SEPA vs SWIFT: What's the Difference?

Two payment networks. One: free euro transfers across Europe. The other: any currency, 200+ countries.

FCA Regulated
Free SEPA Transfers
190+ Countries
38+ Currencies
Safeguarded Funds
Open an AccountSee Pricing

What Is SEPA and What Is SWIFT?

SEPA is a regional payment network for free euro transfers within 36 European countries. SWIFT is a global messaging network for wire transfers in any currency across 200+ countries.

SEPA (Single Euro Payments Area) enables euro-denominated transfers between 36 European countries at the same speed and cost as a domestic bank transfer — fast, free, and euro-only within the zone.

SWIFT (Society for Worldwide Interbank Financial Telecommunication) is a global messaging network used by 11,500+ financial institutions in 200+ countries. It supports any currency via international wire transfers — broader reach, but higher fees and slower settlement due to correspondent banks in the chain.

What is NOWE

NOWE Money is a multi-currency fintech platform operated by NOWE Money B.V., registered in Amsterdam, Netherlands (KvK 98048260). It offers personal and business accounts with EU IBANs, free SEPA payments, and international FX across 190+ countries and 38+ currencies. Payment services are provided by Equals Money PLC (FCA #900190). KYC takes ~4 minutes; accounts verified within 1 business day.

SEPA vs SWIFT: Side-by-Side Comparison

Geographic scope
SEPA36 European countries
SWIFT200+ countries worldwide
NOWE Money190+ countries (both rails)
Supported currencies
SEPAEUR only
SWIFTAny currency
NOWE Money38+ currencies
Transfer speed
SEPAInstant – 2 business days
SWIFT1–5 business days
NOWE MoneySEPA: Instant · SWIFT: 1–2 days
Send fee
SEPAFree (most providers)
SWIFT€10–€30 typical bank fee
NOWE MoneyFree (SEPA) · €2–€5 (SWIFT, by tier)
Receive fee
SEPAFree
SWIFT€5–€15 typical bank fee
NOWE Money€0 Platinum/Black · up to €15 Classic
FX conversion needed?
SEPANo (EUR-only rail)
SWIFTYes, for non-EUR transfers
NOWE MoneyUp to 2% personal · Up to 1.5% business
Correspondent banks?
SEPANo
SWIFTYes — adds fees and delays
NOWE MoneyNo hidden intermediary fees
Best for
SEPAEU/EEA euro transfers
SWIFTGlobal multi-currency wires
NOWE MoneyBoth — one account, one IBAN ✓

→ Full pricing at nowemoney.com/comparison/

NOWE fees vary by plan. Physical cards available for Europe & UK customers only.

How SEPA and SWIFT Transfers Work

1
You Initiate a Payment

Enter the recipient's IBAN and BIC/SWIFT code in your banking app or NOWE dashboard.

2
The Network Routes the Transfer

SEPA payments travel directly between European banks on a shared payment rail — no intermediary needed. SWIFT payments pass through a chain of correspondent banks.

3
Funds Are Settled

SEPA Instant settles in seconds. Standard SEPA takes 1–2 business days. SWIFT takes 1–5 business days. SWIFT GPI can accelerate some corridors to same-day.

4
Currencies Are Converted (SWIFT only)

SEPA handles EUR only. SWIFT supports any currency — your bank applies an FX rate. NOWE applies up to 2% (personal) or up to 1.5% (business).

Key Facts About SEPA and SWIFT

SEPA Zone — 36 Countries

  • Includes all EU members plus Iceland, Liechtenstein, Norway, Switzerland, and the UK. Payments move like domestic transfers — no extra fees within the zone. SEPA Instant Credit Transfer (SCT Inst) settles in under 10 seconds, 24/7. Standard SEPA Credit Transfer takes up to 2 business days.

SWIFT — 200+ Countries

  • SWIFT supports all major and minor currencies. It is the standard rail for cross-border international wire transfers outside the SEPA zone. Correspondent banks in the chain can add fees and delays that are not always visible upfront.

When to Choose SEPA

  • Use SEPA when both parties are in the SEPA zone and the payment is in euros — paying rent in Spain from a German account, sending salary to family in France, or paying EU suppliers. NOWE includes free SEPA transfers on personal and business accounts.

When to Choose SWIFT

  • Use SWIFT when sending outside Europe, paying in a non-euro currency, or receiving from international clients and employers. SWIFT GPI (Global Payments Innovation) enables faster tracking and same-day settlement in many corridors.

SEPA vs SWIFT at a Glance

SEPA — Euro Only

One currency, one zone. Free and fast for everyday European payments.

SWIFT — Global Reach

Any currency, 200+ countries. The default for international wires outside Europe.

SEPA Instant

Sub-10-second settlement, 24/7. The fastest rail for euro transfers in-zone.

One IBAN, Both Rails

NOWE's Netherlands EU IBAN supports free SEPA and competitive SWIFT from one account.

When Should You Use SEPA or SWIFT?

Expats Sending Euros

Use SEPA for free euro transfers to family or landlords anywhere in the 36-country SEPA zone. No fees, settled within 1–2 business days.

Open a Personal Account

Receiving Money from Outside Europe

If a client or employer outside Europe pays you, they'll likely use SWIFT. NOWE's Netherlands IBAN accepts SWIFT receives — €0 on Platinum, up to €15 on Classic.

Open a Personal Account

SEPA Transfer for Non-Residents

You don't need to live in Europe to use SEPA. NOWE issues a Netherlands EU IBAN to personal account holders worldwide, enabling free inbound and outbound SEPA transfers.

Open a Personal Account

Related Tools & Guides

FX Rate Calculator

See exactly how much reaches the recipient after conversion fees.

Currency Converter

Convert between 38+ currencies at live mid-market rates.

Multi-Currency IBAN

Hold, send, and receive in 38+ currencies from one EU IBAN.

International FX

Send to 190+ countries at up to 1.5% business FX rate.

Regulated and safeguarded

FCA #900190

FCA Authorised

Payment Services via Equals Money PLC, Authorised And Regulated By The UK Financial Conduct Authority.

PSD2

Safeguarded Funds

PSD2-Compliant. Client Funds Held In Safeguarded Accounts — Never Used For Credit Or Speculation.

KvK 98048260

NOWE Money B.V.

KvK 98048260 · John M. Keynesplein 4, 1066 EP Amsterdam, Netherlands
Private limited liability company registered in the Netherlands.

Compliance full details →

Frequently Asked Questions

SEPA (Single Euro Payments Area) is a payment network for euro transfers within 36 European countries — free, fast, and euro-only. SWIFT (Society for Worldwide Interbank Financial Telecommunication) is a global network for wire transfers in any currency across 200+ countries, typically involving correspondent banks and higher fees. NOWE Money B.V. supports both rails from one Netherlands EU IBAN.

For individuals

Your money, accessible everywhere you go

Up to 2% FX fees, free SEPA transfers, and support in 190+ countries

open a personal accountSee Pricing

Physical cards available for Europe and UK customers only. All other features — IBAN, SEPA, SWIFT, FX conversion — are available worldwide.