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What is a SEPA transfer?

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.

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.
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