SEPA (Single Euro Payments Area) is probably the most popular method to make EURO transfers in Europe. It is the method to transfer money from one Euro bank account to another without the need for any third-party platform.
Users can make such a transfer from their banking application or net banking portal.
Did you know? With SEPA, even if the sender and receiver are based in different European countries, it is still a local transfer instead of an international transfer.
What do I need to provide for the SEPA transfer?
IBAN (International Bank Account Number) and SWIFT Code are required for a SEPA Transfer.
SEPA Transfer fees
SEPA transfers often have no fees since they are priced at the same level as domestic local bank transactions. A limited number of banks, nevertheless, may impose an additional price for SEPA transactions if they impose an additional fee for local bank transfers within the same nation.
Depending on your bank, either the recipient or sender will be responsible for paying the entire SEPA transfer fee. This type of payment approach is known as "shared costs" (SHA).
This fee (if charged) is very negligible in most cases. So, it still is the best way to transfer money across Europe.
Time Taken in SEPA Transfer
SEPA transfers take up to 2 days to deposit the Euros in your local accounts.
SEPA Transfer to accept Euro Payments in India
You can accept SEPA transfers in India with the help of Mulya Finance.
Mulya provides you with a Euro virtual bank account with a Europe-based bank.
Firstly, provide your client with the information about your Mulya EUR Account. Then your client will start a EUR Transfer (SEPA) on their bank's application.
Euros will soon be deposited into your Mulya EUR account. Finally, Mulya will use their forex partner to convert this to INR and deposit it into your Indian bank account.
Once the payment is made, FIRC will be issued.
Fees charged for SEPA transfers on Mulya
As discussed above, SEPA transfers are essentially free. So, if your client sends €1,000, you will receive the entire €1,000 to your Mulya virtual account.
Post that, Mulya charges a 1% flat transaction fee (inclusive of everything) while settling the money.
There is no additional forex fee charged for EUR to INR conversions, as Mulya does the conversions at the Google rate.
Time Taken in SEPA Transfer by Mulya
As mentioned above, a normal SEPA transfer takes up to 2 days. Then, Mulya will take 1 day to convert EUR to INR and deposit it into your bank account.
So, it can take up to 3 days in total for the transaction to complete.
Try Mulya to Accept International Payments in India
Samarth Srivastava has spent few years honing their skills and knowledge in the field of international payments. With a deep passion for finance and a keen eye for global business trends, the author has become a trusted authority on all things related to international payments.