In the world of international transfers, two major systems dominate: SWIFT and SEPA. But which one should you choose?
What is SEPA?
SEPA (Single Euro Payments Area) is the European single payment area covering 36 countries. Euro transfers are fast and cheap within this system.
What is SWIFT?
SWIFT is a global banking communication network that enables messaging and money transfers between banks worldwide.
When to Choose SEPA?
- Euro transfers within the EU
- Looking for a fast and cheap solution
- Want it to arrive within 1 business day maximum
When to Choose SWIFT?
- Transferring to a country outside the EU
- Transferring in non-euro currency
- Larger business transactions