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.
As always, if you have any questions about SEPA deposits or any other BTSE-related queries, please feel free to reach out to us via any of the social media channels that are linked below.
Happy trading!
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Note: BTSE Blog contents are intended solely to provide varying insights and perspectives. Unless otherwise noted, they do not represent the views of BTSE and should in no way be treated as investment advice. Markets are volatile, and trading brings rewards and risks. Trade with caution.
