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Financial Dictionary - SEPA transfer
SEPA transfer
A SEPA transfer (Single Euro Payments Area) is a transfer in euros between banks belonging to the Single Euro Payments Area.
To make a SEPA transfer, we will need to know the IBAN (international bank account number) of both the originating account and the destination account, the name of the beneficiary and the amount. The money is usually received in the destination account within one business day.
Within Spain, the cost of SEPA transfers is the same as for domestic transfers.
This type of transfer comes with numerous advantages, notably:
- Money can now be sent and received within one business day.
- The new codes make our account more secure.
- There is no limit on the amount that can be transferred.
- Payments can be made automatically and electronically.