Sounds good, but what is SEPA?
SEPA stands for the Single Euro Payments Area. This is a payment-integration initiative that allows EU citizens to send and receive euros feely across all member states. It also covers the United Kingdom, Norway, Liechtenstein, Switzerland, and Iceland. European microstates such as Andorra, Monaco, San Marino, and Vatican City are also covered. The initiative allows for the simplification of a previously highly fragmented national market payment system by creating a consolidated domestic system. It is particularly useful for people in the eurozone who move from one country to another for work, as they can still easily receive their salary into existing home bank accounts.
What benefits does SEPA bring?
For traders in the EU, the ability to now make SEPA deposits will mean that there is yet another fast and simple way to add funds to their accounts in anticipation of this potential upcoming running of the bulls! SEPA payments have to be processed within a fixed period of time, and the sending bank is not allowed to charge any fees on the amount sent. As we all know, fast transfers with no additional fees are always a great bonus when traders are looking to maximize profits on that all-important next trade.
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