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What is the difference between a SEPA and a SWIFT payment when keyed online?

A SEPA payment can only be sent in euros within the Single Euro Payments Area and the fees must be shared between the sender and the beneficiary. A SEPA payment must quote an IBAN and will arrive the next business day if executed before the 17:30 cut off.

A SWIFT payment can be made between any bank in any country that supports the SWIFT service and in most currencies. The charges can be shared, paid by the beneficiary or by the payer depending on the beneficiary country and payment currency. SWIFT payments can quote both IBANs or account numbers and the value date of a SWIFT payment depends on the payment currency and where it is being sent. The cut-off for SWIFT payments is 14:30.

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