Comparing difference in sending payments between SEPA vs SWIFT or International wire.
A simple comparison between SEPA and SWIFT.
| Detail requirement | SEPA | SWIFT or Wire Transfers |
|---|---|---|
| Name of Beneficiary or receiver | Yes (can be optional) | YES |
| IBAN | Yes | YES |
| BIC | Optional | YES |
| Payment reference | Optional | YES |
| SWIFT | NO | YES |
| Beneficiary address | NO | YES |
| Beneficiary Bank details | NO | YES |
| Account number / branch code | NO | YES |
| Specific Currency | NO (always EURO) | YES |