SEPA - The end of Paypal in Europe

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By October 2016 the full implementation of SEPA (the Single European Payments Area) should have been completed.
Most banks in Europe have already completed the changeover from old account numbers to the new IBAN numbers (International Bank Account Number).

The integration of banking systems throughout Europe into one will give four immediate benefits to bank customers:
1. The freedom to open a bank account in any European country.
2. Payments from one bank account to another in the same country should be credited to the recipients account on the SAME day as the transfer is made.
3. Payments from a bank account in one European country to a bank account in another European country should be credited on the day following the day on which the transfer is made and
4. There should be no bank charges either to the payer or the recipient for payments or transfers within Europe.

These changes should make a substantial difference to the methods of payment and the costs involved within Europe. There should now be no need to use "payment services" leading to a substantial reduction in costs.

Payments for purchases, for example, will be virtually "instantaneous" without any costs AND no chargebacks; making it possible to conduct business on a proper basis at last! One of the aims of the new legislation is to end monopolistic and fraudulent practices and overcharging for "services" which are no longer necessary whilst increasing the security of bank account information.

The legislation refers to account transfers within the Eurozone in Euro's. Banks in countries that have not adopted the Euro (e.g UK, Sweden, Switzerland) will be able to delay implementation of the new rules and continue making charges and delaying payments. This can be avoided if you have an account denominated in Euros.  

It should now be possible to go into any supermarket in Europe and pay for shopping using your own normal bank card and entering your PIN number (there may be instances where this has not yet been fully implemented however) or withdraw money from any bank ATM, normally without charge.
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