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After recovering from the round of spontaneous street parties and celebrations that marked the introduction of the Single Euro Payments Area last month, my old mucker Dave Birch decided to try out the brave new world of frictionless money transfer in person.
Sadly, however, Dave’s attempts to initiate a Sepa credit transfer to friends in the Netherlands fell at the first hurdle, as his UK bank insisted that he turn up in person at the branch and fill out a payment instruction form.
“So, in summary, sending 50 euros to Amsterdam in the exciting new world of Sepa took two trips to the bank, cost £15 (ie, a transaction fee of 40%) and took three days,” says Dave. “Next time, I'll use PayPal.”
Read the full account on Dave's digital money blog.
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