Volksbank Versmold EG SWIFT/BIC code

Volksbank Versmold EG SWIFT code: GENODEM1

The short code GENODEM1 and the 11-character code GENODEM1VMY refer to one and the same institution: Volksbank Versmold EG in Oesterweg, Germany. The code has a single purpose: it ensures that money from abroad ends up at the right bank. You will need it mostly when dealing with payments that cross a border and payments in foreign currencies.

We wrote this page to help anyone who sends money to an account at Volksbank Versmold EG without mistakes. Keep in mind that the SWIFT code just identifies the bank, not the person: the IBAN or account number does that part.

What the XXX in GENODEM1VMY means

Each SWIFT/BIC code has the same eight core characters: four letters for the bank, a two-letter country code and two characters for the location. The result is GENODEM1.

XXX at the end of GENODEM1VMY is not a missing value or a mistake: it indicates the main office of Volksbank Versmold EG. Some banking apps ask for 11 characters, and then you can enter XXX behind GENODEM1.

Do not add spaces or dashes when you enter GENODEM1. Watch for the letter O and the digit 0 or the letter I and the digit 1; they are easy to mix up.

What a transfer from Volksbank Versmold EG abroad really costs

An international bank payment costs rather more than the listed fee. There is the fee for the transfer itself, possibly fees charged by intermediary banks in between and, above all, the margin on the exchange rate if the currency changes.

The real cost is often in the rate: many banks convert using an exchange rate with a margin built in. An easy check: put the bank’s rate next to the mid-market rate for the same moment and work out the difference on your amount.

Specialist money transfer services frequently use rates closer to the mid-market rate and lower fees. GoldexPay compares these services side by side, showing the amount the recipient gets. Using a transfer service does not mean leaving Volksbank Versmold EG – you pay the provider from your own account.

Watch out for payment fraud

A common scam goes like this: you receive a message saying that a company has a new bank account and that the next payment should go there. The fact that GENODEM1 exists is no guarantee that the account is legitimate – fraudsters use real bank codes as well.

Never rely on a phone number in the same message that announces the new account. Watch out for time pressure, odd spelling or an email address that differs by one letter. Acted too fast? Call the bank you paid from straight away and have them start a recall and report the fraud.

People receiving money are targeted too: one known trick is a buyer who pays too much followed by a request to refund the difference to another account. Wait until the money has really arrived and check with Volksbank Versmold EG if anything seems off.

Before you send: check the Volksbank Versmold EG code

Have the recipient copy their account details directly from their banking app. Check that code against GENODEM1 on this page.

Mistakes in the SWIFT code are annoying more than fatal – usually the money comes back, minus fees and time lost. Remember the IBAN: a mistake there can be more difficult to undo than a wrong BIC.

Many banking apps check the format of IBANs and sometimes look up the BIC automatically. More and more banks check the name with the account before you confirm; take any warning seriously. When you pay someone new, many people send a small amount first and wait for confirmation.

Getting paid from abroad into a Volksbank Versmold EG account

A sender in another country needs a few details about your account – incomplete details often cause delays. That means: your name exactly as it appears on the account, your account number or IBAN, the BIC GENODEM1VMY (or GENODEM1) and, often, your postal address.

Certain sending banks also ask for the name and address of Volksbank Versmold EG in Oesterweg; it does no harm to include it. A mistake in your account number is more trouble than it looks.

The amount you receive is often lower than what was sent. Correspondent banks can take a fee, Volksbank Versmold EG may charge for incoming payments, and if the currency changes, an exchange rate margin applies. On invoices, you can agree how the fees are split.

Do you need GENODEM1 for a SEPA transfer?

Inside SEPA, euro transfers to an account in Germany use the same rules, so the IBAN does the job in most cases. The BIC field is often optional in that case.

Outside the euro and for senders outside SEPA, GENODEM1VMY or GENODEM1 remains required. A few forms still show a field for the BIC out of habit; in that case, enter GENODEM1.

Instant payments in euros have become widely available across SEPA – whether Volksbank Versmold EG offers them for your account is worth checking. As long as no currency is converted, a SEPA transfer tends to be inexpensive.

Paying into Volksbank Versmold EG in EUR

Germany pays in the Euro, with the currency code EUR. If you send money in a different currency it gets converted somewhere along the way: by your bank, an intermediary or Volksbank Versmold EG itself. There is rarely a separate line for that conversion; it is built into the rate.

Which bank converts the money matters, because each party uses its own rate. Compare what EUR the recipient gets with different services.

Exchange rates move during the day – some services let you fix a rate in advance. On larger amounts, a seemingly small gap in the rate adds up quickly.

Volksbank Versmold EG: head office code versus branch codes

We have 2 SWIFT/BIC codes for Volksbank Versmold EG. Besides the head office code GENODEM1VMY, there are codes for individual branches and departments.

In most cases there is no need to look up a branch: transfers sent to GENODEM1VMY reach Volksbank Versmold EG without problems. Just use a branch code when the recipient explicitly asks for it, for example on an invoice or in their bank details.

The safest route is to copy the code straight from the account holder’s bank details. Branch codes are sometimes changed or retired over time.

Where our SWIFT data comes from

Our SWIFT/BIC directory is compiled from publicly available sources and we update it periodically. It is possible that information on this page is no longer current. The number of codes we show reflect what is in our directory and not on information from Volksbank Versmold EG itself.

Before any payment of any size, check the BIC with Volksbank Versmold EG or the recipient. GoldexPay is independent of Volksbank Versmold EG, we only compare transfer services. Should you notice something that is out of date, we appreciate a message.

Transfer times and tracking a payment to Volksbank Versmold EG

How fast a transfer reaches Volksbank Versmold EG is determined by several factors: the currency, the number of banks in between, cut-off times and time zones. Weekends and public holidays in either country add a day or more to the journey. Compliance checks by one of the banks may also add some delay.

When a payment takes longer than expected, ask your bank for the tracking status and the transaction reference; with that reference banks can see where the payment is. Keep the payment confirmation until the money has arrived – you will need it for any trace request.

If the money does not arrive after a few business days, the sender should contact the bank that sent it, not the receiving bank. As a recipient, you can look at your account to see a partial amount because fees can reduce the amount.