What is SEPA

What is SEPA?

SEPA (Single Euro Payments Area) is a payment system used only for non-cash euro payments, available in EU member countries and other states (Switzerland, Norway and Liechtenstein). Through SEPA, Euro payments at European level are processed faster and easier.

What is a SEPA payment?

A SEPA payment must meet the following criteria:

  • be made in euros (credit transfer, direct debit, card payments)
  • be done in normal mode
  • be ordered in the SHA commissioning regime, ie the fees are borne by each participant in the transaction separately. In other words, the person who sends the money will pay the shipping tax, and the one who receives the money will pay the collection tax.
  • be made to a bank in a country that is part of SEPA

Specifically, SEPA refers to the transfers of money made from a bank account opened in euro to another bank account in euro, between countries located in the SEPA area.

Are there fees for SEPA payments?

Payments made through SEPA will be settled through a special system, without having to go through other correspondence banks and be commissioned by them. SEPA allows transactions in euros, and transfer fees are very low or non-existent. The payment (deposit) can be charged a fee, which must be the same as for the internal payments.

Who can make SEPA payments?

SEPA payments can be made by both individuals and companies based in several states in Europe.

What are the countries in the SEPA area?

  1. Eurozone states, ie Austria, Belgium, Cyprus, Croatia, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, Holland, Portugal, Spain and Slovenia

  2. Non-euro area states: Bulgaria, Czech Republic, Denmark, Latvia, Lithuania, Hungary, Poland, Romania, Slovakia, Sweden and the United Kingdom

  3. Member States of the European Economic Area (EEA): Iceland, Liechtenstein, Norway, Switzerland and Monaco. Any payment that satisfies these conditions will be settled through a special system, without having to go through the correspondence banks. SEPA will extend to the following territories, considered part of the European Union (Art. 299 Treaty of Rome): Martinique, Guadeloupe, French Guiana, Reunion, Gibraltar, Azores, Madeira, Canary Islands, Ceuta and Melilla and Aland Islands.

Is there a minimum or maximum limit on the amounts paid through SEPA?

Not. There are no such limits.


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