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What Are SWIFT and SEPA International Money Transfers?

Maria avatar
Shared by Maria • May 14, 2024

International payments are not always necessary when doing business, but if your customers, suppliers, or business partners are located all around the world, you will likely need to perform international banking operations. When making such payments, you may encounter terms such as SEPA, SWIFT transfers, and BIC.

It is important to understand various overseas remittance services before opening a bank account because the type of account in a financial institution directly affects the geography of possible incoming and outgoing transfers, as well as the currencies involved. This article compares the SEPA vs SWIFT systems and explains their features.