SCC open bank account

[hiyongnu]

Hi everyone, i will receive a payment from a client (XX.XXX EURO), but they mentioned that the IBAN associated with my bank account needs to have SCC open. I don't live in the EU, and the company making the payment is based in France. What is the purpose of SCC, and how can I find a bank account with SCC active? I have a few EMI accounts, but SCC seems to be closed on those.

 

[mraleph]

Hi everyone, i will receive a payment from a client (XX.XXX EURO), but they mentioned that the IBAN associated with my bank account needs to have SCC open. I don't live in the EU, and the company making the payment is based in France. What is the purpose of SCC, and how can I find a bank account with SCC active? I have a few EMI accounts, but SCC seems to be closed on those.

SCC stands for SEPA Card Clearing. I may be wrong, but any SEPA bank account in member countries should suffice.

Do you have a SEPA enabled account at those EMIs? If they can't pay you out via SEPA they certainly can via SWIFT - let them put a SHA or BEN in instruction.

 

[maxmoney]

Ask you bank if that is a problem. Usually if you have a bank account in the EU sepa is not a problem. You can also open a Wise or Revolut account so they support SEPA 100%

 

[daniels27]

SCC stands for SEPA Card Clearing. I may be wrong, but any SEPA bank account in member countries should suffice.

Yes, it is. It is when using a debit card at a POS how the merchant gets the money through SEPA (it is a direct debit mechanism).

He is probably talking about SEPA Credit Transfer (SCT).

 

[Forester]

I also guess that asking for SCC is rather a misunderstanding / a typographic error.

SCC in finance usually stands for Selective Credit Control (a regulatory tool used by central banks to manage the allocation of credit among various sectors of the economy to ensure financial stability), Secured Credit Card (a type of credit card that is backed by a cash deposit from the cardholder) or SEPA Card Clearing (explained above) – all three irrelevant for this case, IMO.

But if they asked for SCT (SEPA Credit Transfer a.k.a. SEPA payment, as mentioned above) it would be something well expectable – and able to be fulfilled with many EMIs... (Well, Wise or Revolut are not the best options but let's put this aside )

@hiyongnu, ask them for the explanation what they had in mind