SEPA transfers

SEPA (Single Euro Payments Area) is the single euro payments area made up of 36 countries (the 27 Member States of the European Union (EU); the 3 countries of the European Economic Area (EEA): Iceland, Liechtenstein and Norway; and 6 non-EEA countries, to which the geographic scope has been extended (Andorra, Monaco, San Marino, Switzerland, the United Kingdom and the Vatican City State). In this area, payments in euros are made under the same conditions as national banking transactions.

WHAT TYPES OF SEPA TRANSFERS ARE THERE?

1. Standard SEPA transfer:

This is a basic payment instrument for making payments in euros, with no limit on the amount, between bank accounts of customers within the SEPA area. Transfers will be made between accounts identified by the IBAN code that the payer provides, and the maximum payment period for crediting transfers is one business day following the date of issue by the payer's bank. The latter will transfer the full amount of the transfer.

2. SEPA Instant Credit Transfer:

A SEPA Instant Credit Transfer confirms to the sender that the funds have been credited to the recipient within ten seconds of being executed. This can be done 24 hours a day, 365 days a year, so there are no interruptions during weekends or holidays.

WHAT ARE THE BENEFITS FOR CUSTOMERS?

Customers can make payments in any country in the SEPA area using an account, card or payment instruments with identical characteristics. Both SEPA transfers and SEPA Instant Credit Transfers are irrevocable and cannot be cancelled by the payer once they have been executed. In addition, the maximum payment period for standard transfers is one business day following the date of issue by the payer's bank, while instant transfers are available in less than ten seconds.

HOW IS A SEPA ACCOUNT IDENTIFIED?

The account identifier is no longer the CAC (Customer Account Code); with SEPA, it is the IBAN (International Bank Account Number), consisting of the CAC, preceded by the country code and a check digit. You can calculate your IBAN code here.