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.

• Balance adjustments due to chargebacks, disputes or banking recalls (i.e. if someone paid into your account by mistake and asked their bank to recall the payment)

• Offline card transactions (i.e. purchases placed on a plane)

• Pre-authorised card transactions (when you have enough money in your account at the moment you authorised a payment, but you spend that money before it’s actually cleared)

• A refund reversal (when you have received a refund, but the merchant has reversed it after)

We’ll check your balance whenever we're authorising a card payment, but if you’re paying in a non-GBP currency, the cleared amount is subject to the latest exchange rate from Mastercard. If the cleared amount is higher, it’s possible for it to cause a negative balance.

If this happens, just top up your account to resolve the negative balance.