It’s the area in which you can send payments in Euro from one bank to another under certain rules, like next day validity and no deductions from the amount in transit, using just the IBAN and no need for separate clearing numbers anymore. The banks here in Switzerland usually call it SEPA payment, I didn’t even recognize the long form name at first.
It’s bigger than the Eurozone, it is of course of interest in non-Eurozone countries that do significant amounts of business in Euro too.
What os the Single Euro Payments Area? Is it like the Eurozone?
It’s the area in which you can send payments in Euro from one bank to another under certain rules, like next day validity and no deductions from the amount in transit, using just the IBAN and no need for separate clearing numbers anymore. The banks here in Switzerland usually call it SEPA payment, I didn’t even recognize the long form name at first.
It’s bigger than the Eurozone, it is of course of interest in non-Eurozone countries that do significant amounts of business in Euro too.
International bank transfers. Even non-Euro EU countries are in it.