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  • FIRST POST
    • cashmonger
    • By cashmonger 18th Apr 17, 1:48 PM
    • 280Posts
    • 40Thanks
    cashmonger
    How do sepa payments work and will they cost my anything?
    • #1
    • 18th Apr 17, 1:48 PM
    How do sepa payments work and will they cost my anything? 18th Apr 17 at 1:48 PM
    Also does brexit come into this? Ie are we no longer part of the sepa zone due to brexit?

    I have join a commission network with my work who offer SEPA payments and I have never done them before.

    Trying to figure out if they are going to be the best payment option.

    I have a few nationwide accounts and a disused natwest account that I could repurpose.

    So will there be any fees and is it just a simple matter of inputting the account details and away I go?
Page 1
    • eskbanker
    • By eskbanker 18th Apr 17, 2:09 PM
    • 4,432 Posts
    • 4,152 Thanks
    eskbanker
    • #2
    • 18th Apr 17, 2:09 PM
    • #2
    • 18th Apr 17, 2:09 PM
    It's not clear to me exactly what you're trying to do (who's sending payments from where to where in what currency?) but I can say that Brexit doesn't affect this because we're still in the EU, and likely to be until at least 2019!
    • eDicky
    • By eDicky 18th Apr 17, 2:34 PM
    • 2,307 Posts
    • 970 Thanks
    eDicky
    • #3
    • 18th Apr 17, 2:34 PM
    • #3
    • 18th Apr 17, 2:34 PM
    ...And what are the other payment options?
    • cashmonger
    • By cashmonger 18th Apr 17, 2:37 PM
    • 280 Posts
    • 40 Thanks
    cashmonger
    • #4
    • 18th Apr 17, 2:37 PM
    • #4
    • 18th Apr 17, 2:37 PM
    No other payment option that I want to deal with.

    SEPA or I will go elsewhere.

    They say they have sepa payment setup from Germany and I forgot the other country right now. And they will be sending to me for money I earn in commisions from marketing.
    • eDicky
    • By eDicky 18th Apr 17, 3:02 PM
    • 2,307 Posts
    • 970 Thanks
    eDicky
    • #5
    • 18th Apr 17, 3:02 PM
    • #5
    • 18th Apr 17, 3:02 PM
    One of the principles of the Single Euro Payments Area (SEPA) is that no charges can be made for cross-border transfers that would not be charged for a domestic transfer. So in most cases this will be zero, making the eurozone fee-free for transfers, just as BACS or FP transfers within the UK are free. But UK banks do normally charge to send or receive non-sterling currencies, so they can, and do, charge to receive a SEPA payment from Germany (unless you can find one that doesn't...). Additionally, assuming that euros will be sent, you will lose ~3% on the adverse exchange rate any bank will impose. There are cheaper methods, but you say you insist on SEPA before knowing what it is...
    • cashmonger
    • By cashmonger 18th Apr 17, 3:48 PM
    • 280 Posts
    • 40 Thanks
    cashmonger
    • #6
    • 18th Apr 17, 3:48 PM
    • #6
    • 18th Apr 17, 3:48 PM
    It isn't open to debate how I get paid. The website offers what it offers I can't just ask them to change their payment system so it isn't me insisting.

    It will be paid in dollars not euros. hmm 3% is the same as paypal (which they don't offer).
    • agrinnall
    • By agrinnall 18th Apr 17, 3:55 PM
    • 17,408 Posts
    • 13,064 Thanks
    agrinnall
    • #7
    • 18th Apr 17, 3:55 PM
    • #7
    • 18th Apr 17, 3:55 PM

    It will be paid in dollars not euros.
    Originally posted by cashmonger
    My admittedly brief research suggests that USD is outside the scope of SEPA, in which case it's very likely that the sender would use SWIFT.
    • mgdavid
    • By mgdavid 18th Apr 17, 7:27 PM
    • 5,154 Posts
    • 4,317 Thanks
    mgdavid
    • #8
    • 18th Apr 17, 7:27 PM
    • #8
    • 18th Apr 17, 7:27 PM
    It isn't open to debate how I get paid. The website offers what it offers I can't just ask them to change their payment system so it isn't me insisting.

    It will be paid in dollars not euros. hmm 3% is the same as paypal (which they don't offer).
    Originally posted by cashmonger
    In my experience paypal charge 4% plus a conversion cost, but bemused why you mention it if they don't offer it.
    A salary slave no more.....
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