What is a SEPA payment?

What is SEPA?

SEPA (Single Euro Payments Area) is a payment system used only for cashless euro payments, available in EU member countries and in a few other states (Switzerland, Norway, and Liechtenstein).

Through SEPA, euro payments at the European level are processed faster and easier. 😉

What is a SEPA payment?

A SEPA payment must meet the following criteria:

❶⠀to be done in euros (credit transfer, direct debit, payments via card);

❷⠀to be done under normal conditions;

❸⠀to be ordered in SHA commission regime (meaning the fees are borne by each participant in the transaction separately);

In other words, the person sending the money will pay the shipping fee, and the one receiving the money will pay the collection fee.

❹⠀to be made to a bank from a country that is part of the SEPA area (I explained above which these are) 😅

More specifically, SEPA refers to money transfers made from a bank account opened in euros to another bank account in euros, between countries within the SEPA area.

Are fees charged for payments via SEPA?

Payments made through SEPA will be settled via a special system, without going through other correspondent banks and being charged commissions by them.

SEPA allows transactions in euros, and transfer fees are very low or nonexistent. A fee may be charged on payment (deposit), which must be the same as that for domestic payments.

Who can make SEPA payments?

SEPA payments can be made by both individuals and companies that have offices in several countries in Europe. 😉