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Feb 19

Written by: International Marbella
Wednesday, February 19, 2014  RssIcon


International Marbella would like to make our clients aware of SEPA and the explain the benefits of such

The Single Euro Payments Area (SEPA) is an initiative of the European banking industry that will make all electronic payments across the euro area –e.g. by credit card, debit card, bank transfer or direct debit – as easy as domestic payments within one country are now. Our clients now only have to have one bank account for all direct debits within the Euro Zone thus making it easy to control when owning properties in different countries within Europe.



SEPA is where more than 500 million citizens, over 20 million businesses and European public authorities can make and receive payments in euro under the same basic conditions, rights and obligations, regardless of their location. It also means better banking services for all: transparent pricing, valuable guarantees ensuring that your payments are received promptly and in full, and banks assuming responsibility if something goes wrong with your payment.

SEPA has not been like the introduction of the euro, which had a big impact on all our daily lives. In fact, the changeover to SEPA should be as seamless and as smooth as possible. For most people, it will simply mean that your ability to make payments in the euro area will significantly improve once your bank has made the changeover to SEPA. You may find that your bank account number has been slightly altered

The introduction of SEPA will give you the following advantages:

Use your debit card anywhere in the euro area: when visiting another euro area country, you will be able to pay with your debit card as you would at home and to make withdrawals from cash machines, just as if you were at home.

Better cross-border bank transfers: you can already transfer money within the euro area, but often this takes a long time and costs more. SEPA will guarantee that your euro payments are made promptly and in full. Your payment should be received within a guaranteed time, and banks will not be allowed to make any deductions of the amount transferred. You will also receive simple and clear information on any charges or fees applicable.

Direct debits from anywhere in the euro area: if, say, you rent a holiday home on a long-term basis or have regular bills to pay in another euro area country, you will be able to pay these bills from your home country by direct debit. And it will open up many other possibilities for regular payments and subscriptions, such as to a foreign newspaper or magazine.

Only one bank account needed for the whole euro area:
At present you have to go through a range of formalities to open a new bank account in the new country. However, with SEPA you can simply carry on using your existing euro account in your home country. For example, you can have your salary paid into your home account and you can also use your home account to pay any bills you have in the new country. This means very few practical changes, especially if you are used to internet banking.

Lower prices for basic payment services in high-cost countries: in some euro area countries, the annual cost of running a bank account can be as much as EUR 250, compared to only EUR 30 in others. More competition between banks will help to drive down these inflated costs. And in countries where prices are already low, they should remain low.

Transparent pricing and no hidden charges: banks will have to tell you exactly what they are charging you for, and hidden charges should disappear, such as hanging on to your money before adding it to your account (known as 'float income'), or crediting money to your account but allowing you to use it only after a certain date (known as 'value dating'), which can mean inconvenience and loss of account interest for you.

International Marbella welcome SEPA as it will make property transactions far easier, quicker & safer to carry out and once owning a property our clients will find it effortless to control domestic annual outgoings.

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