SEPA. The difference between SEPA and SEPA Instant.

2024-12-10 00:00:00:

SEPA 

SEPA (English: Single Euro Payment Area) is a common space for payments in euros. This is a payment standard used in the European Union and in several other countries that are part of it. In this space, all payments in euros are made on the same terms both within one country and in other European countries within the SEPA space.

A SEPA payment is a transfer in euros from one SEPA country to another. The SEPA transfer is made using the IBAN account number. Thanks to these payments, the cost of transfers in euros from one country to another has decreased, and also affected the speed and ease of making payments.

SEPA Instant

SEPA Instant (also SEPA Instant Credit Transfers and SCT Inst) are instant transfers in euros that are carried out around the clock and daily. The funds are credited to the recipient's account immediately.

A SEPA Instant payment is made if the sender's and recipient's bank are connected to the SEPA Instant system.

When filling out the transfer form, make sure that the transfer is marked as "Urgent". If your bank and the recipient's bank are part of the SEPA Instant scheme, the transfer will be made instantly and free of charge (if you are a private client). If the recipient's bank is not connected to the SEPA Instant system, the "Urgent" option will not be available to you.

Important! Depending on the payment method, the format of the IBAN details may differ. If you are providing props, then you should pay attention to the method and format of the IBAN props.