SEPA You can make SEPA payments with Billhop
What are SEPA payments? SEPA stands for Single Euro Payments Area, the European single markets payment. The European Union initiated SEPA to improve international bank transfers and electronic payments in Euro. SEPA enables you to make EURO payments between the 33 EU- and EEA countries¹ (plus Monaco, Switzerland and San Marino) within the SEPA-area. The charges imposed are equal for sender and receiver and the idea is that sending money between the EU-countries should be as smooth as effecting domestic payments.
What is the difference between a SEPA payment and an international payment? For payments outside Europe and in different currency you choose international payment. An international payment is worldwide. But for payees within EU you make a SEPA-payment which is faster and cheaper.
How to make a SEPA-payment? Register payments on your corporate bank’s Internet bank. The debited amount can normally be disposed of by the receiver one working day later. Thereafter you will receive a debit advice with the transaction details, either on the Internet bank or through the mail. How do I receive a SEPA-payment? If your company receives a payment containing your company’s Iban² or the bank’s Bic³, your bank will transfer the money to your company’s account. Usually you will receive the money will the same day as the sending bank with a possible exchange charge in real time.
¹ Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Monaco, Netherlands, Norway, Poland, Portugal, Romania, Slovenia, Slovakia, Spain, Sweden, Switzerland and the United Kingdom.
² Iban is an abbreviation of International Bank Account Number. Iban is an account number in international format and is only used for international payments.
³ Bic is an abbreviation of Business Identifier Code. Bic is used to identify the bank of an international beneficiary in a secure manner