Basically, SWIFT is a channel where messages enclose payment instructions from the issuing bank, i.e. the bank of the payor, all the way to the remitting bank, i.e. the bank of the beneficiary.

The network works similarly to traveling from point A to point B. It’s not always possible to take a direct path. This means you may need to travel from one destination to another via several connecting locations. SWIFT works essentially the same way. Your money will travel from one country to another, but to do that, often intermediary/correspondent banks are involved.

SWIFT enables Nuvei Accounts to accept and send transactions from/to all over the world. However, some locations still need to be supported. The complete list of places that SWIFT does not support is available here

The post What is SWIFT? appeared first on Simplex.

Please be informed that if your bank does not belong to the EU/EEA, you cannot make a SEPA transfer.

SEPA transactions generally take 1-2 business days (weekends and holidays excluded). They may be instant take a few minutes or hours, but the maximum time frame should not exceed 2 business days.
Kindly note that Nuvei cannot speed up a SEPA transaction issued by a personal bank.

The post What is SEPA? appeared first on Simplex.

SEPA


To make a SEPA withdrawal, select the “Send funds” option in your Nuvei account and complete all the necessary details.

Outgoing transfers from your Nuvei account have no limits, but the available amount in the account must also cover the fee, which is 0.2% or 5 EUR, whichever is higher.

If your bank supports the SEPA Instant payment method, it will be sent this way automatically. 

SWIFT


Please note that the SWIFT payment method is only used for international transactions outside the EU/EEA.

If you have an IBAN which belongs to EU/EEA, the transfer can be completed via SEPA, please find a full list of countries here: A list of countries that participate in SEPA and SEPA Instant

To start, log into your Nuvei account and press the "Send funds" button:

Note: If the option is not visible, please contact our Customer Support team for assistance.

Once you press the specified button, you will be presented with an option to select your payment method:

After selecting the International (SWIFT) transfer option, you must enter Beneficiary details such as Beneficiary’s full name, Account number (IBAN), Beneficiary’s address and Beneficiary’s bank address. Bank name and BIC/SWIFT will be automatically pre-filled for you only if you have shared an IBAN, if an account number is written, the fields will require manual input:

 

Once the details are entered, please press "Continue" to proceed.

Then, you will be required to input the amount and transaction details. 

NOTE: the transaction can only be completed in EUR. 

After completing this step, please press "Continue" to proceed further.

In the final step, you will be presented with a payment confirmation page containing all the transfer details. To confirm the transaction, you will need to input a one-time password that is sent to your phone number via an SMS:

Important note: Please ensure the transfer details are precisely the same as provided. We recommend carefully going through them a few times before submitting your payment.

The Nuvei’s fee for outgoing SWIFT transfers is 0.1% or a minimum of 50 EUR, depending on which one is higher. We recommend using SWIFT services only if the transfer amount exceeds 1000 EUR. 

Additionally, intermediary banks might charge an additional processing fee, which will be deducted from the transfer amount. They are credited to corresponding banks. Please be aware that Nuvei is not responsible for these fees.

Please be informed that SWIFT payments usually take 1–5 business days to reach the destination account. However, it is possible that they can take longer due to time differences between the sending and receiving countries, as well as multiple intermediary banks being involved with the process of delivering your money to the receiving bank.

Kindly note that Nuvei has no way of speeding up SWIFT transactions.

The post How do I withdraw funds from my Nuvei account using SEPA and SWIFT? appeared first on Simplex.