What is SEPA, and how does it work

You may have heard of SEPA and probably have used it, but what does this term mean, and how does it work?

SEPA stands for Single Euro Payments Area. It’s a collaborative process between European economic area countries. At the moment, this region consists of 36 European countries, including several countries which are not part of the euro area or the European Union.

SEPA Countries that use the Euro
as their main currency:
  • Åland Islands
  • Andorra
  • Austria
  • Azores
  • Belgium
  • Canary Island
  • Cyprus
  • Estonia
  • Finland
  • France
  • Germany
  • Gibraltar
  • Greece
  • Ireland
  • Italy
  • Latvia
  • Lithuania
  • Luxembourg
  • Madeira
  • Malta
  • Monaco
  • Netherlands
  • Portugal
  • San Marino
  • Slovakia
  • Slovenia
  • Spain
SEPA countries where EUR is not the local currency:
  • Bulgaria
  • Croatia
  • Czech Republic
  • Denmark
  • Gibraltar
  • Hungary
  • Iceland
  • Liechtenstein
  • Norway
  • Poland
  • Romania
  • Sweden
  • Switzerland
  • UK
What are different types of SEPA payments?

Sepa offers 3 main payment options.

  • SEPA Credit Transfer
    It’s the most basic of the transfer options. It is simply electronic money transfers from one service provider to another.
  • SEPA Instant Credit Transfer 
    SEPA instant credit transfer scheme is a version of the SEPA Credit Transfer that prioritizes speed.
  • SEPA Direct Debit Transfer 
    From the end user’s perspective, these direct debit payments work similarly to recurring card payments. although, payment is initiated by the payee on the payer’s obligation.
How long do SEPA transfers take?
  • The SEPA Credit Transfer takes one business day. 
  • The SEPA Instant Credit Transfer takes less than ten seconds.
  • The SEPA Direct Debit Transfer takes a minimum of two business days.

Thanks to SEPA Credit Transfers, our customers can make fast, safe, and efficient cross-border digital euro payments, anywhere in the European Union.

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