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Does USAA have an IBAN and BIC to utilize when making payments to European accounts?

 


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Setting up a local German bank account is to set up. Herkpilot78 is absolutely correct about the out of pocket expenses from Services Credit Union. On top of the poor conversion rates (I expected better from a credit union), they charge $2.00 per EFT if done at a bank, $1.00 per EFT if done online (this includes recurring transactions). Once you have a German bank account established, you can get with your finance office and set up a direct deposit to your German bank account via International Treasury Service (ITS). It costs $30/month, but you get the market rate for dollars to euros, and euros are deposited in to your German bank account (the German bank accounts don't charge a fee for EFTs).

Perhaps one of the nicest features of having a German bank account is the debit card that comes with it. A lot of stores only accept cash or debit card, and the stores that accept debit cards won't accept American debit cards or the debit cards from Services or Community Bank. Having an alternate method to pay for things when you're at a store similar to Target is very helpful!

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18 REPLIES

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I would love to have this information also.  Having a community account and USAA while living in Europe isn't fun.

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Thank you for your comment regarding European accounts. Due to the nature of your post, a service specialist would be in the best position to address your concern. As such, we ask that you please click here to provide us with additional detail and your member information. You can also reach a service specialist at 1-800-531-8722.

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International Bank Account Numbers (IBAN) are account number standards primarily used in Europe which help streamline cross border payments. USAA does not have an IBAN.

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I emailed USAA directly, as suggested by Ms. Crooks.  The response is that currently, USAA has no IBAN or BIC.  There is the option of Wire Transfer; however, that won't work for international bill pay services.  ...oh well.

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You should use G.I. Bill Pay Service located in the town of Ramstein, Germany.  GI Bill Pay Service Ramstein . Not only do they pay your bills but they also provide interpretation services if you are challenged to understand your bill in German.


@SonRod8a wrote:

I emailed USAA directly, as suggested by Ms. Crooks.  The response is that currently, USAA has no IBAN or BIC.  There is the option of Wire Transfer; however, that won't work for international bill pay services.  ...oh well.


 

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I guess Service Credit Union or Community Bank will get my business for the next three years. Such a shame. I love USAA in the states.
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As far as Community Bank and Service Federal, I would avoid them like the plague for Bill Pay Euro in Germany. Their conversion rates are not competitive! To pay rent and utilities it is costing me about 100-130 out of pocket each month! They charge about 3-4 cents on the dollar conversion rate. This is something most people don't notice. That adds up really quickly! Since DFAS pays utility and OHA at the daily rate you will always be short! I set up a off base German account and get USAA to increase my debit withdraw limit and take it out of the ATM in the bank lobby and deposit the cash. Its a bit of a pain but it saves me about 80-95 dollars every month since USAA gives the Euro at daily German bank rate witch is only 1-1.5 cents on the dollar over daily rate!
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Good to know.  Thank you.

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Was the account hard to set up at a German bank? I' have been here a month and it is all so confusing. I don't want to be spending extra money every month that I don't need to spend.