Question
What international transfers does ZEN support? What is the difference between SEPA and SWIFT transfers?
Answer
ZEN supports receiving and sending SEPA and SWIFT international transfers.
SEPA (Single Euro Payments Area) and SWIFT (Society for Worldwide Interbank Financial Telecommunication) transfers are two different methods for sending money internationally, and the key difference between them is their scope and regional coverage:
- SEPA transfers are specifically designed for transactions within the Eurozone and a few other European countries. It allows for seamless, low-cost euro-denominated transfers between participating European banks.
- SWIFT transfers are a global network used for international money transfers worldwide. SWIFT enables banks to communicate and transfer funds across borders in various currencies, making it a more versatile option for sending money internationally, including to countries outside of Europe.
See also: About IBANs (account numbers) available in ZEN, My SEPA/SWIFT transfer didn't arrive to ZEN, How long does it take to process my transfer?