Paymaster can Receive SEPA Transfers

What are SEPA transfers?

SEPA transfers, or the Single Euro Payments Area, are the new format for cross-border Euro bank transfers. These aim to facilitate such cross border Euro transfers.

SEPA is made up of EU Countries plus other countries which also support Euro bank transfers.

SEPA Countries are as follows: Australia, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Gibraltar, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Lichtenstein, Lithuania, Luxembourg, Malta, Monaco, Netherlands, Norway, Poland, Portugal, Romania, San Marino, Slovakia, Slovenia, Spain, Sweden, Switzerland, UK.

Funds sent from a bank based in a SEPA Country could use TransferWise’s Euro accounts, which has three Euro accounts based in Estonia, Germany and France. All three of these are ‘SEPA-compliant’. One account in Estonia is held with LHV Bank. Estonia is in Northern Europe, just south of Finland.

One account in Germany and is with Deutsche Handelsbank (owned by Deutsche Kontor Privatbank). It is also SEPA compliant. Should not be subject to any fees.

One account in France is held with Barclays. This is for customers with accounts registered in France.

As TransferWise sends Euros via SEPA transfer, there shouldn’t be any receiving fees. TransferWise can’t tell which banks do or don’t charge. Iit is worth checking with the Receiving bank.

Once sent out, the recipient of a Euro transfer should receive the money within 1-2 working days.

Please note – TransferWise can only make transfers which include a currency conversion. For example, it’s not possible to transfer from your Euro account to another Euro account.