What is the difference between a SEPA and a SWIFT payment when keyed online?

A SEPA payment can only be sent in euros within the Single Euro Payments Area and the fees must be shared between the sender and the beneficiary. A SEPA payment must quote an IBAN and will arrive the next business day if executed after the 14:00 cut off.

A SWIFT payment can be made between any bank in any country that supports the SWIFT service and in most currencies. The charges can be shared*, paid by the beneficiary or by the payer depending on the beneficiary country and payment currency. SWIFT payments can quote both IBANs or account numbers and the value date of a SWIFT payment depends on the payment currency and where it is being sent. The cut-off for SWIFT payments is 14:30.

*sending a SWIFT payment to an EEA country will be subject to shared chargers only

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