SEPA or SWIFT bank transfer?

mgdavid

bery_451 wrote: »

Thanks for all the replies. Yes to clarify its sending to a GBP bank account in Europe.

That doesn't clarify - as not all countries in Europe are part of SEPA.
It would help you obtain a correct answer if you were specific with the question.

grumbler

Come on... It's very clear now. £-->£ transfer from UK to a country in SEPA.

My question is why it is a £ account outside UK, not a € account. What's the point?

bery_451

Its a £ account in europe so customers from england can transfer £ into it without involving foreign exchange fees.

PeacefulWaters

grumbler wrote: »

Yes, because the OP asked about SEPA or SWIFT.

And? When the OP asked "which is better?" I thought it reasonable to ask a question to try and establish what is trying to be achieved. Much safer than making an assumption don't you think?

SEPA stands for Single Euro Payments Area, so payments to all countries in this area cost the same for the given bank.

Yes, I recall being part of an implementation team for a bank when it was set up.

grumbler

PeacefulWaters wrote: »

And? When the OP asked "which is better?" I thought it reasonable to ask a question to try and establish what is trying to be achieved.

This would be a reasonable question, not about the country - unless there is essential difference between some countries in SEPA.

bery_451

Ok which is the cheapest/fastest for SEPA into a £GBP account?

grumbler

I think nobody knows the answer simply because nobody transfers ££ to a £ account in Europe.
I can only ask again: why does it have to be a £ account on the other side, not €?

eDicky

You can use Revolut, no fees but can take a few days.

https://revolut.com

Anthorn

grumbler wrote: »

I think nobody knows the answer simply because nobody transfers ££ to a £ account in Europe.
I can only ask again: why does it have to be a £ account on the other side, not €?

The OP has already said it's to allow people to send GBP abroad without incurring exchange fees. But using a bank branch for the transfer will be expensive. For example a non-urgent SEPA payment sent at a Lloyds Bank branch costs £19. But online with transferwise it's free but only to local currency accounts.

https://transferwise.com/help/article/1663579/euro-transfers/what-are-sepa-transfers

Grumbler is correct, can't send GBP. Need a local currency account.

Paypal would simplify the process but you'll still need an account in the local currency.

grumbler

Anthorn wrote: »

The OP has already said it's to allow people to send GBP abroad without incurring exchange fees.

The question remains: does the recepient abroad really need GBP?