SEPA Transfer – Definition, what it is and concept

A SEPA transfer consists of sending a certain amount of money so that the payer and recipient of said payment are within the territory defined as SEPA zone.

The methodology of any transfer SEPA it’s based on Bank transactions within the Eurozone. In addition, there are additional countries participating in that monetary framework and operating with the currency Euro.

Basically, the operation of this type of money transfer is equivalent to a transfer made within a particular national territory.

These operations are common within the economic context of the European Union, which in order to facilitate the transaction of goods and services between its territories
Members enable internal banking transactions with equal cost to national ones.

In this way, it is an economic tool to stimulate greater integration of the countries that make up the Eurozone. It enables the increase of trade and business creation between different European agents.

Main characteristics of a SEPA transfer

This type of banking actions has some features to highlight:

  • The existence of Bank fees allocated to these transactions SEPA depends directly on each financial entity. Although, in general, they are not usually high compared to those of any member state.
  • Regarding the processing and sending time of each issue of money, it usually takes place in a margin similar to national operations. That is, it is common for each money transfer between SEPA territory accounts to be completed in one or two business days.
  • There is no maximum limit for each transaction. In other words, the amount of money in euros to be sent has no restrictions as to its amount.
  • Similarly, it is possible to send money to more than one beneficiary simultaneously. This makes comfortable mass payment processes possible.
  • All payments are made through secure and automated electronic movements.

Thus, thanks to the SEPA transfer concept, it is possible to expedite the movement of significant amounts of money within the European economic framework.

In that sense, it is a way of equalizing the rights of citizens of the common territory by removing barriers and economic bureaucracy.