What is a SEPA Money Transfer?

A SEPA money transfer is a payment standard used for transferring money within the euro zone. It allows for money to be transferred between different financial institutions in the European Union, Nordics, and Switzerland

The key benefit of a SEPA money transfer is that it’s a much faster and cheaper way to transfer money than it used to be. Transfers to an account in the EURO-zone area are done through the SEPA network ONLY. SEPA money transfers across Europe are as easy and convenient as domestic money transfers, and allow for Transfer times of up to 48 hours.

Due to the fact that a SEPA money transfer only works within the Euro Zone and certain countries, this payment method is not available for transfers between two countries outside of the SEPA Network. Additionally, SEPA payments are only eligible for accounts held by individuals or small businesses and are not available to companies in the EU that are registered as electronic money accounts.

When adding a bank account to Neema, the account number entered has to be in the International Bank Account Number (IBAN) format and start with the two-letter ISO country code.

Possible reasons why your transfer might not work include SPACES between numbers and letters or at the end and beginning for example AND letters that are not in capital format:

AND

Each country has a specific IBAN format. Here are a few examples:

France: FR

Belgium: BE

Germany: DE

You can usually find your IBAN number by logging into your online banking, or checking your bank statement.

For an example of IBAN numbers for participating countries, visit https://www.iban.com/structure.

Note that the countries Neema offers will be found inside the app.

You can also use the website https://www.iban.com/iban-checker to check if you have the correct IBAN.

Please fill in the details according to the app request.

When sending to certain countries, you will also be required to enter the BIC code.

you can use the website https://www.iban.com/search-bic to help you find the BIC if you don't have it.

NEEMA FEE

5$ per transaction for up to $5000 . So for $6000 you will pay 2x$5

We hope this article was helpful in understanding the Neema fee for SEPA transfers. We look forward to helping you with your payments.

Transfers will normally not take more than 1 business day to reach the beneficiary account. The beneficiary account must be a EURO account.