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An International Bank Account Number, or IBAN, identifies an individual international bank account recipient and their account’s country of origin during an international financial transaction.
SEPA is a regulatory initiative administered by the European Payments Council across the 27 EU members and 9 other European countries where the Euro currency is commonly used.
A SEPA payment is a transaction system that facilitates cashless payments between European countries with the same convenience as processing domestic payments.
Depending on the type of SEPA transfer being initiated, processing times will vary:
SEPA payments typically cost the same as local bank payments/transfers. Depending on your bank, you may be charged a processing fee in full or this transfer cost may be shared by the sender and recipient.