What's the difference between SWIFT, SEPA and BIC?

The difference between SWIFT and SEPA is that SWIFT is a global international payment method, while SEPA is an European system, enabeling euro-denominated payments within the SEPA area. The SEPA area covers the EEA states as well as Andorra, Guernsey, Isle of Man, Jersey, Monaco, San Marino, Saint-Pierre and Miquelon, Switzerland, the United Kingdom of Great Britain and Northern Ireland (incl. Gibraltar) and the Vatican City. Chosing SWIFT or SEPA will depend on the transaction type, currency and locations. BIC codes are used in international transactions to identify the recipient's bank, along with the recipient's account number, to ensure the finances are directed to the correct bank and account.

If you have a Tide Business Current Account, you’ll get:

• 0.5% cashback on all eligible card purchases

• Unlimited, free, inbound and outbound transfers within the UK (subject to Tide's fair use policy)

• A stylish matte black card

• 3 free Expense Cards

• 0% fee on foreign currency card transactions or ATM withdrawals

• 24/7 priority in-app chat support

• 9am - 6pm phone support - weekdays (excluding bank holidays)

• Priority callbacks by our team on weekends

• Dedicated member support

• 24/7 access to a legal helpline (Irwin Mitchell LLP)

• 3 Additional Business Current Accounts

• 5 Team Members with enhanced Team Access

• A preferential savings rate – Earn between 3.60% AER  and 4.12% AER (variable) on your business savings up to £1,000,000 in the Tide Instant Saver Account. Enjoy a tiered interest structure. Each portion of your balance earns its own rate. For full details, see the Summary Box

• Access to the Tide Instant Saver Boost to earn even more interest – 4.22% variable AER on balances above  £1,000,000 (this Boost is optional and subject to additional subscription fee)

• Enhanced rewards

• Free premium accounting with Admin Extra

• Free access to Credit Score Insights

Important: Rates shown are correct as of 08 May 2025. Interest rates are subject to change, and some benefits are subject to eligibility.

If you only have a Tide Instant Saver Account, you won’t get:

• Free inbound or outbound transfers

• Cashback

• 0% fees on foreign currency card transactions or ATM withdrawals

• Additional Business Current Accounts

• A Tide black card

• Expense cards

These benefits require certain features that only come with a Tide Business Current Account. See more about the advantages of opening one over on this page. If you have any questions, tap Support in the app and we’ll help you.