Operate Seamless SEPA Payments with The Kingdom Bank7 min readReading Time: 3 minutes
SEPA Payments is our current topic. We cannot deny that online money transfers may cost a great percentage if you utilize traditional banking systems.
You will be asked for a transaction fee initially which will be followed by sprinkling money for every single intermediary bank from beginning to end.
To be honest, from an obtuse angle, these costs slow the whole financial movement no matter individuals or businesses with any budget. These archaic systems are not only expensive but also pretty uphill to use.
However, the economists in the European Union came up with a game-changer idea underlining the same motto which brings European countries together independently from what they have been through with each other a couple of decades ago.
United in Diversity! United in Banking! The idea was revolutionary, yet, considering the privileges, it would be worth every effort. A new path for every bank account owner! SEPA transfers!
What is SEPA?
SEPA (Single European Payment Area) was implemented in February 2014 as a scheme for hassle-free and affordable international payments in the Europe Zone. At long last, both institutions and individuals felt relieved after all those back-breaking costs in years. Nothing would be the same anymore!
The facilitation boosted the entire circulation of money transfers which also led to a visible acceleration in the European Economy. Today, many economics professors point out SEPA payments to emphasize how an avant-garde project can seal a union’s fate. If the EU has a leading part in the current economic system, it is indebted to the SEPA prospectus.
Depending on EU regulations, a SEPA transfer costs €1 flat fee via your mobile phone and
bank transfers between two SEPA bank accounts cannot cost more than a domestic money transfer. However, Bulgaria, Spain, and Italy may break this regulation chain sometimes and still set SEPA costs by additional charges for incoming money transfers.
Undoubtedly, SEPA transfers opened a spectacular era for Eurozone members. Besides being trustworthy and cheaper, SEPA transactions are also double-quick compared to other transfer options.
An approximate time frame of a SEPA account transfer is up to 1-2 business days whereas most amounts arrive in the beneficiary bank the next business day.
The entire system functions so smoothly that it would be unfair not to appreciate the original prodigy team backstage of this epochal initiative.
What are the SEPA Countries?
Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Gibraltar, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Lichtenstein, Lithuania, Luxembourg, Malta, Monaco, Netherlands, Norway, Poland, Portugal, Romania, San Marino, Slovakia, Slovenia, Spain, Sweden, and Switzerland.
How to Make SEPA Payments with The Kingdom Bank
Our spectacular digital bank, The Kingdom Bank has always put user satisfaction at the center of its operations. Our inner circle is formed from professionals who are highly experienced in international financial operations.
You will find seamless incoming and outgoing SEPA payments with all EU banks that support SEPA transfers in our facility. Even more, all these services will take a couple of clicks once you create your account.
In order to make a SEPA payment via The Kingdom Bank, there are two significant details you need to know: the IBAN of the recipients you are sending money to and to be certain that the recipient’s bank is a member of the SEPA.
Then the rest is an easy task. Simply sign in to your The Kingdom Bank account and add the recipient by inserting the required details as it is shown.
After adding the recipient’s IBAN and transfer amount, all you need to do is approve the transfer. We will send the amount in Euros instantly.
In case you have any questions or need assistance, our dedicated colleagues will be here for you to offer full support 24/7/365.
The Kingdom Bank provides a unique online banking experience for its users all around the globe. Enabling access to a global suite of products including downhill banking services, digital asset transfers, crypto staking, and Forex trading.