SEPA (Single Euro Payment Area)
SEPA is a Single Euro Payment System, in which the payments between the countries take place in the same way as local payments. First changings connected with SEPA came into force on the 28th of January in 2008. Nowadays all banks of European economic area have an opportunity to make calculation using SEPA.
The indispensable condition of making payments through SEPA is using only euro. The transfer limitation is 50 000 euro. The money order between the countries is usually done within one, a maximum of two days. Banks for this order take a fixed (not depending on sum) commission, the sum of commission depends on the bank – from 0.10 to 8-9 euro. The commission is always payed by a sender. SEPA was founded according to Regulation about pay service, which was adopted by European Parliament on the 24th of April in 2007. The Regulation had a goal to provide the international payments in EU, especially credit transfer, direct debit payments and payments of a bank accounting form to be as easy, effective and reliable as internal ones in participating countries. The Regulation is also a source of law for creating a Single Euro Payment System. At the same time this Regulation determines rights and protection of all the users of payment service (consumers, dealers, large-scale, medium-scale and small-scale enterprises).SEPA includes all EU participating countries, also Iceland, Norway, Liechtenstein and Switzerland The list of all countries of EU are here.
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