Landesbank Baden-Württemberg International Transfers & Exchange Rates

Headquartered in Stuttgart, the bank offers a variety of services, with a particular focus on small and medium-sized enterprises and private customer businesses. It has over 10,000 employees and operates across 18 locations in 17 countries.

And through its legally dependent institution, Baden-Württembergische Bank (BW-Bank), LBBW provides a wide range of services to private clients that includes international transfers.

About Landesbank Baden-Württemberg

Landesbank Baden-Württemberg (LBBW) is the product of the merger between SüdwestLB, Landesgirokasse, and the commercial banking business of L-Bank in 1999. It is Germany's largest state-owned Landesbank lender, with €276 billion in net assets in 2020.

Landesbank Baden-Württemberg Exchange Rates and Fees

Here’s an overview of LBBW’s costs:

• Transfer Fees: LBBW falls under the Single Euro Payments Area (SEPA) architecture, which brings down the cost of cross-border payments within member states. However, outside Europe, the transfer cost could run up to €150 for each transaction

• Additional Costs: The bank also charges €1.50 per transaction plus a 0.25% brokerage or conversion fee for sending money in a foreign currency, and an additional €25.00 for processing the transaction with LBBW

• Exchange Rate: The exchange rates of LBBW don't have a formal markup. Instead, it uses a baseline rate that it refers to for foreign currency conversions and is updated weekly.

How Do LBBW's Bank Transfer Fees Compare to Using a Money Transfer Provider?

Choosing LBBW's services over money transfer providers is a slightly more expensive option. For one, most non-bank providers would charge either zero fees or a low fixed amount on transfers. This fixed sum can be as low as $1, irrespective of the transaction value. On the other hand, LBBW’s basic fee is 1% of the transfer amount with a minimum of €7.50 and a maximum of €150.

One advantage of LBBW is that it doesn't have much of a markup on exchange rates, as mentioned. But despite this, you still need to pay a 0.25% conversion fee and an additional €25.00 for processing the transaction with LBBW. In contrast, some money transfer companies charge 0% for converting currencies and sometimes don't impose any exchange rate margin, thereby giving you direct access to the mid-market rate.

Landesbank Baden-Württemberg Pros and Cons

Landesbank Baden-Württemberg Swift Codes

How to Open an Account and Transfer Money With LBBW

Opening an account with LBBW requires a three-step process. You first need to accomplish an online application, then go through the video verification process, and once approved, you'd have access to your online banking account. After that, you can proceed with transferring money.

Opening an Account

There are two ways for you to open your account with LBBW. The first one mentioned above lets you set up your online banking account, while the other method is scheduling a branch visit online and completing the account opening procedures at one of the bank's premises. Some of the requirements you should bring are your passport, proof of address, proof of status (if employed or a student), and initial deposit.

Transferring Money

Here are the steps to make your first transfer with LBBW:

• Step 1: Log in to your online bank account and select transfers

• Step 2: Choose the account you will use for the transaction

• Step 3: Select the "transfer" order type

• Step 4: Enter the name of the recipient

• Step 5: Type in the recipient's IBAN

• Step 6: Then, enter the amount

• Step 7: Select whether the transaction is one-time or recurring

• Step 8: Click Confirm

• Step 9: Type the TAN (TransAction Number) code

• Step 10: And lastly, click SEND to complete the transfer.

Additional Information

The bank accepts cross-border transactions initiated through online banking or telephone banking until 4:00 pm (GMT+2) on all business days. For the same type of transaction but in the form of a SEPA euro transfer, LBBW's cutoff time is until 6:30 pm for online banking and 5:00 pm for telephone banking.

But if the transaction is initiated through real-time transfers using the agreed electronic access channels, there is no cutoff period, and transactions are processed instantly.

Customer Service Details for Users of LBBW Bank

For online banking questions or concerns, you can contact LBBW using this number 0711 124-44466 from Monday to Friday between 8 a.m. to 6 p.m. On the other hand, if you need have some general questions to ask or need some personal advice from one of their support staff, this is the number 0711 124-44005 and this line is available Monday to Friday 8 a.m. to 8 p.m. and 9 a.m. to 2 p.m every Saturday.

You can also use your online banking account to locate a nearby branch to schedule a visit. If you don't have access to internet banking yet, you can book an appointment via the bank's website.

Summary

A state-backed bank with various subsidiaries in Germany and multiple offices worldwide, Landesbank Baden-Württemberg is an excellent choice for business and personal banking. LBBW's international transfer service is perfect for transferring amounts under €25 since transaction fees are waived on small transfers. It is also ideal for sending money between states within the EEA because of SEPA. However, LBBW might be a costly option for other cross-border transactions due to the transfer fees, conversion fees, and additional fees it attaches to each transaction.

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