In an increasingly globalised world, international transactions are becoming a norm rather than an exception. Whether you're a business making regular overseas payments or an individual transferring money abroad, you'll often come across a term: SEPA payment.
But what exactly is it, and how does it differ from other payment methods? Let's dive deep and uncover the essentials.
SEPA stands for the Single Euro Payments Area. It is an initiative by the European Union (EU) to harmonise electronic euro payments across Europe. The primary objective behind SEPA was to make cross-border euro payments as easy, fast, and secure as domestic payments within individual countries.
SEPA isn’t just confined to the EU. It consists of 36 member countries, including all 27 EU member states and some non-EU countries such as Norway, Switzerland, and Iceland. For a UK audience, it’s pertinent to note that despite Brexit, the UK still facilitates SEPA payments, making transactions smoother with European counterparts.
When initiating a SEPA payment, you'll need the recipient's International Bank Account Number (IBAN) and the Bank Identifier Code (BIC). These codes replace the traditional account number and sort codes, making transactions more streamlined and less prone to errors.
With connections to SEPA, SWIFT, and UK Faster Payments, here's why Equals Money should be your first choice if you're looking to make international payments:
SEPA payments have revolutionised the way we conduct transactions within Europe. By making payments consistent, quick, cost-effective, and secure, they have become the preferred choice for many. And with a trusted partner like Equals Money, you ensure that every transaction is smooth, safe, and simple.
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