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 funds are directed to the correct bank and account.
Faster Payments
These are generally processed immediately and the money will arrive in your account within minutes. Some banks can take up to two hours to process Faster Payments so they might take longer to arrive.
Bacs
If you’re expecting a Bacs transfer, it will take up to three days for the money to arrive in your account.
CHAPS
CHAPS stands for Clearing House Automated Payment System. These payments are usually for high-value transactions like buying a property or car. When we receive a CHAPS payment before 3pm, it will arrive in your account on the same working day between 4:10pm and 7:10pm.
