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 Credit Transfer – takes one business day.
  • SEPA Instant Credit Transfer – takes less than ten seconds.
  • SEPA Core Direct Debit Transfer – takes a minimum of two business days.
  • SEPA B2B Direct Debit Transfer – takes a minimum of three business days.

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.