Those countries that are included in SEPA are part of one of the most powerful international banking networks in the world. SEPA is the abbreviation for the Single Euro Payments Area, which includes in its list the most popular countries when looking for a jurisdiction in Europe for opening an account. In addition, some secret offshore jurisdictions also have access to SEPA.
SEPA currently consists of 36 countries. If you have an account with one of these entities, you have the possibility to send and receive transfers quickly and securely through no less than 5,900 banks.
Here is an updated list of SEPA Countries: Andorra, Austria, Belgium, Great Britain, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Gibraltar, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Monaco, Netherlands, Norway, Poland, Portugal, Romania, San Marino, Slovenia, Slovakia, Spain, Sweden, Switzerland, United Kingdom and the Vatican City State.
Now, having considered the countries in this list, it is time to know the possibilities to open an account. Although it is somewhat complicated if you do not belong to the EU, with the right guidance it can be done.
o What is a SEPA bank transfer?
One of the biggest advantages of having an account in a SEPA country is that regardless of the type of banking operation or transaction that is carried out, if it is done between SEPA countries, they are favored with considerably lower costs and faster transfer times. Transactions made electronically between SEPA countries do not take more than 24 hours to be reflected. On the other hand, you have the option of using paper transfers, which should be expected to take at least 48 hours to be effective.
o Benefits of banking in SEPA countries
There are many benefits of having a bank account in one of these countries. One example is having access to the EU banking system as a natural person, in the same way as for foreign entities and non-residents, and having the opportunity to handle a single currency without conversion fees. On the other hand, it has fast and low cost transfers. It should be noted that SEPA countries do not fall into the category of offshore jurisdictions or tax havens. Among many other benefits, of which you can get more information from one of our specialist consultants if you are interested in setting up a SEPA account
o How to open bank accounts in SEPA countries?
The procedure to open an account will always depend on the country chosen to carry out the process, since, depending on each entity, the requirements may vary, however, there are general considerations for all nations.
o EU Connection
If you do not have EU citizenship, creating a SEPA account will require more paperwork, as many banks ask for reasons to open an account and better understand your case as a non-resident.
o Proof of Address
Many people have difficulty opening an account because they have trouble providing proof of address. Most banks require proof of residence in a specific manner. Of course, this can vary from country to country and from bank to bank.
At Foster Swiss we help you set up an account easily and securely. We guarantee the protection of your assets and a pleasant experience when opening an account. We have specialized financial consultants who will support and advise you every step of the way. For more information, go to info@fosterswiss.com