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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.

Before adding Cycle to Work repayment for an employee, you need to set up the scheme for your company. See how to do this here

When ready, add the repayment plan to start deducting instalments from the employee’s pay every month. Go to: 

Admin > Team view > select the employee > Work & Pay > Cycle to Work repayment plan > Add repayment plan > add all details and Save.

Deductions will start with your next payroll and will continue each month, until all instalments are paid off. 

What happens if an employee leaves before they’ve fully repaid their Cycle to Work loan?

When an employee leaves during the repayment period, any outstanding balance on their Cycle to Work scheme should be deducted from their final Net salary.

If the outstanding balance exceeds the employee's final salary, they may end up with a negative pay slip, meaning they owe money to the company.

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