SEPA, which stands for the “Single Euro Payments Area” is a payments system for the simplification of bank transfers within 34 countries of the European Union. The SEPA initiative was put in place by the European Union in an effort to make cross border payments more efficient, as well as to cut down on costs and simplify payments for people residing in the European Union. SEPA allows people within Europe to send cashless euro payments through one single bank account in only a few simple steps. The SEPA payments system is widely used and adopted in Europe. SEPA is used for a variety of use cases, including the transferring of money between people, salaries, bills, online shopping, and even for the depositing of funds into an online trading account.show more
There are multiple ways a user can deposit funds to their online broker account using SEPA. See them outlined below:
SEPA Credit Transfer – This payment method allows the transferring of funds from one bank account to another within the same day.
SEPA Instant Credit Transfer – This payment method allows users to send funds instantly, transfers are completed within 10 seconds.
SEPA Direct Debit – This payment method is not utilized for the transferring of funds to an online trading account, but rather for the automatic payments for bills and such.
SEPA was created by the European Union to improve upon the transferring of money in the European Union. It’s no question that SEPA has achieved this, see the numerous benefits of using SEPA to deposit funds to an online trading account below.
Safe & Secure – As SEPA was initiated by the European Union, users can trust that it is a safe and secure method for transferring money. As well, the payment process is directly through the user’s bank and no third parties are involved. Traders have the safety and security of their own bank with SEPA transfers.
Fast Transactions – Deposits through SEPA payments can be completed within seconds or within the same day, depending on the SEPA payment method being utilized.
Simple & Convenient – The process for depositing funds via SEPA is very easy and can be completed in a few simple steps. There is no need to sign up for additional accounts or enter in sensitive personal information.
Low Fees – Fees are generally very low and are sometimes waived. Each country and financial institutions set the fees required to make a transfer, but are generally very low.
Deposit through SEPA are fast and easy. To learn how, follow the steps below.