SEPA transfers

What is SEPA? 

SEPA is an area comprising the 27 EU Member States plus Iceland, Liechtenstein and Norway from the European Economic Area (EEA). SEPA schemes also apply in several countries and territories not belonging to the EEA.

You can find more information here: List of SEPA countriesAbre en ventana nueva

What benefits does it provide?

Within the Single Euro Payments Area (SEPA), payments in euro can be made and received under the same conditions, regardless of whether they are domestic or cross-border transactions.

How fast are SEPA transfers?

• Standard transfers: When you order a transfer to an account in Spain or any other SEPA country, the funds typically arrive on the next business day after being received by the beneficiary’s bank. Paper-based transfers may take an extra day.
• Instant transfers: The money is paid into the beneficiary’s account in less than 10 seconds, 24 hours a day, 365 days a year. The cost of these transfers cannot exceed that of standard transfers, provided similar conditions apply.

What are the associated costs?

Costs are shared between the sender and the recipient. This means that the bank issuing the transfer will charge its costs to the sender, while the receiving bank will do the same with the payee.

 Instant Payments Regulation (IPR)

 The Instant Payments Regulation, approved on 13 March 2024, aims to harmonise and accelerate the provision and adoption of instant payments.