What are the differences between SWIFT and SEPA?
Difference between SEPA and SWIFT:
Features | SEPA | SWIFT |
---|---|---|
Network | 28 + 3 EU/EEA countries. | 170 countries and territories. |
Currency | EURO. | Multiple currencies. |
Transaction time | 01-02 business days. | 02-05 business days. Or more depending on the relationship between the two payment institutions. |
Transaction limit |
10,000 EUR/day for a personal account. 50,000 EUR/day for a business account. Note:This is the default limit when establishing your account. The limit can be increased upto 200,000 EUR for personal account and 500,000 EUR for business account.. Contact +1 604 227 7007 for transaction limit update. |
|
Transfer fees | Cheaper for transfer within the EU/EEA region. | Depends on the fees of the correspondent banks involved. |