There’s lots of talk generally about the benefits of SEPA, but here are a few that are most relevant for you as a banking customer.
Easier to send and receive cross border payments
The main benefit is that it will be as easy to make or receive payments in Euro across the Euro zone as it is to make and receive payments from one Irish account to another.
Potentially better deals across current account banking
With SEPA facilitating payments across borders and within countries, then it stands to reason that you might only need one current account for everything. If that's the case then increased competition could mean better deals for banking customers in general in terms of current accounts on offer, with lower charges and improved services as banks fight it out to win your business. That can only be good news.
As a business owner, you’ll benefit from improved efficiencies
As a business owner you'll find it a lot easier to manage your business funds as you transact internationally. Payments across borders will be easier and the introduction of innovative services like electronic bill presentation and payment could deliver huge advantages.
More efficient banking sector
It's also thought that there will be greater efficiencies and economies of scale within the banking sector of the wider Euro zone. This sends a strong signal about the status of the Euro as a currency.
This is so important. With clarity around payment time lines and fees and charges, there's less room for sneaky stuff!