Single Euro Payments Area (SEPA)
The Single Euro Payments Area (SEPA) is where more than 500 million citizens and over 20 million businesses and European public authorities can make and receive payments in euro under the same basic conditions, rights and obligations, regardless of their location.
Some advantages of SEPA are:
- Cross-border payments in euro can be made within the Eurozone as easily as domestic payments.
- Both credit transfers and direct debits are supported.
- Improved and cheaper payment services.
- Better and more transparent information.
- All electronic payments can be made within 3 business days.
- Immediate availability of funds after receipt of transfers.
- No need for multiple bank accounts.
Read more about SEPA.
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