Ever asked yourself, what is a SEPA IBAN? We have heard the term IBAN so many times, but how is a SEPA IBAN different?
Beginning with the first term, SEPA, it stands for “Single Euro Payments Area”, and it establishes an integrated initiative of the European Union. This system began operating in 2008, and its aim was to ensure that bank transfers in EUR currency take place easily, as if they happen within a single country. In 2020, the list of countries that are members of SEPA, has reached the number of 36.
The term IBAN is short for “International Bank Account Number”, and in simple words, it is the standard account number developed to identify a bank account internationally. Hence, a SEPA IBAN is a type of account that allows its user to accomplish digital transactions only in EUR currency, and only within the European Union.
A truly important advantage of this type of bank account is that when its users send out Euros to other accounts, banks credit the full amount of money to the recipient’s account without any additional charges.
It is also worth noting that this system allows super-fast payments. It takes less than a day for the money to appear on the receiver’s account. With WireWallet, you can send out funds even faster, since we provide a peer-to-peer connection with no middle-man in sight.