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      What is SEPA countries and why I need IBAN to send money?

      SEPA Countries

      SEPA stands for Single Euro Payments Area. It is an initiative by the European Union to simplify bank transfers in euros. SEPA aims to make cross-border payments as easy and efficient as domestic payments within participating countries. As of now, SEPA includes the following countries:

      • All 27 EU member states (including their territories, such as the Canary Islands, Madeira, and the Azores)
      • Four member countries of the European Free Trade Association (EFTA): Iceland, Liechtenstein, Norway, and Switzerland
      • The United Kingdom
      • Andorra
      • Monaco
      • San Marino
      • Vatican City

      IBAN

      IBAN stands for International Bank Account Number. It is a standardized international system for identifying bank accounts across national borders to facilitate the communication and processing of cross-border transactions. Here’s why an IBAN is important:

      1. Standardization: The IBAN system provides a standardized format that ensures consistency in account numbers across different countries, making it easier for banks to process payments.

      2. Accuracy: An IBAN reduces errors and delays in cross-border payments by ensuring that all necessary information is included and correctly formatted.

      3. Efficiency: Using IBANs improves the efficiency and speed of international money transfers by providing clear, standardized account details.

      4. Compliance: Many countries and banks require the use of IBANs for cross-border transactions to comply with international regulations and standards.