In the banking world, there are all sorts of terms and definitions that can, sometimes, create a bit of confusion in our heads. There are 2 types of international bank transfers, SEPA transfers and SWIFT transfers, but what is the difference?
SEPA (Single Euro Payments Area) transfers:
SEPA transfers were created in 2008 with the intention of facilitating money movements between European Union countries. These transfers have the particularity that you carry them out with the same conditions as if you were making them in your own country. SEPA transfers only occur in the Single Euro Payments Area.
Currently, there are many banks which are using the SEPA instantaneous system and that makes your transfer can be completed in a few seconds, but it usually takes 1 or 2 business days.
For example, imagine you have a grandparent in France to whom you want to send money to help him pay the rent of the apartment where he is staying. With SEPA transfers, you can send him the money you want and he will receive it either instantly or within 1 or 2 working days…Easy, right?
SWIFT transfers: (Society for Worldwide Interbank Financial Telecommunication):
These transfers are made according to the interbank system SWIFT, which is very extended since it is the most used communication channel by most of the existing banks. This system helps banks to be intercommunicated worldwide.
These transfers usually take between 2 and 5 business days from initiation to completion. It will always depend on how many intermediary banks are involved in the action.
Now let’s take the previous example, imagine that instead of in France, your grandfather lives in a little house in Toronto (Canada). In this case, we will use the SWIFT system since we are talking about a transfer outside the Euro zone. Your grandfather would receive, in a quick and easy way, the money between 2 and 5 working days.
Nowadays, banks offer a wide variety of options to make these transfers, either in person at the bank, or in a non face-to-face way using the phone line, online or even using your cell phone’s App to make it easier and more comfortable. In addition, there are also online platforms other than banks that offer the services you are looking for.
An international bank transfer in Shasta?
Shasta App, is a mobile application that offers an innovative way to carry out such transfers, whether national or international, without commissions and without worries. Not only that, but you will also be able to control your finances completely online so that managing your money is a simple, practical and instantaneous process.
But… Is it going to cause me a big effort to do the transfers? Don’t worry! It’s a very simple process. To perform the transfers you just have to:
- Download the App through the Apple Store or Google Play and register.
- Choose the type of currency you want to use ($ or ?) and the amount to send.
- Choose the recipient and the concept of the action.
- Confirm and… done!
Very easy, isn’t it? Well, what are you waiting for! Now that you know the difference, don’t hesitate to make your international transfers. Download the App and start enjoying!