What is a non-SEPA transfer and how can I get the best rates?

Non-SEPA transfer: definition

What is a non-SEPA transfer? And how is it different from a SEPA transfer? The advantage of a SEPA transfer is that it's as easy to make as a national transfer. Its main inconvenience is that it only lets you transfer money to a limited list of countries.

This is where non-SEPA transfers come into their own. They enable bank transfers to countries outside of the SEPA region, no matter the currency used by the receiving country.

What's the difference between a SEPA transfer and a non-SEPA transfer?

What's the difference between a SEPA transfer and a non-SEPA transfer? Both SEPA and non-SEPA transfers let you transfer money to accounts abroad. The difference is the region of application:

• SEPA region for SEPA transfers. To find out more, take a look at WorldRemit’s complete guide to SEPA transfers.

• Rest of the world for non-SEPA transfers.

Which countries are outside the SEPA region?

Out of the 195 states recognised by the UN, only 37 are part of the SEPA region. The other 158 countries are therefore outside of the SEPA region.

As an overview, here are some of the countries outside of the SEPA region, grouped by continent:

Africa

• Cameroon

• Madagascar

• Morocco

• Senegal

• Tunisia

Asia

• India

• Malaysia

• The Philippines

• Thailand

South America

• Brazil

• Chile

• Colombia

• Costa Rica

• Uruguay

North America

• Canada

• United States

Europe

• Albania

• Armenia

• Bosnia and Herzegovina

• Kazakhstan

• Moldova

• Serbia

Oceania

• Australia

• New Zealand

• Papua New Guinea

What are the charges for a non-SEPA transfer?

While SEPA transfers are free in the majority of cases, charges apply to non-SEPA payments. These vary according to banks, and are often significant.

There are several types of charges. Among the most common are:

• Sending charges or transfer charges: these charges are imposed on the person sending the non-SEPA transfer. Often in the form of a percentage of the amount transferred, it should be noted that each bank applies its own rates.

• Receiving charges: these charges apply to the person receiving the non-SEPA transfer, and these are to be paid to their bank.

• Exchange commission or exchange rate charges: where the non-SEPA transfer is sent to an account designated for a currency other than the one being sent, the transferred amount must be converted. As well as the exchange rate applied by the bank (which is often an elevated rate), commission also applies. This varies from bank to bank.

WorldRemit offers extremely competitive rates for money transfers abroad. By using WorldRemit, the transfer charges for a €100 transfer from Morocco are just €0.99. Want to view the transfer charges using WorldRemit? Check out our online calculator!

How long does a non-SEPA transfer take?

The timeframe for a non-SEPA transfer varies by destination country. In general, allow a minimum of four working days.

With WorldRemit, as well as paying reduced fees, you'll save time as the platform offers much quicker transfer times. In fact, 90% of the time transfers made through WorldRemit arrive in minutes.*

Depending on the destination country, the money can take a little longer to be credited to your beneficiary's account. The approximate time frame is given to you each time before finalising the transfer.

Find our transfer times below for five countries based on a transfer from France:

Want to know our transfer times for another country? Check them using our calculator.

*95% of our August  2021 money transfers were authorised within 60 minutes.

How can I make a non-SEPA transfer?

The majority of banks will let you make a non-SEPA transfer online, either using an application or on their website. To make a non-SEPA transfer, the procedure is often the same as for a standard transfer. You'll first need to gather some information regarding the beneficiary of the transfer:

• Their name and surname

• Their IBAN, or account number if they don't have an IBAN

• The BIC or SWIFT code for their bank

• Their full address

And in some cases, the full address of their bank.

You can then indicate the amount that you want to send, the expected fulfilment date for the non-SEPA transfer, and the currency the transfer will be converted into where applicable.

Note: banks often apply additional fees for transfers outside of the SEPA region. To get the best rate, consider comparing several options and then selecting the best one.

Want to reduce fees for your non-SEPA transfers? You can do this using specialised services like WorldRemit! Get your first three non-SEPA transfers fee free with the code 3FREE!

Discover WorldRemit

Using WorldRemit, it's never been easier to make a non-SEPA payment. We give you the option to transfer money internationally while removing the hassle that’s usual with these types of transfers. With our services, you can send money to your loved one:

• Quickly

• Securely

• At a low cost

How can I make a non-SEPA transfer with WorldRemit?

1. Sign up for WorldRemit and fill in the requested information. You'll be able to send money as soon as your details have been verified.

2. Choose the country that you're sending money to.

3. Fill in the amount and choose the transfer method (bank transfer, airtime top up, cash pickup, mobile money).

4. Fill in information for the recipient.

5. Confirm the operation.

Your beneficiary will receive the money quickly, according to the time frame given when confirming the transfer.

This article has been provided for informational purposes. It may not be considered as legal or financial advice. If you require financial or legal advice, consult an advisor or specialised lawyer.

Sources

• Bank of France - International transfers