Volksbank Oberberg EG SWIFT/BIC code

SWIFT/BIC code of Volksbank Oberberg EG

The 8-character code GENODED1 and the 11-character code GENODED1WIY refer to one and the same institution: Volksbank Oberberg EG, with its head office in Bergneustadt. A BIC does one job: it ensures that money from abroad reaches the right bank. In practice you usually come across the code on international invoices, in your banking app and in the bank details that Volksbank Oberberg EG provides.

Further down we go through the practical questions: receiving money at Volksbank Oberberg EG, paying someone in another country and how to verify a SWIFT code before you confirm a payment. Remember that the BIC only identifies the bank, not the account: the IBAN or account number does that part.

Why Volksbank Oberberg EG has an 8- and an 11-character code

A BIC is made up of fixed blocks: characters one to four identify the bank, characters five and six give the country and characters seven and eight indicate the location. In this case, the 8-character core is GENODED1.

The full version has a three-character extension that identify a branch or department. When those three characters are XXX, the code points to the head office, so GENODED1WIY and GENODED1 are interchangeable.

Leave out spaces or dashes when you type GENODED1. Watch for O versus 0 or the letter I and the digit 1.

Sending money abroad from Volksbank Oberberg EG

If you transfer money abroad from Volksbank Oberberg EG, the visible fee is rarely all of the cost. There is the transfer fee, sometimes charges from correspondent banks in between and, above all, the margin on the exchange rate when the money is converted.

That exchange rate margin tends to be the biggest item. Check the rate you are offered against the mid-market rate – the rate you find on financial news sites.

For many routes, a transfer service is cheaper than a bank. On GoldexPay you can compare what recipients receive across providers, so you can pick the cheapest route. You can still use your account at Volksbank Oberberg EG to fund the transfer; only the conversion and sending happen elsewhere.

Is GENODED1 still correct? How to check

The most reliable place for the correct BIC remains a document from the bank itself like a bank statement or the account page in online banking. Check it with GENODED1 here and ask if anything does not match.

Errors in the BIC are costly more than disastrous. Do not forget the IBAN: an error there can be harder to correct than a wrong BIC.

An automatic check in your banking app only tells you that the IBAN exists – not that it belongs to the person you mean to pay. Some banks now check the payee name against the account before you confirm. When you pay someone new, many people start with a small test amount and wait for confirmation.

Incoming international payments to Volksbank Oberberg EG

For a transfer from abroad into your account at Volksbank Oberberg EG, the person paying you has to have more than the SWIFT code. That means: your name exactly as it appears on the account, your account number or IBAN, the BIC GENODED1WIY and usually your postal address.

Some banks want the bank’s address in Bergneustadt. A typo in your account number can be harder to fix than it looks, so copy the details from your online banking.

An incoming payment does not always arrive in full. Fees for incoming transfers differ per bank. Agree with the sender who pays which costs before the money is sent.

Volksbank Oberberg EG: head office code versus branch codes

Our database contains 2 SWIFT/BIC codes for Volksbank Oberberg EG. Besides the head office code GENODED1WIY, you will find codes for individual branches and departments.

Unless the recipient tells you otherwise, use GENODED1WIY. Just use a branch code when your contact explicitly asks for it, for example on a letter or invoice.

Unsure which code applies? Ask the recipient, or look at a recent statement from Volksbank Oberberg EG. Branch codes can change when banks reorganise, so a code from an old document is not always valid.

How long does an international transfer to Volksbank Oberberg EG take?

There is no single answer: many land within a day, others take several business days. Transfers sent late in the day or just before weekends and holidays often start a business day later. Occasionally a bank wants to know what the payment is for before releasing it.

A growing number of banks are connected to SWIFT gpi, which lets them follow a payment from bank to bank. Every payment carries a unique transaction reference, the UETR. Specialist transfer services often provide a status online showing how far the payment has got.

A delayed transfer is investigated by the sending bank. Ask the sender for the payment receipt including the reference; that often settles the question quickly.

About this information

The directory on GoldexPay draws on publicly available sources and we update it periodically. It is possible that a code on this page is no longer current, for example after a merger. The number of codes on this page reflect our own data.

Before a payment that matters, confirm the code with the recipient’s bank or with the recipient. We are a comparison service for money transfers and not part of Volksbank Oberberg EG. If you notice something that is out of date, we appreciate a message.

Changed bank details? Be careful

Stay alert if someone unexpectedly asks you to send money to a different account abroad. The fact that GENODED1 exists does not mean that the account is genuine – fraudsters use real bank codes as well.

Check changed payment details via a separate channel like a call to a number from an earlier contract. Be suspicious of urgent requests, odd spelling or an email address that differs by one letter. Acted too fast? Contact your bank without delay and have them try to recall the payment and report the fraud.

Recipients are targeted too: a classic trick is an overpayment followed by a request to send back the difference to another account. A payment confirmation from the sender proves nothing; only your own account shows what has arrived.

The Euro and what conversion costs you

The currency in Germany is the Euro (EUR). A payment in a foreign currency is exchanged into EUR before it reaches the account – and the bank that does it picks the rate. Every conversion costs the amount – usually through the rate rather than a fee.

Who converts the payment matters. Transferring the amount directly in EUR often prevents a second conversion by Volksbank Oberberg EG.

Exchange rates change all the time. If you pay regularly, a slightly better rate make a real difference over time.

SEPA payments and the Volksbank Oberberg EG BIC

Inside SEPA, euro transfers to an account in Germany use the same rules. The BIC field is usually optional or missing for those payments.

You will still need GENODED1WIY when sending payments in other currencies or money from outside the SEPA area. Some forms also show a field for the BIC out of habit; if so, fill in GENODED1 or GENODED1WIY.

SEPA transfers normally land by the next business day, and instant transfers in seconds where both banks support them. Provided no currency is converted, a SEPA transfer tends to be cheap.