SEPA FAQs
An update to services – SEPA to SWIFT as a default payment method
What is updating from 21st September 2021?
We are updating how we send euro payments to the Eurozone by moving our default payment method for euro payments to the EEA (European Economic Area) from SWIFT to SEPA.
What differences in service might I expect?
The only small difference in service that you may experience is the time your beneficiary may receive payment. If you send your payment before 11am GMT, your payment is still expected to settle same day. After 11am GMT, your payment is expected to be received the next working day. These timeframes are always subject to our banking partners and are therefore are never guaranteed.
Will my payments still arrive the same day?
For time sensitive payments we recommend paying them as early in the day as possible.
If you send your payment before 11am GMT, your payment is still expected to settle same day. After 11am GMT, your payment is expected to be received the next working day. However your Relationship Manager can arrange your payment to be made via SWIFT and aim for same day settlement.
How do I still send payments via SWIFT?
You can of course choose to send via SWIFT and send payments the same day, after 11am GMT. You will just need to speak with your Relationship Manager to arrange this. Ring us on +44 (0) 207 823 7800 or email the team on corporateenquiries@moneycorp.com.
If your payments are time sensitive, we still recommend paying them as early in the day as possible.
Why are these changes coming in?
Post-Brexit we have seen a number of client payments experiencing receiving charges, where European banking partners take a small portion of the payment once funds arrive. Therefore, to try and prevent this from happening, we moving our euro payments to the Eurozone by default to a different payment method to try and negate these receiving charges.
What about payments to other countries in other currencies?
This only affects euro payments to the Eurozone. Clients paying euros into a UK account will not be impacted, and neither will payments to different countries or in different currencies.
What happens with online payments?
Online payments will also be using the new default payment method, but again you can still choose the express payment option if you wish.
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