SEPA Transfer From Cyprus

Updated time: Mar 17, 2022, 12:50 (UTC+03:00)

Cyprus has become a member of the EU since 2004. The country itself is known to have well-qualified labor forces, attractive taxations, reliable transports, and a telecommunications system. Leading to many global investors and businesses making international investments in the country. Going along with that, having a business account to perform significant outgoing and incoming transactions from the country is extremely important. Primarily, getting SEPA transfers from Cyprus is an effortless way to handle money within the European Union (EU) for international transactions.

What is SEPA Transfer?

What is SEPA Transfer?

SEPA or SEPA Transfer is known as the Single Euro Payments Area. It had been initially launched to make an ease for international transfers in single denominated-currency (EUR) around the EU in 2008. SEPA has 36 country members, including all 27 member states of the EU. SEPA is also considered as the establishment of direct relationships between banking services or a network of intermediary banks which allow members to transfer seamlessly across borders.

Why Choose To Make Business And Make SEPA Transfer From Cyprus?

There are some reasons to make business and SEPA transfer from Cyprus:

  • Cyprus is a country member within SEPA which earns the benefit of simplifying cross-border money transfers, reducing fees, and fast transactions.
  • The country itself has a resilient economy due to the National Recovery and Resilience Plan published by EPRS (European Parliamentary Research Service). The country also shows continued growth in GDP. and has a free-market for investors.
  • The strategic location of the island has also played an important role in its development as a financial center of the EU.
  • Government supports global investment with beneficial regulatories - attractive taxation, effective and transparent regulatory and legal framework.
  • Cyprus has a lot of potential for SMEs to launch and extend their business operations globally. However, clients may have trouble with less online banking services that need direct travels for applications and additional charges for processing.

Transfer Money From Cyprus To Another Country: 4 Things To Consider

  • Before you transfer money from Cyprus, you need to apply for a banking account from a bank or a money transfer service. You also need to pass the identity check from these services.
  • You should check your online transfer service about currency exchange and have the most recent quotation for the latest exchange rates. You also need to check the fees that can vary considerably.
  • There are no restrictions when transferring between Cyprus and other SEPA members in the Euro zone. If you use an online banking service, there will be an online confirmation that will detail where your digital banking services send your money. Therefore, you should choose a financial regulated entity that protects your money safely.
  • You will receive money in EUR. Some services may convert to local money. Usually, they are not going to convert because it is already converted to EUR. For large transfers, the fees and the time of your transfer can make a significant difference.

Transfer Money To Cyprus From Another Country

There are less foreign exchange restrictions between Cyprus and other countries. If you are an expat, there will not be any problem for you to transfer money to Cyprus once the identity checks and AML checks have been done. If you pass the checking processes, it clears the legal trail of the transactions and your money is free to move from your account. It doesn't matter that if you are a non-resident or a citizen in Cyprus, you are able to open an online account for transfering to the country as long as you agree to follow all legal procedures.

What Are Sepa Transfer Fees?

Some people believe that SEPA transfers are free. However, clients may be charged extra fees for SEPA transfers by specific banking services. The SEPA transfer fees for transactions can vary from banks to financial services. It can either be paid in full amount of extra fees by the senders or recipients. In addition, there are other transaction fees or additional fees of investigation that may incur during the transfer process.

What Are The Sepa Payment Limits?

Recently, SEPA has three general types of transfers: SEPA Credit Transfer, SEPA Instant Credit Transfer, and the SEPA Direct Debit Transfer. SEPA Transfer usually needs to identify the IBAN (International Bank Account Number) and the BIC (Business Identifier Code) numbers to move money from a current account to another. Sepa payment limits also depend on each type of SEPA transfer:

  • SEPA Credit Transfers have a maximum transfer.
  • SEPA Instant Credit Transfers allow you to send over €200,000 every time.
  • SEPA Direct Debit Transfers depend on agreement between the recipient and the sender.

However, it depends on the policies of every banking service to limit your transaction by a certain amount. Therefore, you need to consider that limitation is also an important factor to consider before making any transfer. At DNBC, the limit of transfer for business is up to 500,000 EUR/day (corporate/business account) which helps clients to save time, exchange over 25 currencies, reduce transaction costs, and cut off waiting time.

How Long Does SEPA Transfer Time Take?

Usually, the SEPA transfer time takes around 1-2 business days for completing the transfer process within the Eurozone. Some services require clients to give enough information about their transactions or clear the purposes of payments. Therefore, it may take a little bit more time to complete the transactions.

Need An Easy And Alternative Way To Send Your Payment With SEPA Transfer?

DNBC Financial Group’s member, DNBC Financial Group UAB, helps to get your SEPA transfer where it needs to go as soon as possible. Sending and receiving money globally as well as everywhere in the Eurozone at your fingertips. Clients can easily manage and send all your money with the DNBCnet App. Clients can also send money overseas in multi-currencies at fair and real-market rates. Opening an online account for your personal or business purposes. DNBC is always ready to help your payments faster with more advanced features.

DNBC Financial Group UAB

In The Press

See what the media has to say about DNBC

About Us

We are always proud of being an experienced Financial Institution in the global financial payment market.

We provide the Best International Money Transfer Services. DNBC Financial Group can assist you with different payment methods, whether it is a personal account or a business account.