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What is the Single Euro Payments Area (SEPA)?

The Single Euro Payments Area (SEPA) is an initiative established by the European Union (EU) to standardize and harmonize electronic payments denominated in Euros across the Eurozone. SEPA aims to make cross-border payments as seamless and efficient as domestic transactions within the participating countries.
The SEPA network handles approximately 43 billion transactions annually and includes four main payment processing schemes:
  • SEPA Credit Transfer (SCT)
  • SEPA Instant Credit Transfer (SCT Inst)
  • SEPA Direct Debit Core (SDD)
  • SEPA Direct Debit Business-to-Business (SDD B2B)

Which countries are part of SEPA?

SEPA includes 36 member countries, comprising:
  • All 27 EU member states
  • The United Kingdom (UK)
  • Andorra, Iceland, Norway, Switzerland, Liechtenstein, Monaco, San Marino, Vatican City State, Mayotte, Saint-Pierre-et Miquelon, Guernsey, Jersey, and Isle of Man

Are SEPA and SWIFT the same?

SEPA and SWIFT serve different purposes:
  • SEPA focuses on Euro-denominated payments within the Eurozone, simplifying cross-border transactions among member countries.
  • SWIFT (Society for Worldwide Interbank Financial Telecommunication) is a global messaging network facilitating secure communication between financial institutions worldwide, supporting various currencies.

What are the benefits of SEPA payments?

Businesses benefit from SEPA payments in several ways:
  • Efficiency: SEPA streamlines payment processes, making transactions faster and more straightforward.
  • Cost-effectiveness: SEPA reduces costs by eliminating fees associated with multiple national payment systems and currency conversions.
  • Uniformity: SEPA introduces standardized payment methods, ensuring consistency across participating countries.
  • Simplicity: Cross-border transactions within the Eurozone are treated like domestic payments, reducing complexity for businesses.
  • Market integration: SEPA promotes competition and market integration within Europe, fostering innovation and improved services.

How much do SEPA transfers cost?

With Transfer Vault’s IBAN accounts, receiving SEPA payments is free, and sending one costs just €1, regardless of the transaction size. There are no fees for receiving SEPA payments.

How long do SEPA transfers take?

The processing time for SEPA payments varies:
  • Standard SEPA Credit Transfer: Typically takes one business day, subject to weekends and national holidays.
  • SEPA Instant Credit Transfer: Completes within seconds, unaffected by weekends or holidays.
  • SEPA Direct Debit Core Payments: Usually processed within two working days.
  • SEPA Direct Debit B2B Payments: Typically processed within three working days.

Make high-value SEPA payments with Transfer Vault

Every Transfer Vault account includes a dedicated Client Manager to help businesses maximize their payment capabilities across Europe and globally. Whether paying salaries, suppliers, or accepting Euro payments, our International Business Account supports your business expansion with:
  • EU SEPA-enabled IBANs
  • Access to 65+ currencies
  • Competitive exchange rates
  • Online application with no EU/EEA residency requirements
Contact our team to learn more about how Transfer Vault can support your business today.

Do you require any additional help?

Contact us to learn more about our services and receive assistance from our dedicated support team.
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