International Transfer

International Transfer

1 July 2003 is the start of the EU cross-border payments, which will enable you to make euro transfers within the EU more efficiently and at lower cost.

From this date, banks will offer you the execution of incoming and outgoing payments within the EU at the price of domestic transfers.

The following criteria have to be met:

• Transfer currency: euro.
• Indication of IBAN ("International Bank AccountNumber") and BIC ("Bank Identifier Code") is obligatory.
• Cross-border payment within the 15 EU member states (Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, Spain, Sweden, United Kingdom)
• No special instructions (e.g. "urgent"). 
• Shared charges: the charges of the customer’s bank always have to be borne by the customer, the charges of the recipient’s bank by the recipient. Other instructions for the payment of charges are not possible.
• Maximum amount: EUR 12,500
  

Important BIC and IBAN:

BIC: GENODEF 1BHA
IBAN: DE03 2789 3215 0106 5247 37

For the low-cost and quick execution of your crossborder payment order, you have to indicate the IBAN and the BIC. The IBAN ("International Bank Account Number") is an internationally standardised description of the banking connection. It includes the country code, bank and account data, as well as a check digit (for instance: AT 51 1200 0123 4567 8900). The BIC ("Bank Identifier Code") is a bank’s identification code which is used worldwide. It is also often referred to as SWIFT code. Your payments can only be transmitted automatically and treated as low-cost EU cross-border payments if the IBAN and the BIC are indicated. Conversely, individuals living abroad who wish to transfer money to you, have to indicate the IBAN and the BIC of your accounts held. Your personal IBAN and the corresponding BIC are printed in the bottom line of your account statements.

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