals regularly use fake invoices containing changed bank details. That GENODED1 is a real code does not mean that a request mentioning it is legitimate; criminals use the codes of real banks too.

Before paying, verify changed bank details through a phone call, using a number you already had. Be suspicious of time pressure, odd spelling or a sender address that is slightly off. Acted too fast? Call the bank you paid from without delay and ask them to try to recall the payment; also report it to the police.

People receiving money are targeted too: one known trick is an overpayment followed by a request to send back the difference abroad. Wait until the money has really arrived.

A note on our data

The codes on this page come from publicly available data which we refresh regularly. Banks merge, close branches and change codes – a directory can be a step behind. Counts and locations come from our own dataset and may differ from what Volksbank Krefeld EG publishes.

For a payment of any size, always check the BIC with Volksbank Krefeld EG or with the recipient. GoldexPay is an independent comparison site for money transfers and not part of Volksbank Krefeld EG. Found an error? Let us know via our contact form so we can correct it.