SEPA transfer

What is SEPA? 

SEPA is the Single European Payments Area. It is an area consisting of the European Union Member states and six other countries (Iceland, Liechtenstein, Monaco, Norway, San Marino and Switzerland).

What are the advantages of SEPA?

Payments in euro can be made and received within this area on the same terms and conditions, whether they are cross-border or domestic payments.

When ordering a payment from a countriy inside SEPA,to an account at a bank also in a SEPA country, the money will be available, at the latest, on the first working day after the recipient’s bank receives the funds. It could take an additional working day if the transfer order is given on paper. However, for urgent transfers, the funds will be available on the same day.

The expenses of the transfer must be shared by the sender and the recipient. In other words, the bank ordered to make the transfer will charge its expenses to the sender, while the recipient’s bank will charge its expenses to the recipient.