HypoVereinsbank was founded in 1998 and the headquarters are in Munich, Germany. The bank is part of UniCredit and has an expanding portfolio of clients in Europe. It’s the 4th biggest bank in Germany based on the number of employees, which is 12,194.
The bank focuses on wealth management, commercial banking, and corporate & investment banking. They offer international expertise across 13 core markets and are constantly expanding their European network. Continue reading this review to learn about the pros and cons of HypoVereinsbank, and if it’s a good option for international money transfers.
It’s important to evaluate the exchange rates and fees when choosing a bank. The costs can add up so selecting a bank with competitive rates will save you money in the long run. Read on to learn about the exchange rate and fees you can expect to find when sending money online with HypoVereinsbank.
The exchange rates provided by HypoVereinsbank are competitive in the industry: the rates change daily based on market fluctuations. You will need to enter the amount you want to exchange to see what rate is offered. However, in most cases you will not spend as much money on exchange rate mark-ups compared to other banks. Click here to view up-to-date HypoVereinsbank exchange rates.
The transfer fees depend on where you are transferring to and from. For example, when you include currency conversions there might be an additional fee. Therefore, you’ll need to determine the fees for each type of transaction separately.
HypoVereinsbank does not charge a fee for incoming wire transfers. For outgoing wire transfers there is a 8 EUR fee for transactions up to 12,500 EUR, 12 EUR fee for transactions 12,501 EUR to 25,000 EUR, and 0.1% EUR (max 50 EUR per transaction) for transactions above 25,000 EUR.
HypoVereinsbank offers free ATM withdrawals at their locations but there are additional costs to consider. These include account management and the annual credit card fee. Business customers also pay fees based on the services they require. You can contact customer service to figure out the fees based on your specific requirements.
HypoVereinsbank bank transfer fees are not very expensive but they are beaten by most money transfer providers. Therefore, if you want to save money on bank transfer fees using a 3rd party service is the way to go. That’s especially true if you complete many transactions per year and the costs are adding up.
Still on the fence about HypoVereinsbank: is it the right choice for you? Let’s take a look at a few of the pros and cons, providing a complete overview of the bank so you can make the right choice for your banking needs.
Only German residents can open a German bank account. However, EU nationals are also eligible when visiting. International customers will need to obtain a German work permit and visit Germany in-person to open an account.
Yes. The HVB Mobile Banking app allows you to execute mobile transfers and support personal financial planning. The app has a great user-interface and offers customers a secure login mechanism that requires a pin number. You can complete bank transfers or check transactions while on the move.
The app works on Android and Apple smartphones. Also, there is an English version of the app for non-German speaking customers.
There is a transfer limit of 2,000 EUR per month for self-service savings accounts. However, you can request transfers of higher amounts when needed by contacting customer support.
The average bank transfer at HypoVereinsbank will take 5-7 days, which is a lot slower than the majority of international money transfers. However, you can pay a premium to reduce the transfer time.
The customer support options at HypoVereinsbank are excellent. The available options include:
It is possible to use the HypoVereinsbank debit card worldwide. You may need to contact the bank when traveling to ensure that automatic restrictions are not activated for security reasons. Across Europe you will find many ATM’s where cash withdrawal is free. However, it depends on the specific ATM you are using.
Opening an account at HypoVereinsbank is a simple process that can be completed online or at a bank branch. There are 4 steps to completing the registration process online:
Step 1: To start, click on the “free account for new customer” in the footer. Then click on the blue button and follow the instructions. You’ll need to specify if you are opening a solo or join account. Also, you must decide if you’ll need a credit card. There are different options to select from based on your needs
Step 2: Provide the required information in the fields. It helps if you would organize information before starting the process to save time. You will need your personal info, address and passport
Step 3: Now the information you provided will be verified. Incorrect information will need to be entered again. You may have to contact customer service if there are problems
Step 4: the information is submitted and you will need to wait for confirmation, which can take up to a few days
You can transfer money at HypoVereinsbank using online banking from a desktop or mobile app. The process is simple and takes no longer than a few minutes or a couple of easy steps. You need to enter the IBAN and recipient’s name for domestic transactions. International transfers may require additional information such as the SWIFT code and bank address.
You will need to use the modern security procedure of appTAN when sending payment from your smartphone. This is a secure mechanism for entering your pin so you only have access to your account.
Customer service: +49 800 50 40 506
You can use the contact form to send a message. Responses might be via phone or email. For live chat you will need to log in.
You can receive and send money using an international wire transfer. Most banks will have a direct arrangement for swift transfer using correspondent banks.
When receiving money you will need to use the HypoVereinsbank swift code, which is HYVEDEMMXXX and your branch address.
Before opening an account at HypoVereinsbank you might want more details to decide if it’s the right choice for you.
HypoVereinsbank is one of the top German banks that offer customers various services and excellent security standards. Customers can complete daily banking activities from the desktop or mobile platforms. Also, with 300 branches around Germany, you will easily find a local branch.
The fees and exchange rates are competitive, but you can save money on international money transfers when using a 3rd party service. 2 examples of such services include Wise and Xe. The transaction process takes just a few simple steps allowing you to move money around the world conveniently.
April is a trained journalist and the Content Editor for MoneyTransfers.com. She has 10 years experience writing about a diverse range of subjects, from financial services to arts and entertainment. When she’s not writing about global remittances she can be found daydreaming about her next holiday abroad.