If you use online SEPA bank transfers, the euro payment will be without any extra charges for both transferrer and remittee.
SEPA (Single Euro Payments Area) is an initiative of aggregated banks within 34 European countries and also includes countries which are not part of the euro area and the European Union. They decided to establish standard payment products for the European market, so payment is much easier in these countries. No more separate rules for each country, but the same conditions, rights and obligations for all of these countries.
- You can transfer your payments from one account, from one country.
- Your administration will be much simpler.
- Your cost structure is clear.
- You have a guaranteed processing time.
- All of your clients are in the same way legally responsible in case of fraud and incidents.
- You run less risk.
- You can transfer money abroad in the same way as in your own country.
The originator and beneficiary both pay the charges of a SEPA transfer by their own bank. Transaction fees for a SEPA transfer are the same as those for a domestic payment. In the Netherlands, for example, this transaction fee can amount to $ 0.07 (comparable to a domestic payment), but this fee will differ from bank to bank. Some bankers don’t charge any extra costs.
How does it work
When you make a SEPA payment, you need to use the beneficiary’s IBAN, (International Bank Account Number) and the beneficiary’s BIC (Bank Identifier Code).
This information is indicated at the bottom of all CheckMarket invoices.
The processing time is a maximum of 3 business days. In reality most SEPA-transfers will be processed sooner.
The full amount will be transferred; no costs will be deducted.