SEPA payments?

[retrobikeguy]

Anyone here ever used a SEPA payment before?

I have an ebayer who will accept only cash or SEPA , is it the same as IBAC payment or different, if so .... who should I use to send a SEPA payment that is reputable or should I chat to my local bank.

Cheers

 

[Raging_Bulls]

Re:

From Wikipedia :

SEPA clearance is based on the IBAN bank-account identification and the SWIFT-BIC bank identifier. Domestic euro transactions are routed by IBAN; earlier national-designation schemes were abolished by February 2014, providing uniform access to the new payment instruments. By February 2016 Eurozone consumers must drop BIC sorting information for SEPA transactions, it will be derived from the IBAN for all banks in the SEPA area by October 2016.

There are no short term plans of extending SEPA to payments made in the currencies of the non-euro SEPA countries. People and businesses who live in those countries have often the option of getting a euro account from their local bank if they have transactions in euro or plan to settle in a Eurozone country.

Looks like a regular bank transaction to me, so beware. Unlike with PayPal, you have no protection.
Also seems to be a EURO-only thing, so I'm not sure if you can do a transaction from a bank account that uses GBP.