4 ms·
> Only downside of SEPA is that it is a lot less common outside EU/Europe SEPA stands for "Single Euro Payments Area" and was build for the EU/Europe, I don't
by fragile_frogs 4y ago
> Only downside of SEPA is that it is a lot less common outside EU/Europe
SEPA stands for "Single Euro Payments Area" and was build for the EU/Europe, I don't think it's available outside of Europe.
- Aachen 4y agoCan you not just enter an international bank account number (IBAN) into online banking outside of this area? How does transferring money work then, do you need to send couriers with cash or use third parties like paypal? IBAN is the most basic infrastructure I know of, and I've heard that in the past you also had bank routing so this paying via banks (and banks settling it later) can't be new. I should ask my boss how we get money from customers in other countries. As far as I knew we just give them our IBAN, chamber of commerce number for tax reasons, and it just appears in our account.
- Semaphor 4y ago> As of May 2020, 77 countries were using the IBAN numbering system -- IBAN Wikipedia [0] It’s not that widespread. For international payments, you can do international bank transfers which have fees associated with them which can be shared or put on one side of the transaction only. It’s often easier and cheaper to use a 3rd-party provider like XE or TransferWise. [0]: https://en.wikipedia.org/wiki/International_Bank_Account_Number https://en.wikipedia.org/wiki/International_Bank_Account_Num...
- Aachen 4y agoAmazes me that there is no standardized way to do money transfers between big countries that we very commonly buy/sell stuff from/to like the USA, China, etc. Thanks for the info and link!