Dec 18, 2024 ArticlesWire FeesPayments

The Single Euro Payments Area (SEPA) explained

George Goodchild - Director

Imagine a world where you could send money to your friend in France as easily as you could to your neighbor next door. No more international fees, no more complicated bank transfers. That's the magic of SEPA!

What is SEPA?

SEPA, or Single Euro Payments Area, is a network of European banks that work together to make cross-border payments easy and efficient. It's a big deal folks! With SEPA, you can send money, receive money, and even set up direct debits across 36 countries. These countries include all 27 EU member states, plus the UK, Switzerland, Norway and several other nations.

This is what Euro notes look like (and is what we can help you save).

How does it work?

Think of SEPA the Autobahn for euro payments. It connects banks across Europe, so your money can zoom from one country to another without getting lost or delayed. All you need is an IBAN (International Bank Account Number) and a BIC (Bank Identifier Code), and you're good to go.

Why is SEPA so great?

  • Simplicity No more complicated international transfer forms. Just a few clicks and your money's on its way.
  • Speed SEPA transfers are usually processed within one to two business days. It's like instant gratification for your finances.
  • Security SEPA uses advanced security measures to protect your money. You can rest easy knowing your funds are safe.
  • Cost-effective SEPA transactions are typically cheaper than traditional international transfers, saving you money.

How does Flowbrite fit into all of this?

Flowbrite lets clients open euro-denominated SEPA-based bank accounts, regardless of whether they are based inside or outside of the SEPA zone. This means Flowbrite clients from all around the world can take advantage of the benefits of the SEPA zone, not just those inside of it!

To understand how this works or to find out more feel free to reach out to one of the team to help!

Piqued your interest?

Open your own SEPA zone account now!

Get in touch!

 

 

 

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Flowbrite Payments is a registered company in England & Wales number 15543203.

For United Kingdom, Payment services for Flowbrite Payments Limited are provided by The Currencycloud Limited. Registered in England No. 06323311. Registered Office: Stewardship Building 1st Floor, 12 Steward Street London E1 6FQ. The Currencycloud Limited is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money (FRN: 900199)

For European, Payment services for Flowbrite Payments Limited are provided by CurrencyCloud B.V.. Registered in the Netherlands No. 72186178. Registered Office: Nieuwezijds Voorburgwal 296 - 298, Mindspace Nieuwezijds Office 001 Amsterdam. CurrencyCloud B.V. is authorised by the DNB under the Wet op het financieel toezicht to carry out the business of a electronic-money institution (Relation Number: R142701)

For United States, Payment services for Flowbrite Payments Limited are provided by Visa Global Services Inc. (VGSI), a licensed money transmitter (NMLS ID 181032) in the states listed here. VGSI is licensed as a money transmitter by the New York Department of Financial Services. Mailing address: 900 Metro Center Blvd, Mailstop 1Z, Foster City, CA 94404. VGSI is also a registered Money Services Business (“MSB”) with FinCEN and a registered Foreign MSB with FINTRAC. For live customer support contact VGSI at (888) 733-0041.

Payment Services are provided by Equals Connect Limited, registered in England and Wales (registered no. 07131446). Registered Office: Vintners' Place, 68 Upper Thames St, London, EC4V 3BJ. Equals Connect Limited are authorised by the Financial Conduct Authority to provide payment services (FRN: 671508).

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