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.
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.
There are some reasons to make business and SEPA transfer from Cyprus:
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.
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.
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:
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.
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.
DNBC Financial Group’s member, DSBC Financial Europe 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.
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We provide the best payment platform as well as worldwide money remittance service. DNBC Financial Group can assist you with different payment methods, whether it is a personal account or a business account.