Online wallet: bank transfers in euros through the SEPA network

Online wallet: bank transfers in euros through the SEPA network

SEPA transfers are always a hot topic for people living in Europe. They are efficient, simple, and prevalent, of course. But if you have doubts about this option for funds transferring, don’t worry! Today Genome explains bank transfers via the SEPA network and why you may consider getting an online wallet for using such a feature. 

What you need to know about bank transfers via SEPA

These types of payments are pretty standard: the transfer is instructed with the help of the Single Euro Payments Area messaging network. 

Said network was established as a part of the EU’s initiative to make international payments as accessible and fast as domestic ones. Thus, SEPA transfers are only carried out in euros within the SEPA zone. 

The SEPA zone covers all the 27 member states of the European Union, Iceland, San Marino, Andorra, the UK, Norway, Liechtenstein, Vatican City, Monaco, and Switzerland.

SEPA Credit Transfers (SCT) are the most common ones you will come across, as they are used for one-time payments and cover bank transfers at many EU banks. They usually take one business day to reach the beneficiary. It depends on the time you send them. So, for instance, if you make a transfer during the banking holidays, it will arrive later.

There are other options too! SEPA Direct Debit Transfers (SDD) deal with recurring payments, such as your monthly subscription, for instance. They take a bit longer, two business days at least. You can find out about the types of SDD transfers in this article.

Finally, let’s get to SEPA Instant Credit Transfers (SCT Inst), which actually take less than 10 seconds to complete. But there are downsides: for one, you can’t transfer over 100 000 euros in one payment, and a lot fewer EU banks have the SCT Inst feature.

You will need a SEPA account (an account that supports SEPA transfers), beneficiary’s name, IBAN (account number), and occasionally SWIFT code and beneficiary’s address to make a transfer.


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Why is an online wallet a good option for SEPA transfers?

Online wallets are the future of the financial sphere, as they combine sophisticated and robust financial features with a user-friendly interface and responsive customer support. 

One of their main benefits is that they, indeed, function online, allowing you to access bank transfers or any other financial tools at any time of the day, seven days a week! The application process is also much faster than with brick-and-mortar banks. As you don’t need to visit the branch and fill out lengthy documentation physically, all is done via the internet. 

Many online wallets offer SEPA accounts, and Genome is no exception! With us, you can start a dedicated euro IBAN for personal or business purposes and send money to anyone you need!   

And if you need to send funds in other currencies, we also offer international transfers for business wallets and Genome’s internal instant transfers for all clients! 

How to make SEPA transfers inside Genome

If you haven’t already, start a personal wallet inside Genome, you will only need to provide some standard information about yourself and pass the identity verification. When your wallet is ready, you automatically get your first EUR account. You can add up to 5 EUR accounts in minutes, as well as accounts in USD and GBP

Once you have the online wallet:

  1. Login to the Genome’s dashboard, click on the Transfers tab in the left menu;
  2. When there, choose a Bank transfer option. Pick who you are sending money to – a business or a person. Make sure you send money from the EUR account;
  3. Fill in the beneficiary’s name, their IBAN/account number, and their country. We pre-fill the SWIFT code automatically!
  4. Then choose the amount you want to send and do so! 

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What is a SEPA bank transfer?

It is a money transfer made with the help of the SEPA messaging network. These transfers are carried out inside the European Union, as well as between a couple of other European countries, the complete list of which you can find below. It usually takes 1 to 2 business days for a regular SEPA Credit Transfer to arrive to a beneficiary.  

How to make international bank transfers via SEPA

If you live in Europe, you likely have financial institutions inside your country that provide such a service. For instance, this is how it’s done inside Genome. The process is simple: log into your Genome account, go to the Transfers tab and send a SEPA payment from there. All you need is the beneficiary’s name and IBAN, and we will pre-fill the BIC for you! 

Are SEPA payments only in euro?

Yes, they are. Do you need to use another currency to send money to someone? Try Genome’s internal instant transfers or international transfers for business wallets.

Which countries are included in the SEPA?

Currently, all the members of the European Union are in the SEPA zone. And also these countries: the UK, Norway, Monaco, Andorra, Iceland, Liechtenstein, the Vatican City, Switzerland, and San Marino. So, 36 countries in total. 

Pros and cons of SEPA transfers

The best part about SEPA bank transfers is that they are easy to instruct and a cheaper option compared to other international payment methods. They also take faster to complete – SCTs will likely reach their destination in 4 hours to one business day. And instant SEPA payments only take 10 seconds! 

As for the cons, SEPA payments are unfortunately a bit more limiting than, say, SWIFT transfers. They work only within the SEPA zone and support euro payments exclusively.    

Luckily, Genome provides both SEPA and SWIFT options, so you don’t need to start any other online wallets to access the ability to send funds in more than one currency.

Can I send multiple currencies using SEPA transfers?

Unfortunately, you can’t. SEPA payments can only be made using euros. But, you can try other transfer options, like SWIFT.  

Is there a limit on SEPA transfers?

If we are talking about SEPA Credit Transfers, the limit is €999,999,999.99. But if you want to make a SEPA Instant Credit Transfer, you can only send up to 100 000 euros per transaction. The beneficiary will get the money in less than 10 seconds on the plus side. Keep in mind that your financial provider can also limit the amount you can send, so make sure to check your account limits