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What's the difference between SWIFT, SEPA and BIC?

The difference between SWIFT and SEPA is that SWIFT is a global international payment method, while SEPA is an European system, enabeling euro-denominated payments within the SEPA area. The SEPA area covers the EEA states as well as Andorra, Guernsey, Isle of Man, Jersey, Monaco, San Marino, Saint-Pierre and Miquelon, Switzerland, the United Kingdom of Great Britain and Northern Ireland (incl. Gibraltar) and the Vatican City. Chosing SWIFT or SEPA will depend on the transaction type, currency and locations. BIC codes are used in international transactions to identify the recipient's bank, along with the recipient's account number, to ensure the finances are directed to the correct bank and account.

Tide Standard/Free: No free payments included, you’ll be charged 20p per payment Tide Smart: 20 free payments are included in your plan. You’ll be charged 20p per USD ACH payment over this allowance Tide Pro: Unlimited free payments are included in your plan, so you won’t be charged a fee Tide Max: Unlimited free payments are included in your plan, so you won’t be charged a fee

The fees are billed as part of our monthly billing process and will be included in the total fee amount summary on your bank statement. Each USD ACH transaction is also subject to the interbank exchange rate on the day, and we apply a 0.50% FX markup. See details in the Tide Terms. You won’t be charged anything for activating USD payments for your account.

Disclaimer: FX markup for our members on the Standard/Free plan will be increased to 1.5% from 28 May 2025 (members on our Paid plans will remain on 0.5%)

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