Single Euro Payments Area (SEPA) (2024)

FAQs

What is the Single Euro Payments Area SEPA? ›

SEPA makes it possible for retail transactions to directly debit accounts in another member country and for those living, working, or traveling to use accounts in their home country to receive direct deposit payments and pay bills by electronic transfer.

What is SEPA? The Single Euro Payments Area (SEPA) is a European Union (EU) initiative launched in 2008 that aims to facilitate international bank transfers among the participating countries.

Standard SEPA transfers

Within the Single Euro Payments Area (SEPA), standard transfers are typically completed within 24 to 48 business hours.

Easy way to pay, simply enter the beneficiaries International Bank Account Number (IBAN) and Branch Identifier Code (BIC), these details are provided the beneficiary. Make & Receive SEPA payments from your £ UK business account,when using a GBP account, the currency is automatically converted into Euro for you*.

The Single Euro Payments Area (SEPA) is a mechanism that facilitates the standardisation of electronic payments denominated in euro across Europe. Under SEPA, all bank accounts must be identified by an International Bank Account Number (IBAN) and a Bank Identifier Code (BIC).

SEPA payments are a secure method for sending money within the Eurozone. If you need to send or receive money from outside the SEPA region, see our full range of international services.

A SEPA transfer only applies to transactions in euro, other currencies will be sent using alternatives supported in the destination country.

All 27 EU member states (Austria, Belgium, Bulgaria, Croatia, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, and Sweden) are SEPA countries, as well as ...

All you need is to know the person's full name, IBAN, and BIC. You can track all the outgoing and incoming payments via the app or the web version.

What is the maximum amount of SEPA instant payment? ›

It is available 24 hours a day on all calendar days of the year and allows the transfer of up to 100,000 euro to another account in less than 10 seconds.

SEPA transfers generally cost the same amount as a local domestic bank transfer, which means that they're usually free. However, a small number of banks may charge you an extra fee for SEPA transfers if they also charge an extra fee to make local bank transfers within the same country.

Single Euro Payments Area (SEPA) initiative makes cashless international payments as simple and inexpensive as domestic payments. It creates more competition in the payments industry by creating one 'payment services' market, which lowers prices for consumers.

Withdrawing with SEPA

On the right-hand side, select Withdraw > EUR > SEPA. Select the receiving bank account under To. Enter the amount you'd like to withdraw. Confirm the amount and select Withdraw.

Accepting SEPA Direct Debit payments on your website consists of creating an object to track a payment, collecting payment method information and mandate acknowledgement, and submitting the payment to Stripe for processing.

All 27 EU member states (Austria, Belgium, Bulgaria, Croatia, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, and Sweden) are SEPA countries, as well as ...

The ISO 20022 XML format is a standard used for SEPA credit transfer and direct debit files to harmonize payment and collection processes within the European Economic Area (EEA).

What Is SEPA? SEPA (Single Euro Payments Area) is the name given to the single payments area of 36 European countries, including all 27 member states of the European Union. Within this supranational payments area, customers should no longer experience any differences between national and cross-border payments in EUR.

The main difference between SWIFT and SEPA is the geographical scope. SWIFT supports international transfers in different currencies across the world, whereas SEPA only enables money transfers in Euro in countries that are members of the SEPA zone.