Blog • 01 July, 2019

SEPA Transfers: Streamlining euro payments

Cashless payment in euros is about to become a whole lot easier.

If you’ve not heard of the Single Euro Payments Area, you soon will. The name might be a mouthful, but SEPA is set to be a game-changer for cross-border payments.

What is SEPA and what does it mean?

SEPA is a way to effortlessly send and receive money to accounts and cards across the EU. This can be in the form of debit and credit card payments, as well as cash withdrawal and money remittance. SEPA’s legal framework, backed by the EU, aims to create a speedy, simple payment system that is comparable to domestic payments. SEPA is about taking the hassle out of sending and receiving euros internationally. But that’s not all - there are also a host of other countries that will be involved with SEPA, including Iceland, Norway, Switzerland, Liechtenstein, Monaco and San Marino.

What are the benefits of SEPA?

Simply put, SEPA could cut costs for people and businesses who want to send money or credit overseas. It’s a transparent set of rules and standards that help you bypass costly international payment fees. Not only can it be helpful as a way of moving money across borders by direct debit, it could also make it easier to work internationally. People who work internationally can use SEPA as a way of being paid in their home country, avoiding the hassle and expense of sluggish international bank transfers.

SEPA has the backing of the ECB and the European Union, who are already looking into a similar system for mobile payments.

How it could help you

Want to send euros to another account by debit card? Maybe you want to receive payment for a job but your home bank account is abroad. SEPA is a fast, simple solution that can cut down on queuing time at high street banks, as well as helping you avoid waiting for payments to approved by intermediaries. Paysend is part of the payment revolution, allowing you to pay an affordable fixed fee to send money to MasterCard, Visa and UnionPay cards in over 70 countries.

SWIFT and SEPA money transfers – what is the difference?

SWIFT transfers work internationally and cover a wider range of currencies. However, they don’t always live up to their name. SWIFT transfers can often get held up due to the need for human intervention along the payment processing chain, as well as eye-watering transaction fees. This can hold up the payment and can make SWIFT slower, and more costly than SEPA.

Paysend: leading the payment processing revolution

Paysend supports SEPA transfers and makes it easy to transfer money using bank details, with the added option of including the recipient’s IBAN number. Paysend cuts out any hidden fees or unexpected charges and uses the best possible exchange rate so that you’ll get the best value for money.

How does Paysend work?

Download the Paysend app on Google Play or App store or logon via a laptop or tablet. All you’ll need to make a payment is a card number and the receiver’s name. You’ll also benefit from the support and security of a high street bank, but without the queues. Paysend saves you stress by ensuring that you can send secure, speedy payments around the clock.