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Differernce between SEPA and SWIFT

  • 13-12-2014 11:02am
    #1
    lunacyfoundme
    Registered Users, Registered Users 2 Posts: 462 ✭✭


    Can anyone tell me the difference in SEPA and SWIFT in terms of sending transfers?

    Are they two distinct systems or all SWIFT transfers now sent by the SEPA system?


Comments

  • #2
    Nervous Wreck
    Closed Accounts Posts: 16,115 ✭✭✭✭Nervous Wreck


    SEPA is a euro transfer that can be done to any country that is part of the system (basically any country they use the euro country, minus a few exceptions iirc). Usually free.

    SWIFT is a transfer to anyone else. Usually costly.


  • #3
    dublin daz
    Registered Users, Registered Users 2 Posts: 480 ✭✭dublin daz


    SWIFT is a message system giving an order/ instruction to debit and credit usually and MT103 or MT202 can be to a domestic or international bank. Its mostly used for bank to bank communications like sms for banks / financial institutions.

    SEPA is an EU regulation that applies to the processing of payments across 34 EU countries.


  • #4
    gb1985
    Registered Users, Registered Users 2 Posts: 22 ✭gb1985


    let me use an analogy. Think of SWIFT as telephone line which connects every bank in the world to single secure network. Think of SEPA as one of the email service providers (like Gmail). Think of MT103 and MT202 as text messages or voice messages.

    SEPA payments are also transferred using SWIFT network, in xml format.

    MT103/202 are single payment messages, usually used for high value ( and low volume) payments. Generally these are quicker than SEPA payments.

    SEPA is low value, high volume payment system where many payments are bulked into big files and transmitted over SWIFT.


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