What is SEPA and how is this systеm used in Europe?
You have probably heard of the SWIFT international bank transfer systеm, but did you know that Europe has had a similarly convenient and efficient systеm called SEPA (Single Euro Payments Area) for a long time? It was created specifically to simplify money transfers between EU countries.
In this article, we will take a detailed look at SEPA and find out whether it is suitable for P2P cryptocurrency exchanges.
Who can use SEPA payments?
Both individuals and companies from the following European countries can use the SEPA systеm:
- All 27 member states of the European uniоn;
- 3 countries of the European Economic Area (Iceland, Liechtenstein, Norway);
- 6 additional European states including Switzerland, the United Kingdom, Andorra, San Marino, Vatican City, and Monaco.
SEPA is convenient for cross-border payments in euros within the Eurozone. For example, if you live or work in Switzerland, you can make fast and low-cost transfers to any other EU country.
Although Russia is not part of SEPA, the systеm can still be useful for Russians with residence permits or official employment in Europe. For example, having a bank account in Portugal or Italy allows you to easily transfer money via SEPA.
If you have a European bank card, you can advantageously send money to your loved ones via cryptocurrency using the AlwaysMoney.org platform. For instance, you can buy USDT through SEPA and then sell it in Russia to receive funds on a card or e-wallet.
What types of SEPA transfers exist?
The SEPA systеm offers several types of transfers:
SEPA Credit Transfer (Standard transfer)
This is a one-time bank transfer between EU countries using IBAN. The money reaches the recipient’s account the same day if sent during business hours.
SEPA Direct Debit (Recurring payment)
These are automatic payments set up in advance. Convenient for paying utilities, subscriptions, and regular invoices.
SEPA Instant Credit Transfer (Instant transfer)
These transfers are completed within seconds. Thanks to their speed and minimal fees, SEPA Instant is perfect for P2P market operations.
Instant SEPA transfers are ideal for cryptocurrency transactions on P2P platforms.
Using SEPA in the P2P exchange market
Cryptocurrencies are less popular in Europe than in Russia or Turkey, but SEPA is still actively used for P2P exchanges. Most crypto exchanges support SEPA, although the fees can be high. Therefore, users often prefer to exchange crypto on P2P platforms.
On the AlwaysMoney.org platform, you can easily compare rates and find the most profitable options for buying or selling cryptocurrency via SEPA.
Comparison of SEPA and SWIFT systems
SEPA and SWIFT are the two main international bank transfer systems. Let’s look at their differences in the table below:
| Characteristic | SWIFT | SEPA |
|---|---|---|
| Geographical coverage | Over 200 countries | 36 European countries |
| Supported currencies | Any global currencies | EUR only |
| Transfer speed | Up to 7 business days | Within 24 hours (instant via SEPA Instant) |
| Transfer fee | High (from $10) | Low (up to €5, sometimes no fees) |
As you can see, SEPA outperforms SWIFT in terms of speed and cost within Europe. To make a SEPA payment, you only need an IBAN and BIC code — no full banking details required.
Is it worth using SEPA for P2P exchanges?
We found that SEPA is ideal for cryptocurrency exchanges on P2P platforms thanks to:
- fast payment processing;
- low fees;
- ease of transactions.
On the AlwaysMoney.org platform, you can regularly check current rates and choose the most profitable offers for exchanging EUR for cryptocurrency and back.
Use SEPA for your exchanges on AlwaysMoney.org and see the benefits for yourself!
