What is SEPA?
SEPA, or the Single Euro Payments Area1, is a European Union (EU) initiative that allows fast and secure euro transactions between individuals and businesses across borders within the eurozone. Even though the UK has parted ways with the EU, it continues to be a member of the SEPA zone. UK Finance asked the European Payments Council (EPC) for permission to remain part of SEPA, and the application was approved in March 20192.
Suppose you wish to purchase goods from France. Thanks to SEPA, we take care of converting the amount from GBP to EUR and crediting it to your payee’s account. And if you’re selling goods, we convert the funds you receive in EUR and credit them to your primary GBP Tide account in pounds, minus a 1.50% FX markup.
Which countries are in the SEPA zone?
The SEPA region consists of 36 European countries3. The member states include:
The 27 EU member states: Austria, Belgium, Bulgaria, Cyprus, Croatia, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Republic of Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovenia, Slovakia, Spain and Sweden
The 3 EEA countries of Norway, Liechtenstein, Iceland
Switzerland, the UK, San Marino, Vatican City, Andorra, Monaco
Understanding EUR SEPA payments with us
Costs made clear
Each euro payment is subject to the current exchange rate and a 1.50% FX markup
Effortless transactions
You’ll be able to complete everything in a single, straightforward transaction, allowing you to send and receive funds quickly and hassle-free
Transparent transfer fees
If you’re on our free plan, it’ll cost 20p to send or receive euros. Upgrade to Plus, Pro or Max and you’ll enjoy no transfer fees*
*the specific amount of free transfers depends on your plan
Our currency exchange rates
When it comes to currency exchange rates, we keep things explicit and fair.
Sending euros?
Here’s how it works. Once you’ve entered the amount you want to send, we’ll show you the real-time exchange rate along with a fixed markup fee and the transfer fee. Our exchange rate updates every 30 seconds, ensuring you always get an accurate rate. After you’ve finished the transaction, you can easily review the details by tapping on it in your timeline.
Receiving euros?
Checking the details of a euro payment you’ve received is just as simple. Tap on the transaction in your timeline to see the exchange rate, markup fee, and transfer fee.
Here’s what you need to have ready
To kickstart your euro transfers – whether you’re sending or receiving funds – start by getting your your IBAN (International Bank Account Number) and BIC (Bank Identifier Code) ready and agreeing to the terms:
In the Tide app, tap Details on your main business account tile
Head to the Account Details section > tap EUR SEPA > Get EUR SEPA details
Read and accept the SEPA terms and conditions
💶 For receiving euro payments
If you’re expecting euros payments, simply share the following details with the sender:
Your IBAN and BIC, also known as SWIFT code
Your full name and address
💸 For sending euro payments
1 - Gather the following information:
The recipient’s full name
Their IBAN and BIC
2 - Once you’ve got all that to hand, it’s time to send those euros via the Tide app:
Tap Send money > EUR SEPA
Fill out the recipient’s details > tap Next
Enter the amount and reference > tap Next
Review and authorise the payment
What’s next?
If you’re considering taking your business stateside, we’ve got some great news!
Later this year, we’re rolling out updates that’ll allow you to easily receive and send US dollars through our platform. We’ll let you know when we’ve confirmed the release date. Stay tuned!
If you have any questions, you can always take a look at our EUR SEPA payments FAQs.
Sources used for this article (checked as of 4 March 2024):
1,3 European Central Bank – eurosystem | Single Euro Payments Area (SEPA)
2EPC approves UK finance application for continued participation in SEPA
