Understanding the differences between SWIFT and SEPA transfers can help you choose the best method for your international or European payments.
Feature | SWIFT Transfers | SEPA Transfers |
Scope | Worldwide | SEPA zone (EU, EEA, select non-EU countries) |
Currencies | Supported: EUR, USD, GBP, SEK, NOK, DKK, PLN, AUD | EUR only |
Typical Use | International and cross-currency payments | Domestic and cross-border Euro payments within SEPA |
Transfer Time | Typically, 1–4 business days | Often within 1 business day |
Intermediary Banks | May involve several intermediary banks | No intermediary banks |
Requirements | IBAN and BIC usually required; details may vary | IBAN required, BIC sometimes required |
SEPA covers over 30 countries, including all EU members and several others (e.g., UK, Norway, Switzerland).
Detailed Comparison
SWIFT Transfers:
SWIFT transfers may involve extra processing fees depending on each bank’s involvement.
Suitable for sending or receiving payments in multiple currencies to and from almost any country.
Supports the following currencies with Intergiro: EUR, USD, GBP, SEK, NOK, DKK, PLN, and AUD.
Transfers may pass through several intermediary (correspondent) banks, which can result in additional costs and variable delivery times.
Ideal for international business and non-EU transactions.
For SEPA transfers, both sender and recipient must have accounts within the SEPA area and transact in Euro.
SEPA Transfers:
Designed for payments in Euro within the Single Euro Payments Area (SEPA), which includes EU and some non-EU countries.
Transfers are usually fast (often same day) and reliable, with low or no added cost.
SEPA transfers do not use intermediary banks, streamlining processing.
Suitable for personal and business payments within the SEPA area only.
Always check with the recipient for specific payment details required.