What is the quickest way to send money internationally across the EU?
Sending money internationally across the European Union (EU) has become increasingly convenient and efficient with the advancement of technology and the introduction of various financial services. The Single Euro Payments Area (SEPA) is a payment integration initiative that allows for fast and efficient euro-denominated electronic payments across the European Union (EU) member states.
Here's how the SEPA payment system works:
- IBAN (International Bank Account Number): SEPA payments require the use of an IBAN, which uniquely identifies each bank account within the participating countries. This ensures accurate and error-free routing of payments.
- BIC (Bank Identifier Code): Along with the IBAN, the BIC identifies the specific bank where the account is held. It helps in routing payments to the correct financial institution.
- Direct Debit: SEPA allows for direct debit payments to be made from one bank account to another, irrespective of the location within the SEPA zone. This simplifies recurring payments like utility bills or subscriptions.
- Credit Transfers: SEPA credit transfers enable individuals and businesses to send money quickly and securely between accounts within the SEPA zone. The funds are usually available to the recipient within one business day.
SEPA-Instant for the fastest payments:
Tranzbase supports SEPA instant payment, enabling businesses and individuals to experience lightning-fast transactions. SEPA instant payment is a real-time payment system that allows funds to be transferred within seconds, 24/7, 365 days a year. This groundbreaking technology eliminates the waiting time associated with traditional bank transfers and provides unparalleled convenience. Tranzbase's integration of SEPA instant payment ensures that customers can enjoy the fastest and most efficient payment experience possible.
To send money internationally across the EU using Tranzbase digital bank, you can follow these steps:
- Open the Tranzbase mobile app or log in to your Tranzbase online banking account.
- Navigate to the "Payments" or "Transfer" section within the app or website.
- Select the option for international transfers or payments.
- Enter the recipient's details, including their name, IBAN (International Bank Account Number), and BIC (Bank Identifier Code).
- Specify the amount you want to send and choose the currency.
- Review the transaction details to ensure accuracy.
- Confirm and authorize the transfer using any required security measures, such as a PIN or biometric authentication.
- Verify any associated fees or charges for the international transfer.
- Submit the transaction, and the money will be sent to the recipient's bank account.
However, it is important to note that traditional bank transfers may take longer to process and may involve higher fees compared to digital banks. Additionally, exchange rates offered by banks may not be as competitive.