New SEPA rules: Sending funds to our EUR client accounts should now be free and take up to two days
01/Feb/2016 • In The News•
Starting on 1 February, cross-border fund transfers are governed by the new Single Euro Payments Area (SEPA) rules, which require banks to charge the same amounts for payments within the EU as they do for domestic payments.
The aim of SEPA is to continue the EU’s path towards being considered a single banking area, essentially removing the barriers to trade of bank fees and inconveniences caused by sending funds from one area of the EU to another.
When you send funds to our SEPA-compliant EUR accounts, to pay suppliers across the world in their local currency for example, your bank shouldn’t charge you for transfers from the countries listed below and process payments within one or two days, the same as for payments from one bank to another within one of those countries. You need to check with your bank though whether any charges or fees apply as not every bank handles transfers in the same way.
From where you can take advantage of the new transfer rules:
Saint Martin (French part)
Saint Pierre and Miquelon
To discuss this, alternative transfer methods or other fund-transfer-related requirements your business may have, call us on +44 (0) 845 519 1009.