SWIFT payments allow making international payments in any currency to any bank. Typically, these transactions take place outside of Europe. Within the EU, Bank SEPA transfer is valid, it can be used by both residents of the European Union and non-residents if they have an open account with one of the European banks.
Access SEPA transfers via the Genome fintech service.
Opening an eWallet with Genome to further manage the company's financial flows or for personal use is quite simple, and to use the service you only need an application or access to a browser to enter the web version of the platform.
The main differences between SWIFT and Bank SEPA transfer
SWIFT payments and Bank SEPA transfers come with a fee, but the difference is that in the first case, the commissions are higher, while in SEPA they are fixed and do not depend on the country of destination, transaction amount, and other criteria. The recipient's account will be credited with exactly the amount on which he expected.
Bank SEPA transfer is processed within 24 hours, international SWIFT payments take up to 72 hours. The cost of the operation in the case of money transfer depends on the number of intermediary banks that will be used in the operation. Therefore, there are three cost-sharing schemes for such transactions:
SHA is the most popular scheme in which the sender covers the fee on his part, and the recipient pays the additional costs in the form of intermediary fees.
BEN - all costs are covered by the recipient.
OUR - the fees are paid by the sender.
SWIFT Money transfer is a universal solution since it involves both payments within Europe and beyond. There are no restrictions on the amount of payment for the operation, which turns out to be an advantageous solution for international commercial transactions.
What unites them is the standardization of the process, since only the IBAN and BIC, the identifier of the financial institution where the online account is opened, are needed to carry out financial transactions like Bank SEPA transfer and others.
Why do users choose Genome for Money transfers?
Genome is a universal service for convenient management of financial transactions, making personal and business international transfers. It has been operating since 2018 under the control of the National Bank of Lithuania and is a licensed platform for managing your eWallet, which is protected by SCA tools.
To make transfers, users need to fulfill several simple conditions: register an online account in the system and verify their identity. This process takes place online without bureaucracy, queues, and a huge list of paperwork for registration. And while Genome users are saving their resources, they also benefit from several other benefits:
You can start accounts in different currencies: USD, GBP, or EUR.
You can send and receive transfers completely online without having to visit a bank.
You can save details and plan payments within your account.
And if you need not only Bank SEPA transfers but more options for managing your finances would be great, use the dashboard to get a merchant account and access full analytics and the ability to integrate the service with the e-commerce system you are using.