What are SEPA and IBAN?
What is a SEPA payment?
A SEPA payment is a payment in EUR currency to a bank in the European Economic Area. Often, SEPA payments are also referred to as European payments, as this name reflects the nature of SEPA payments – a way to easily and cheaply send EUR payments within European borders. A EUR payment within Latvia is also a SEPA payment, as both the paying bank and the receiving bank are located in the European Union.
What is an IBAN?
IBAN is an internationally recognized system of account numbers that unambiguously identifies the recipient's account. The IBAN account number includes the recipient bank's country code, the recipient's account number and a control number that allows checking the correctness of the account number before the payment is sent. The length of the IBAN account number varies from country to country. In Latvia, the IBAN number is 21 characters long and begins with LV.
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