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Post by privateinvestors on Apr 11, 2016 1:11:54 GMT 4
Can anyone tell me the difference between SEPA and SWIFT ?
What are the advantage between one and the other?
How about cost?
Thank you.
P.I. / Tony
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Post by congregatio on Apr 11, 2016 8:39:37 GMT 4
a SEPA payment is done on the basis of IBAN and the SWIFT Address of the receiving bank, its a simplified SWIFT and a straight through processing. By default all payments between SEPA participants in Euro are done following SEPA, the general SWIFT procedure, while similar requires a bit more data and allows a larger number of currencies. Cost is an issue, most are free but the law says that a bank cannot charge more for sending/receiving between banks in different EU countries than they would within their own country. SWIFT in general has no such policy and what the bank charges in in the banks general terms and conditions
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Post by privateinvestors on Apr 11, 2016 18:39:58 GMT 4
Thank you "Congregatio" for honoring my inquiry with your comments.
P.I. / Tony
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