With a SEPA account, you can easily make money transfers to other SEPA accounts. Opening an account is simple but first let us explain what exactly SEPA means.
What is SEPA?
The abbreviation SEPA stands for Single Euro Payments Area. The aim of the European Commission, who introduced this new transfer system, was to simplify payment transactions throughout Europe.
Bank transfers should be processed with uniform payment products, such as bank transfers and direct debits.
In order to end the cost-intensive coexistence of national payment products and SEPA products and to speed up all payments in the European Union, the European Commission launched a proposal for a regulation in December 2010. The aim was to standardize payment transactions in Europe for EUR payments.
This means that national payments as well as cross-border payments within the European Union are since then processed according to the same rules. This means that it doesn’t matter whether a bank transfer is made within one’s own country or whether, for example, a payment is sent from France to the UK, or from Germany to Italy, etc., the same applies to all other countries.
Benefits of SEPA Accounts
You may wonder why SEPA transfers are important. The Single Euro Payment Area (SEPA) is an initiative that simplifies cross-border bank transfers within SEPA Countries. The following are the benefits of SEPA transfers.
Makes Euro cross-border transfers easy
A transfer only takes a day to get to the recipients’ account
Free transfers for the sender and the receiver. However, some banks will charge fees for SEPA transfers. Please check with your bank before making a transfer.
How to open a SEPA account?
Thanks to modern financial institutions, it is now possible to easily get a SEPA bank account online. You don’t have to belong to a particular nationality. The purpose of this development in banking is to simplify international payments globally.
Here are the steps to have a SEPA IBAN account online.
- Enter www.jeton.com/business to register Individual/Business IBAN Account.
- Fill in the relevant information of the account opening.
- Submit relevant compliance certification materials as required.
- Make mark ID(Face recognition)
Requirements for SEPA Bank Account
Apart from traditional banking, online banking is efficient, especially for people doing business in different countries. This article will focus on opening a personal and business SEPA bank account. Regulations and requirements for opening a SEPA bank account are put in place to prevent money laundering. These regulations vary from one country to another.
Sepa account in the EU for business
The general requirements for SEPA business account in the EU include:
- Physical EU address of the business
- The business needs to be registered in an EU country
- Tax compliance of the business in an EU country
- Credit check reference
Sepa account in the EU for individuals.
You need to contact the specific bank to know their requirements to open a SEPA bank account. Some of the general requirements include:
- Photo of the passport size
- Physical address
- Company registration number
- An introduction letter from a bank or its agent