SEPA is often heralded as being that convenient but this isn't complete information.
Basically there is a parallel instant SEPA that is only partially implemented in between certain banks in some countries. Cross border SEPA between two SEPA system countries is much more likely to be just as slow as the US ACH system.
So the only way people could possibly believe this works is if they and their friends use the same banks. Which is basically the case, most Europeans don’t even use the SEPA system to another European country compared to using a few big banks in their single tiny country with their friends and local businesses. But if an outsider wanted to do business in the European banking system, wanting to believe the experience Europeans come on forums to talk about, they likely wont be able to experience it.
Expect 3 - 7 business days and some questions for your banking partners who might not know where the transaction currently is.
SEPA payments are cleared five times a day on every business day. Payment Services Directive establishes that money must be credited to a recipient's account at the latest by the end of the next business day.
On top of that, about a quarter of all banks already support Instant SEPA, which clears immediately 24/7/365.
Basically there is a parallel instant SEPA that is only partially implemented in between certain banks in some countries. Cross border SEPA between two SEPA system countries is much more likely to be just as slow as the US ACH system.
So the only way people could possibly believe this works is if they and their friends use the same banks. Which is basically the case, most Europeans don’t even use the SEPA system to another European country compared to using a few big banks in their single tiny country with their friends and local businesses. But if an outsider wanted to do business in the European banking system, wanting to believe the experience Europeans come on forums to talk about, they likely wont be able to experience it.
Expect 3 - 7 business days and some questions for your banking partners who might not know where the transaction currently is.