A pioneering step by Hellenic Bank for banking institutions in Cyprus, as the times demand
In the not so distant future, transactions will mostly be done with applications (mobile apps), through special platforms and of course over the internet. The banks of Cyprus are moving in this direction, necessarily or not, providing solutions to transactions that take place electronically and implementing decisions that match the times. Some banks prefer to show the way to be followed and thus implement practices that “untie the hands” of consumers.
SEPA (Single European Payments Area), also known as the “Single Euro Payments Area”, is the single geographical area where consumers, businesses and other economic actors make and accept payments in euros, according to a common and uniform framework of rules. SEPA is practically an area where they can make and accept payments in euros, either within national borders or cross-border, with common basic conditions, rights and obligations. The geographical scope of SEPA covers the 28 member states of the European Union, as well as Iceland, Switzerland, Liechtenstein, Norway, Monaco and San Marino. The benefits for a consumer or even a business through SEPA can be summed up in three words. Security, convenience, speed.
Hellenic Bank, in the context of presenting new fee reductions and new facilities, announced that, from January 2, 2024, the limit for free SEPA remittance transfers through Online Banking will reach 5,000 euros. Until recently, Hellenic Bank had again pioneered, since it was the Bank in Cyprus that gave free SEPA remittance transfers through the Hellenic Mobile App up to 1,000 euros.
Help for everyone
SEPA transfers through the Hellenic Bank Mobile App can be enjoyed by all its customers. With energy, food and housing prices skyrocketing, the amounts we are asked to pay are higher than before. By listening to the realistic needs of consumers, Hellenic Bank enables its customers to save money in times when cost reduction is particularly important. Parents with children who are students can greatly benefit from SEPA money transfers of up to €5,000, for tuition payments, living and entertainment expenses of the child by sending the money electronically without fees and hassle at bank branches. Additionally, increasing the limit to 5,000 euros will also make small and medium-sized business owners happy, since they will be able to pay salaries or pay for goods quickly and without fees. The list of people who stand to benefit is long. Following the Covid-19 and Ukrainian pandemics, new challenges have arisen, including high energy prices, precision and inflation. Hellenic Bank proves that it stands up to the needs of its customers in practice, trying to relieve the pressures they are under.
In Cyprus, the transition to credit transfers and SEPA direct debits was successfully completed before the transition deadline of 1 August 2014, which was determined by the SEPA Regulation.
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