DenizBank AG

FAQ SEPA for Private Customers

  1. Who does SEPA affect?

    The conversion to the single payment area affects everyone who has an account with a Bank – irrespective of whether they are an individual person, an association, an enterprise or a public institution.

  2. What will the conversion to SEPA cost me?

    The SEPA conversion will not cost private customers anything.

  3. Is the new scheme really safer?

    Yes, SEPA means more security for payment transactions. Take direct debit collection mandates for example - the payee can be unambiguously identified through the new creditor identifier. Assigned in Austria by the Oesterreichische Nationalbank, the consumer can see the creditor identifier both in the SEPA direct debit collection mandate and in the account statement – or online in the account payments history display, all of which creates greater transparency.

  4. So what is the IBAN?

    TheIBAN is easy to notice, because it is made up of the 10-digit account number and the 8-digit bank (sort) code, together with the national code DE for Austria and a 2-digit verification number. That means that, other than these four characters, the IBAN is uniquely assigned to you.

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    Quelle: Österreichische Nationalbank
  5. Where do I get my IBAN from?

    Your new, 22-digit account number is now displayed on your account statements (top right-hand corner). When banking online, you can get your IBAN at »Account Management« → »Account Information« → »Account Detail«. Or use our free smartphone app with its practical IBAN computer – simply enter your account number and you're good to go!

  6. What exactly is the BIC?

    The international exchange of data between banks is regulated by the "Society for Worldwide Interbank Financial Telecommunications" (SWIFT). It assigns every participating bank a unique international bank ID, known as the "Bank Identifier Code" (BIC). The BIC consists of eight or eleven characters. It is made up of

    • the 4-digit bank code
    • the 2-digit country code
    • the 2-digit location code
    • the 3-digit code for the branch or department (optional).
  7. Do I have to modify my standing orders?

    No, we will convert your standing orders to be ready for SEPA.

  8. What changes will I notice in relation to bank transfers?

    Starting from 1 February 2014, you will begin using the IBAN instead of your previous account number and bank code. The IBAN is sufficient when making payments inland (BIC not needed). The BIC will still be needed when making international payments (foreseeably until February 2016).

  9. What benefits do I have with SEPA transfers?

    Cross-border transfer charges are more cost-effective with SEPA - a SEPA transfers costs the same as an inland bank transfer, dependent of course on the specific terms of the particular account.

  10. Is it not true that SEPA transfers are even faster than inland bank transfers have been to date?

    No, they are the same. Within the Eurozone, the transferred sums have to arrive in the target account within one banking day.

  11. Are there new pre-printed payment transaction forms for Euro transfers (SEPA)?

    There is a new pre-printed form for Euro transfers, which you can obtain in our branch offices. You can also make payments easily using your online banking access.

  12. What are the main changes to direct debits?

    Within Germany, goods and services are frequently paid for using a direct debit collection mandate (Einzugsermächtigung). As a consumer, you will certainly be familiar with these when making payments to your energy supplier. For the first time, the new SEPA Direct Debit Scheme enables due invoiced sums to be collected by direct debit not only with Germany, but also across borders within SEPA. Payees that use the SEPA direct debit method will need you to provide them with a SEPA direct debit collection mandate. However, as the payer there is no need for you to act. It is the responsibility of the payee to approach you to obtain the direct debit collection mandate.

  13. Are previous direct debits still valid?

    Only direct debits issued in writing will remain valid after 1 February 2014. In future, your account statements will provide you with additional information such as the creditor identifier and a mandate reference (e.g. an invoice number or a membership number of the association). New direct debits will use SEPA mandates, standardised in all SEPA countries.

  14. Do I have to independently issue new direct debit collection mandates?

    No. Direct debit mandates only have to be re-issued if the payee explicitly requests this from the customer.

  15. What is the Core Direct Debit Scheme?

    As with the previous direct debit collection mandate, you are able here to arrange payments to be made to a payee. If you are the payee, agree a suitable mandate for this purpose and collect the payment using the SEPA Core Direct Debit. You can use the SEPA Core Direct Debit if your payment partner's bank also supports this scheme. DenizBank AG is part of the SEPA Core Direct Debit Scheme.

  16. What rights of recourse do I have, if an amount is wrongly debited?

    If an amount is ever debited from your account and you do not agree to it, you can object to it within a period of 8 weeks from the date of the debit entry (due date). You have the right to demand reimbursement of the direct debit amount without being required to state any reasons.

  17. What is the situation with standing orders and bank transfer slips?

    We will attend to the conversion of your standing orders and bank transfer slips on your behalf.

  18. Will there be any changes to my reference account?

    No, DenizBank (Wien) AG will automatically attend to the IBAN and BIC conversion of the reference account (e.g. for direct debit payment collections or savings deposits).

  19. Will there be any change to my online banking log-in details?

    No, there will be no change to your online banking log-in data (account number and PIN). Please continue to use your current details!

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