The London-based remittance operator MoneyTO has started SEPA (Single Euro Payments Area) transfers to Europe, simplifying the process of sending and receiving money for the clients. The senders transfer GBP from the UK, and the recipients get EUR directly to their bank accounts.
The new service of MoneyTO is already available for 19 countries, such as Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Portugal, Slovakia, Slovenia, and Spain.
“Our new service to make the lives of our clients easier and save their hard-earned money. SEPA transfers are especially useful for those who regularly transfer money to help and support their families, pay bills or loans, purchase a property or make savings. We will gradually expand the list of countries where SEPA transfers can be sent with MoneyTO,” says Galina Selicka, CEO of MoneyTO.
SEPA is a seamless way to send cashless remittances across Europe. Over 46 billion SEPA transactions are made annually. An obvious benefit of the SEPA transfers is a low fee – £1, regardless of the amount sent. New clients can enjoy the MoneyTO service, making the first two transfers fee free.
It takes only a few minutes to make a transfer via MoneyTO’s mobile app* or the website The client just needs to indicate the name and surname, phone number of the recipient and the IBAN (International Bank Account Number) of the account into which the transfer will be sent. The transfer can be paid by VISA or Mastercard cards or from a UK bank account. The money will be credited to the recipient’s bank account at the latest by the end of the next business day.
“Around 6 million Europeans live in the UK, and they are looking for a hassle-free way to transfer money back home. That’s exactly why we have provided our clients with such an opportunity. A low fee and favourable exchange rate will help expats to reduce the transfer costs,” says Galina Selicka.
The UK is one of the top destinations for expats from all over the world. Stats show that the total outward money transfer flow from the UK in 2021 was more than $10 billion.
According to the Migration Observatory, 12.4% of EU-born migrants in the UK send money to support their relatives. Besides supporting their relatives, migrants remit as personal investments of savings or to repay a loan, also to help local communities.