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What is a SEPA transfer?

Updated

SEPA (Single Euro Payments Area) is the area where citizens and companies can make and receive payments in euros. SEPA is made up of the Eurozone countries and a few other countries which also support Euro bank transfers. You can find the full list of 34 countries here.

Here’s how to transfer euros throughout the SEPA using your personal IBAN attached to your TRASTRA account:

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Within SEPA lies the SEPA scheme, which is a set of rules that are followed by the participants in moving funds electronically from account A to account B.

SEPA payments highlights

  • Cross-functionality.
    With SEPA there is no difference between national and cross-border payments. The new harmonized SEPA payment scheme allows customers to exchange payments between any accounts located within the EEA: securely, efficiently, and more cost-effectively.
  • Streamlining payments in Europe.
    Usually, it takes 1-4 business days to credit funds to the beneficiary’s bank. It depends heavily on the time of day you start your transfer as there is a 3 PM cut-off time for same-day processing. Requests received after this time will be processed on the following banking day.