SEPA, short for Single Europe Payments Area, is similar to SWIFT, however it exists specifically for banking and transfers within Europe. It is much newer than SWIFT, having only been established in the late-2000s.
SEPA payments can only be in euro, unlike SWIFT which operates in many currencies. 28 EU countries in the Eurozone are part of the
SEPA zone, along with Monaco, San Marino, four members of the European Free Trade Association – Iceland, Liechtenstein, Norway, and Switzerland, and other non-Eurozone countries including the UK.
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SEPA payments are also much cheaper to make than SWIFT payments. SEPA transactions are required to be processed under the same terms as a domestic payment, so there are little-to-no fees attached to making a transfer. This is in stark contrast to SWIFT payments, which can sometimes cost upwards of £30 in processing fees.