Sending money internationally to a bank account : SWIFT or SEPA?
In contemporary times, many individuals perceive a shrinking world, fostering a closer connection to a global society. Whether you’re celebrating weddings abroad, embarking on international business or study adventures, or investing in holiday properties in far-off lands, our lives often extend across borders.
Sending money internationally is a part of our life. However, with hidden transfer costs, fluctuating exchange rates and varying delivery time, you might ask yourself ‘Did I send money the best way for my needs?’
In this guide, we’ll help you understand which method suits your needs best.
Understanding of SWIFT and SEPA
When you’re sending money internationally, you might come across the terms SWIFT and SEPA. In case they’re unfamiliar to you, we’ll explain the differences.
What’s a SWIFT transfer and how does it work?
A SWIFT transfer is an international money transfer done via the SWIFT network, which stands for the Society for Worldwide Interbank Financial telecommunications.
To send money via SWIFT: you’ll need a SWIFT code (also called a BIC code). It contains 8 - 11 characters and is the bank/branch identifier for the payment.
You’ll also need the IBAN, which is the SWIFT format for an account number. Using SWIFT, your money will be transferred directly to your recipient’s bank account safely and securely in 3-5 working days.
What’s a SEPA transfer and how does it work?
SEPA stands for Single Euro Payments Area. A SEPA transfer is designed specifically for bank transfers denominated in EUR within the 27 EU member states but also within the UK, Iceland, Switzerland, Norway, Liechtenstein, Andorra, Monaco, San Marino and Vatican City.
To send a SEPA payment, you just need the IBAN number for the bank account. SEPA transfers are known for their fast, budget-friendly service. With SEPA payments, transfers are typically processed within 24 hours.
How can you choose between SWIFT and SEPA?
The choice between SWIFT and SEPA comes down to your specific needs. Take into account the location of your recipient, the currency, the cost, the speed, and the security requirements of your transfer.
- If you’re sending money within the Eurozone, SEPA is your efficient and cost-effective choice.
- For transactions in non-European currencies or destinations, SWIFT’s global reach is your best bet.
Paysend makes it easy to send both SEPA and SWIFT payments. With just a few taps on your phone, you can smoothly send and receive money within the Eurozone, and what’s even better? - It won’t cost you a thing - thanks to SEPA Credit Transfer. If you need to send money outside the Eurozone, Paysend also has you covered with SWIFT payments.
Download Paysend to join 8+ million worldwide Paysend customers today!
- Website: paysend.com
- Mobile App: available from the App Store and Google Play
Bài viết mới nhất
Sống ở nước ngoài cũng đi kèm với những thách thức riêng — giữ liên lạc với gia đình, giải quyết những khác biệt về văn hóa và quản lý tài chính. Một trong những nhiệm vụ quan trọng nhất đối với nhiều người làm việc ở nước ngoài là gửi tiền về quê nhà. Cho dù là để hỗ trợ người thân, thanh toán hóa đơn hay đóng góp cho các dịp kỷ niệm đặc biệt, việc chuyển tiền quốc tế cần phải dễ dàng, đáng tin cậy và tiết kiệm chi phí. Đó chính là lúc Paysend xuất hiện.
Với nền tảng hợp lý được thiết kế hướng đến sự đơn giản, bảo mật và tốc độ, Paysend giúp người làm việc ở nước ngoài kết nối về mặt tài chính với những người mà họ quan tâm nhất dễ dàng hơn bao giờ hết.
Independence Day in the United States is celebrated every year on July 4th. This national holiday commemorates the adoption of the Declaration of Independence on July 4, 1776, when the original thirteen colonies formally declared their separation from British rule. Today, it’s one of the most widely observed holidays in the U.S., marked by fireworks, parades, barbecues, and patriotic displays across the country.
