One of the many popular ways to send money abroad is SEPA. These transfers are fast, carried out quite simply, and are particularly safe.
Popular modern SEPA payments
The abbreviation SEPA translated into Russian sounds like this: Single Euro Payments Area. That is, with its help, individuals and legal entities can make transfers between bank accounts in euros. The system was introduced in 2008. With its appearance, it greatly simplified the implementation of money transfers to different countries. Interbank transactions conducted by SEPA are simple and straightforward. And the payment zone itself is an accelerated analogue of SWIFT, perfect for countries in the Eurozone.
Benefits of SEPA transfers
The advantages of SEPA over other methods are: Speed of translation. Usually this is an instant SEPA transfer, less often it takes a little more time, but no more than a day;
low commission rate. SEPA banks charge the same as for a transaction within the same country;
no restrictions on the amount of the transfer;
simplicity. The IBAN number of the recipient is sufficient for the transaction. Compared to SWIFT, the requirement is minimal.
It turns out that SEPA is a bank transfer, which, although it is international, is as close as possible in terms of conditions and results to ordinary intrasystem ones.
Some of the users appreciate the transfer time in SEPA, some of the design features, some of the reliability and commission. In general, reviews about this option are very positive.
SEPA financial transfer is reliable and profitable
Citizens of the Vatican, Switzerland, Iceland, Norway, Liechtenstein, Andorra, San Marino and Monaco, as well as 27 EU countries use the SEPA account.
Most choose SEPA instant payments, which are carried out like a standard transfer.
Debit and credit are available to users in SEPA.
Transfer SEPA Credit
A credit transfer is a transfer to the beneficiary’s bank within the framework of SEPA. It is carried out in 24 hours, unless the estimated time of the bank has expired by the time of the transfer.
It is noteworthy that even the UK, Poland and Norway allow this option of paying in euros, i.е. countries that do not use the euro as an official currency, but are in the SEPA zone.
Of all other countries, this option will be considered by the bank, simply as an international one.
Debit SEPA Direct
You can get the required amount from the SEPA account in the bank using this debit system. It is carried out automatically exclusively in euros. The seller must initiate. You can use another currency, but it will certainly be converted, and this is often subject to additional fees. To avoid it, you can either use the services of the Fin.do service, or master the SEPA B2B scheme (provides direct debit).
WestStein Prepaid Virtual Card for SEPA Payments
The WestStein virtual card or online account is used as follows:
You need to log in to your bank account online.
Specify the amount and IBAN account where the amount will be transferred.
Check the information and confirm it is correct.
Usually, the transfer takes a maximum of a day or two. For comparison, SWIFT takes about 5 days to do the same.
These are just the main advantages of this type of payments and transfers. But they make it possible to figure out whether it is worth using SEPA and WestStein and in what situation it is best to do it.