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What is SEPA - The advantages of sending money with Fonmoney!



What is SEPA?


In 2008, Europe introduced a new form of payments with Euro, called the SEPA (Single Euro Payments Area). It was an initiative by the European Payments Council, and is supported by a vast majority of European governments and banks as a way of simplifying international and national bank transfers.


The SEPA initiative means that all citizens and companies in Europe can send and receive money on equal terms. So a person living in Italy can send money to e.g. Romania, retaining the same rights and legal obligations as when making a transfer within Italy.


Thanks to the SEPA, money transfers can be made increasingly faster among the 27 members countries of the European Union as well as Liechtenstein, Iceland, Norway, Switzerland and Monaco.


Advantages to making SEPA transactions with Fonmoney

The creation of the SEPA has altered a few aspects of a traditional money transfer:

- You can now make transfers within the SEPA region from a single bank account, eliminating international payment barriers.

- Current credit cards are now safer thanks to the EMV security chip, which requires every customer to enter a PIN for each individual online purchase.

- Bank accounts now have two codes: the IBAN (International Bank Account) and the BIC (Bank Identifier Code). Using these makes for faster and more efficient transfers.

-Online transactions are becoming increasingly popular because customers can  monitor and track payments via mobile devices or electronic invoices.


Fonmoney has been able to implement these new measures to offer one of the safest and most effective international money transfer services on the Internet.


Sending money to other countries is unbelievably easy with Fonmoney! Just visit our website, enter the IBAN of the recipient and choose the amount of the transfer. That is all, because Fonmoney does not charge any fees!