Deutsche Asset Management Limited SWIFT/BIC code

MGAMGB2L – the SWIFT/BIC code of Deutsche Asset Management Limited

The short code MGAMGB2L and the full code MGAMGB2LXXX identify one and the same institution: Deutsche Asset Management Limited. The code does one job: it makes sure that a cross-border transfer reaches the right bank. You will need it mainly for payments that cross a border.

Below we go through the practical side: receiving money at Deutsche Asset Management Limited, paying someone in another country and how to verify the code before you hit send. The SWIFT code alone cannot identify a personal account; that is what the account number or IBAN .

Euro transfers to Deutsche Asset Management Limited: is a BIC needed?

Inside SEPA, euro transfers to an account in United Kingdom follow the same rules. The BIC field is often optional in that case.

Outside the euro and for senders outside SEPA, MGAMGB2LXXX remains part of the payment details. Some banks and apps still show a field for the BIC out of habit; if so, enter MGAMGB2L or MGAMGB2LXXX.

SEPA transfers normally land within one business day, and instant transfers in seconds where both banks support them. As long as the payment stays in euros, a SEPA transfer tends to be inexpensive.

8 or 11 characters: MGAMGB2L versus MGAMGB2LXXX

The structure of every SWIFT code never changes: four characters for the institution, two for the country and two for the location. For Deutsche Asset Management Limited, the 8-character core is MGAMGB2L.

The 11-character version adds three more characters that identify a branch or department. When those three characters are XXX, the code points to the head office, so MGAMGB2LXXX and MGAMGB2L are interchangeable.

Do not add spaces or dashes when you type MGAMGB2L. Copying the code beats retyping it, because one wrong letter changes the bank.

Verifying the SWIFT code of Deutsche Asset Management Limited

Ask the recipient to send you their account details directly from their online banking. If the code you have does not match MGAMGB2L or MGAMGB2LXXX, do not guess – contact the recipient or Deutsche Asset Management Limited.

Mistakes in the BIC are annoying more than fatal: often the payment comes back, minus fees. An error in the account number is a bigger problem because it can reach the wrong person.

Many banking apps check the structure of an IBAN and sometimes look up the BIC automatically, but that does not prove the account belongs to the right person. Where available, a name check on the recipient adds an extra layer of safety. A small test payment is worth it for large sums despite the extra fee.

Receiving money from abroad at Deutsche Asset Management Limited

To receive an international payment into your account at Deutsche Asset Management Limited, the person paying you needs not just the SWIFT code. Share your name as the bank knows it, your account number or IBAN, the BIC MGAMGB2LXXX and your address, which some banks require.

It helps to add the bank name and London as well. A typo in your account number can be more trouble than it looks, so copy the details from your online banking.

Money from abroad will not always arrive in full. Charges on incoming payments differ from bank to bank; check the price list of Deutsche Asset Management Limited. On invoices, you can agree how the fees are split, so that nobody is left short.

Where our SWIFT data comes from

The codes here come from public sources which we refresh regularly. It can happen that information on this page is out of date. Figures such as the number of codes come from our own dataset and may differ from what Deutsche Asset Management Limited publishes.

Before any payment of any size, check the BIC with the recipient’s bank or with the recipient. GoldexPay is independent of Deutsche Asset Management Limited; we are a comparison site for money transfers. Found outdated information? Tell us through the contact page so we can correct it.

Scams that use SWIFT codes

Criminals often use fake invoices containing changed bank details. A real SWIFT code says nothing about who owns the account: scammers use real codes of real banks.

Before paying, confirm a change of bank details by phone on a number you know, not one from the message. Pressure and requests to keep it quiet tend to be warning signs. If a payment was sent to a fraudster, contact your bank immediately: the sooner they act, the better the chance of a recall.

People receiving money can be targeted as well: a classic trick is a buyer who pays too much followed by a request to send back the difference abroad. A payment confirmation from the sender is no proof – check your own account.

Sending money abroad from Deutsche Asset Management Limited

What you pay for a payment abroad is made up of several parts – not just the fee on your screen. You pay the transfer fee, sometimes fees charged by intermediary banks in between and, above all, the margin on the exchange rate.

The markup on the rate tends to be the largest item even though it is not listed as a fee. Check the rate you are offered with the mid-market rate.

For a lot of routes, a transfer service is cheaper than a bank, mainly because of the exchange rate. GoldexPay lists these services next to each other, showing what actually arrives. You can still use your account at Deutsche Asset Management Limited as the source of the money, while a cheaper service handles the conversion.

How long does an international transfer to Deutsche Asset Management Limited take?

How quickly a transfer reaches Deutsche Asset Management Limited depends on a few things: the currency, the number of banks in between, daily processing deadlines and differences in time zone. Transfers sent after the cut-off time or just before a weekend or public holiday usually go out a business day later. Occasionally a bank wants to know what the payment is for.

A growing number of banks use SWIFT gpi. Every payment gets a unique reference, the UETR that banks can use to trace it. Keep the payment confirmation until the money has arrived; it contains the details a bank needs to start a trace.

The bank that sent the money is able to start an official trace or a recall; the receiving side usually has nothing to trace yet. Ask the sender for a copy of the payment confirmation with the date and reference – it helps your own bank look for the money.

Choosing between the 3 SWIFT codes of Deutsche Asset Management Limited

We have 3 SWIFT/BIC codes for Deutsche Asset Management Limited, spread over 1 cities. Next to the head office code MGAMGB2LXXX, there are codes for individual branches and departments.

Unless the recipient tells you otherwise, go with MGAMGB2LXXX. Just use a branch code when the recipient gives you that exact code.

The best way is to take the code straight from the account holder’s statement. Branch codes are more likely to change than the head office code when a bank merges or closes offices.

The British Pound and what conversion costs you

United Kingdom uses the British Pound (GBP). A payment in a foreign currency is converted into GBP – and the bank that does it picks the rate. Every conversion costs something, even when no fee is shown.

Where the conversion happens has an effect on the final amount. Check what GBP the recipient gets with several providers; the difference between options can be larger than you expect.

Rates for GBP change during the day – some services let you fix a rate in advance. For recurring payments, small differences in the rate add up over time.