What is a SEPA bank transfer?

The SEPA (Single Euro Payments Area) is a pan-European network that allows you to send and receive payments in euros (€) between two cross-border bank accounts in the eurozone. With SEPA, sending money within the eurozone is as easy as making your usual domestic bank transfers.

Which countries are included in the SEPA?

There are currently 36 SEPA member states:

  • 27 of these countries are from the European Union (e.g. Spain, France, Germany, Italy)
  • Four countries are from the European Free Trade Association (Liechtenstein, Norway, Iceland, and Switzerland)
  • Four are microstates that have special monetary arrangements with the EU (Vatican City, San Marino, Monaco, Andorra)
  • The UK, although in the process of leaving the EU, is still counted as a member of SEPA and is expected to remain so even after officially leaving the EU.

How long does a SEPA transfer take?

The length of time for a SEPA transfer to be completed depends on which type of SEPA transfer you choose.

  • The SEPA Credit Transfer takes one business day.
  • The SEPA Instant Credit Transfer takes less than ten seconds.
  • The SEPA Core Direct Debit Transfer takes a minimum of two business days.
  • The SEPA B2B Direct Debit Transfer takes a minimum of three business days.