SEPA is €uro only payment.
SEPA regulates bank transfers (fee + delay) denominated in Euro between EU banks, using IBAN + BIC information.
However, if you have, say, a USD-denominated account in a EU bank, you should still use the IBAN + BIC codes to makes a transfer to another EU bank, the difference is that the transfer fee/delay is not regulated by the SEPA agreement (but you risk paying even more if you don't use IBAN+BIC).
So KNCMiner require the incoming payment to be in USD, which means I have to convert whatever currency I have in my bank account to USD before sending it, right?
In that case the payment would not fall within the scope of SEPA, correct?
I'm confused because my bank has 2 categories for international payments with different fees, so which service do I use?
Outgoing transfers :
a) Ordered by clients of FIBank with a SPOT value date (2 working days after the day of the order) - 0.15%, min. EUR 15, max. EUR 200
b) for on-line transfers in EUR to countries from European Economic Area with indicated BIC and IBAN of the beneficiary and with shared transfer expenses (SHA):
- for amounts up to EUR 10,000 EUR 60
- for amounts from EUR 10,000 up to EUR 25,000 EUR 110
- for amounts from EUR 25,000 up to EUR 50,000 EUR 200
- for amounts above EUR 50,000 EUR 280
)
