Support purpose coding & End-to-End references for SEPA Credit Transfers?


So how good will using TransferWise be compared with Monzo doing their own SEPA payments?

What about the support of purpose coding & End-to-End references for SEPA Credit Transfers (SCT)?

The option to add these to outgoing SEPA transfers is particularly useful for business customers but may also be appreciated by personal customers.

Some banks (in Germany for example) rely on SEPA SCT purpose codes to waive their bank charges for individual customers having an active current account with them. They would expect an incoming transfer coded PAYR or SALA every month. There is also a number of other codes that may be useful for budgeting or internal use.

I have noticed that most UK banks only use unstructured remittance fields for the description of both incoming and outgoing transfers. This is OK in D and NL but other countries like AT and IRL prefer to use “end to end reference” which is guaranteed a faithful reproduction at the receiving end. If you transfer money from an Irish account at KBC to say a Dutch bank bunq the end to end reference info will be discarded somewhere on the way which is not acceptable.

I am not sure how TransferWise remit SEPA payments but they should have an advanced mode for outgoing SEPA transfers and include the possibility to display End-to-End references for incoming SEPA credits.


After checking with TransferWise I have now received the following response to my query:

  • Transferwise DO include the End-to-End reference, however it depends on tge receiving bank as to whether they show it on the recipient bank statement as well or not.
  • Transferwise do NOT use purpose coding
  • The sender of funds can only select whether it is business or personal payment and enter their own reference.
  • Transferwise do show ultimate remittance information

I therefore assume if/when Monzo use TransferWise they can make the same options available to our customers