Every Money Transfer And Remittance Term You Need To Know: Letter S

Last updated: October 05, 2022

Sell FX Rate

A Sell FX Rate, also called a Bid FX Rate is the price you get to sell one currency with respect to the other when 2 currencies get exchanged in an FX transaction. The other side of the FX trade is the Ask FX Rate (also called the Buy FX Rate) which is the price you pay to buy the currency being sold.

Almost always, the Bid (Sell) FX Rate is lower than the Ask (Buy) FX Rate. This is so the FX Trader or Broker that acts as the middleman in the transaction can make a profit.

Also known as: Bid FX Rate
Also see: Ask FX Rate, Buy FX Rate
Further reading: 5 Key FX Concepts You Need to Know

Single Euro Payment Area (SEPA)

Single Euro Payment Area (SEPA) is a consortium of 36 European countries that have adopted the Euro as their currency. The goal of SEPA is to streamline Euro-based digital money transfers between residents of member states.

SEPA does not cover non-Euro currencies, and uses the IBAN standard to describe bank accounts located within all its member countries.

Also see: BBAN, BIC, IBAN, IBAN Registry, SWIFT, SWIFT Code
Further reading: What are IBAN, SWIFT and BIC codes?

Servipag

Servipag is a highly popular payment mechanism in Chile which can be used to make any types of payments within the country. Chileans use Servipag for security and convenience since they do not have to deal with credit cards or share their bank information when they pake purchases and payments with Servipag.

This means that if you are in Chile and want to send money abroad, you can pay for your money transfer with Servipag as well so long as your money transfer company accepts it. In that regard, Servipag is a local payment method in Chile.

Also see: Local Payment Method, Payment Method
Further reading: Payment Methods for Money Transfer

Sofort

Sofort is a payment gateway and an online banking network popular in many European countries like Germany. It is also called Pay Now, and has been owned and operated by Klarna since 2014.

The biggest advantage of Sofort is that even though the money comes from your bank account, your bank information is never shared with anyone. You simply make Sofort online payments, and no one knows anything about your bank information except for the Sofort payment network.

From an international money transfer standpoint, Sofort is a local payment method that you can conveniently use to pay for your money transfer. Just ensure to check with your money transfer company that they accept Sofort payments.

Also see: Local Payment Method, Payment Method
Further reading: Payment Methods for Money Transfer

Society for Worldwide Interbank Financial Telecommunication (SWIFT)

The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is an association in charge of sustaining a massive global data sharing network for financial transactions.

The SWIFT network handles a large volume of all international payments, and is actively used by banks, trading companies, stock exchanges, business and clearing houses.

Also see: BBAN, BIC, IBAN, IBAN Registry, SEPA, SWIFT Code
Further reading: What are IBAN, SWIFT and BIC codes?

SWIFT Code

A SWIFT code is a globally unique number that serves to unambiguously identify a financial institution worldwide. In other words, a SWIFT code is a unique fingerprint of any registered financial organization, and can be used to uniquely identify it.

SWIFT Codes are issued and maintained by the SWIFT consortium.

Also see: BBAN, BIC, IBAN, IBAN Registry, SEPA, SWIFT
Further reading: What are IBAN, SWIFT and BIC codes?