12 Apr 2022 By PAYCEC
YES. Although Switzerland is not a member of the European Union, the nation is a member of SEPA payment schemes. Therefore, payment instructions and banking transactions in Switzerland are similar to other EU countries within the SEPA Schemes’ Geographical Scope.
Within the SEPA, SEPA transfers can be utilized to perform euro transactions. E-banking, datalink, and SWIFT services are all available for transfers.
Because SEPA transactions are a standardized money transfer method, Swiss banks typically undertake them for free or at a substantially lower cost than foreign currency transfers.
Important: If a transaction does not match the above requirements, it will be executed as a normal international transfer, which is typically far more expensive.
The IBAN for Switzerland is shown below. It has a total of 21 characters. A thorough breakdown of the IBAN structure in Switzerland can be seen below.
|CH||93 00762 011623852957|
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