A SEPA transfer is a way to send money between bank accounts in Europe that use the euro currency. It's like a simplified and standardised form of electronic payment within the Eurozone.
Key points:
-
Only for euros: You need to have a euro-denominated bank account to use SEPA transfers.
-
Standardised info: You'll need the recipient's IBAN (their bank account number) and BIC (bank identifier) to make the transfer.
-
Quick and cost-effective: SEPA transfers are usually faster and cheaper than traditional international transfers.
-
Common in Europe: They are widely accepted in most European countries that use the euro.