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SEPA and SWIFT Money Transfers - What Is The DIFFERENCE?: SWIFT - The Global Provider of Secure Financial Messaging?

SEPA and SWIFT are two common methods for international money transfers. SWIFT enables secure international money transfers between banks in different currencies, while SEPA allows for euro transfers within Europe. The key differences are that SWIFT can be used globally for various currencies, while SEPA is limited to euro transfers within Europe. Both systems aim to facilitate secure and reliable money transfers for individuals and businesses.

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Lalu Ahmad Gunawan
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256 views2 pages

SEPA and SWIFT Money Transfers - What Is The DIFFERENCE?: SWIFT - The Global Provider of Secure Financial Messaging?

SEPA and SWIFT are two common methods for international money transfers. SWIFT enables secure international money transfers between banks in different currencies, while SEPA allows for euro transfers within Europe. The key differences are that SWIFT can be used globally for various currencies, while SEPA is limited to euro transfers within Europe. Both systems aim to facilitate secure and reliable money transfers for individuals and businesses.

Uploaded by

Lalu Ahmad Gunawan
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

money transfers – what is the DIFFERENCE?

SEPA and SWIFT money transfers –


what is the DIFFERENCE?
Posted on July 25, 2017

Here, we enable clients to make SEPA and SWIFT transfers securely and safely
through their free online account or our mobile app. However, if you are not particularly
familiar with finances, you might be wondering what exactly these types of transfers
mean, what’s the difference between the two and how they benefit your business.

Let’s start off with what are SEPA and SWIFT.

SWIFT – The global provider of secure financial messaging?


Banks should have a secure way for international financial
communication. Here’s what is meant by a SWIFT transfer and what that is in
general:

SWIFT stands for Society for Worldwide InterBank Financial


Telecommunications. In brief, SWIFT is the global leading messaging system
that banks and other financial institutions use. It transmits information and
financial messages related to payments and transactions wordlwide.

The SWIFT messaging system is trusted for its robust security standards and high
level of protection of each transaction. Thanks to SWIFT and particularly our SWIFT
membership, our clients can make cross-border money transfers securely, reliably and
with confidence.

SEPA – Achieving payment integrity throughout Europe?


Find below what SEPA is and what it’s meant when used as a transfer type:

SEPA is an abbreviation for Single Europe Payments Area, and it makes it


possible for people and businesses to make transfers in EUR across Europe
with the same convenience as they do when paying in their home country.
Currently, 34 European countries take part in the SEPA payment-integration project.
This includes the European Free Trade Association and the current members of the
European Union. They all embrace the main idea – to harmonise the electronic euro
payments and provide simplicity, cost-effectiveness and convenience to the
consumers and the business.

Now, let’s point out the differences between SWIFT and SEPA
transfers:
 SWIFT enables money transfers internationally, while SEPA payments can only
be made within the SEPA area.
 SWIFT transfers can be executed in various currencies and the SEPA initiative
encompasses transfers in Euro alone.

Despite the differences, however, both SWIFT and SEPA share the same goal – to
provide seamless, secure and reliable money transfers to people and the business,
and to enhance the integrity of the increasingly dynamic system of payments.

Want to learn more about the different ways to make money transfers and accept
payments through the myPOS full-service platform? Send us an email
at [email protected].

We will be happy to hear from you!

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