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Sinbosen Payment Methods in European Countries
time2024/08/30
- SEPA is a payment-integration initiative that makes transferring money in euros as easy as domestic bank transfers.
What is SEPA?
SEPA is a payment-integration initiative that makes transferring money in euros as easy as domestic bank transfers. The SEPA initiative enables fast, secure and standardised bank transfers across the national borders of member countries.
It is primarily for EU countries, although the UK is not the first non-EU member to be a part of SEPA. Other countries and states who are either full members or participate in SEPA technical schemes include:
Iceland、Liechtenstein、Norway、Switzerland、Andorra、Monaco、San Marino、Vatican City.
Iceland, Liechtenstein and Norway are members of SEPA despite not being in the EU, although they are a part of the European Economic Area (EEA). Switzerland are neither part of the EU or the EEA, but are still a member of SEPA. Andorra, Monaco, San Marino and Vatican City participate in SEPA technical schemes.
Why the UK is still a SEPA member after Brexit
In the immediate aftermath of the Brexit referendum, there was great concern that the UK would lose its status as a SEPA member. However, UK Finance filed an application to retain membership on behalf of UK payment service providers in 2018.
The application requested the European Payments Council to allow the UK to remain a part of SEPA regardless of the outcome of the post-referendum Brexit negotiations. The application intended to avoid the negative consequences of the potential No Deal Brexit that both sides of the negotiating table were threatening each other with.
The European Payments Council ultimately approved the UK’s application in March 2019. The only condition was that the UK must continue to comply with all the relevant criteria that other member nations had to comply with.
So, SEPA still enables UK businesses to make euro transfers using direct debits or direct credits to other countries that are members of SEPA via a single bank account whilst adhering to a standardised set of rules.
Sinbosen SEPA Payment
IBAN: GB75TCCL00997915565344
Account Name: Guangzhou Xinbaosheng Audio Equipment Company Limited
Bank Name: The Currency Cloud
Bank Address: 12 Steward Street, The Steward Building, London, E1 6FQ, GB
Country/Region: United Kingdom
Type of Account: Business Account
For the payment of goods, please make a SEPA Payment.
Remind you our account don’t accept to pay via Cheque, cash or ATM, please pay via SEPA only. Thank you!