SEPA

Question 1

What does the acronym SCT stand for?

Answer 1

SEPA Credit Transfer

Question 2

What does the acronym SEPA stand for?

Answer 2

Single Euro Payments Area

Question 3

What is the difference between SEPA and SEPA Instant?

Answer 3

SEPA Payment is a regular euro transfer.

SEPA Instant is an urgent euro transfer.

Question 4

Which countries participate in SEPA?

Answer 4

At the moment (2021, January) – SEPA consists of 36 European countries (27 EU + 3 European Economic Area (EEA) countries – Iceland, Norway, and Liechtenstein + 6 non-EEA countries – The United Kingdom, Switzerland, Vatican City, Monaco, San Marino, and Andorra). In this list are also territories that belong to the listed countries.

Question 5

What is a SEPA payment?

Answer 5

SEPA payment – a money transfer from one SEPA country to another. A SEPA payment is done to the recipient’s IBAN number. The arrival of SEPA transfers lowered the prices of sending euros across borders, made it faster, and more convenient for the users.

Question 6

What is a SEPA Instant payment?

Answer 6

SEPA Instant (also called SEPA Instant Credit Transfers or SCT Inst) – instant transfers in euros that are executed 24/7/365 and reach the recipient within seconds.

Question 7

What is the ‘transfer time’ difference between SEPA and SEPA Instant?

Answer 7

SEPA = up to 1 working day

SEPA Instant = Instantly (around 10s)

Question 8

Are there any transfer limits on the amount that can be transferred using SEPA instant?

Answer 8

Yes - 100,000 EUR