What is SEPA?

SEPA, or Single Euro Payment Area, is an initiative that was established in 2008 to facilitate electronic payments in Euro to anywhere within the European Union and certain non-EU countries (like the United Kingdom), forming the "SEPA zone".

 

SEPA aims to simplify European trade by making euro payments subject to a uniform set of standards, rules and conditions.

 

Compared to a standard international payment, SEPA payments (also called “SEPA credit transfers”) are a faster, simpler and cheaper way to make Euro payments between SEPA scheme territories.

 

All SEPA payments require are an IBAN, a BIC and the full name of the beneficiary. It is also recommended to include a payment reference.

 

A full list of SEPA countries can be found on What countries are part of SEPA?