Does anyone know what this means?

 

Would my Royal Bank of Scotland be OK for this purpose, to get money sent to it. My Thai banks are no use. 

 

 

Google says:

 

What is SEPA Payment Method?

SEPA payments are cashless payments in euro currency that are processed via the Single Euro Payments Area network to facilitate cross-border bank transfers in 36 Eurozone and non-euro area countries. The SEPA payment method makes cross-border transfers fast and cost-effective.

You need to ask your bank first but I think it should be OK as many UK financial institutions still support SEPA transfers even after the Brexit.

32 minutes ago, gamb00ler said:

Google says:

 

What is SEPA Payment Method?

SEPA payments are cashless payments in euro currency that are processed via the Single Euro Payments Area network to facilitate cross-border bank transfers in 36 Eurozone and non-euro area countries. The SEPA payment method makes cross-border transfers fast and cost-effective.

I see that, thanks. So it looks like the RBS accept SEPA but wondering about the EURO account. 

I am just a user and no banker, I had the following experience:

Many banks in Europe transfer money with SEPA, a few use SWIFT.

Having a EUR account in Europe means most of the time EUR can be easily and cheap transferred, i.e. via filling out an online form, with SEPA.

If the receiving bank uses SWIFT instead of SEPA it's more complicated and more expensive.

Is your RBS account a Euro account?  If so, then yes it's SEPA approved.

 

https://www.rbs.co.uk/business/support-centre/making-and-accepting-payments/electronic-payments/sepa-direct-debit.html

13 minutes ago, treetops said:

Is your RBS account a Euro account?  If so, then yes it's SEPA approved.

 

https://www.rbs.co.uk/business/support-centre/making-and-accepting-payments/electronic-payments/sepa-direct-debit.html

I'd better contact my bank. 

 

Thanks.

 

Do you think I'd be better just getting paid into WISE, or equivalent? I am going to be transferring to my Thai banks at some point. 

Use Wise multi currency account and just open up the Euro account giving you a 'virtual' EU SEPA account

11 hours ago, Neeranam said:

I'd better contact my bank. 

 

Thanks.

 

Do you think I'd be better just getting paid into WISE, or equivalent? I am going to be transferring to my Thai banks at some point. 

Where did the requirement per the thread title come from?

15 hours ago, treetops said:

Where did the requirement per the thread title come from?

I work for a German company