To be eligible for a SEPA transfer and receive your payouts in EURO, you must have an IBAN account within the SEPA zone. Completion of KYC is required, along with evidence of residing in a SEPA Zone country, to set up your IBAN account.

SEPA covers the whole of the EU. Other countries and territories which are part of the geographical scope of the SEPA Schemes are: Andorra, Iceland, Norway, Switzerland, Liechtenstein, Monaco, San Marino, United Kingdom, Vatican City State, Mayotte, Saint-Pierre-et Miquelon, Guernsey, Jersey and Isle of Man.

What is S

The single euro payments area (SEPA) harmonises the way cashless euro payments are made across Europe. It allows European consumers, businesses and public administrations to make and receive the following types of transactions under the same basic conditions

• credit transfers

• direct debit payments

• card payments

This makes all cross-border electronic payments in euro as easy as domestic payments.

The advantages of a single euro payments area include

• a single system for both domestic and cross-border bank transfers

• allowing cross-border transactions by direct debit, that is to charge directly an account in one country for services provided in another country

• allowing people working or studying in another SEPA country to use an existing account in their home country to receive their salary or pay bills in the new country

• ensuring cheaper, safer and faster cross-border payments and more transparent pricing thanks to the single set of payment schemes and standards.