What are SEPA transfers?
SEPA or the Single Euro Payments Area, is a European Union initiative that aims to make cashless euro payments easier within the countries that are part of SEPA.
When you send your money to OFX from a SEPA country, it should cost the same as a local transfer (in most cases that means it’s free.) Inter-European SEPA transfers typically have no bank charges on the recipient’s end as well, however, some banks charge a fee to receive SEPA transfers. SEPA transfers with OFX are usually delivered the same business day or the following business day.
SEPA countries list:
- Austria
- Belgium
- Bulgaria
- Croatia
- Cyprus
- Czech Republic
- Denmark
- Estonia
- Finland
- France
- Germany
- Gibraltar
- Greece
- Hungary
- Iceland
- Ireland
- Italy
- Latvia
- Lichtenstein
- Lithuania
- Luxembourg
- Malta
- Monaco
- Netherlands
- Norway
- Poland
- Portugal
- Romania
- San Marino
- Slovakia
- Slovenia
- Spain
- Sweden
- Switzerland
- UK
SEPA stands for Single Euro Payments Area, and it is used when making cross-border European bank transfers. The aim of SEPA is to make it even easier to make EUR transfers between the nations in the European Union, to the point that making these transfers would be no different than making any domestic transfer. Plus, just about all SEPA transfers are free.
Sepa Countries List:
- Austria
- Belgium
- Bulgaria
- Croatia
- Cyprus
- Czech Republic
- Denmark
- Estonia
- Finland
- France
- Germany
- Gibraltar
- Greece
- Hungary
- Iceland
- Ireland
- Italy
- Latvia
- Lichtenstein
- Lithuania
- Luxembourg
- Malta
- Monaco
- Netherlands
- Norway
- Poland
- Portugal
- Romania
- San Marino
- Slovakia
- Slovenia
- Spain
- Sweden
- Switzerland
- UK
SEPA Payment Charges
At OFX, most of our European payments are made via SEPA. When you send your money to OFX from a SEPA country, it should cost the same as a local transfer (in most cases that means it’s free.) Inter-European transfers processed via SEPA are usually also free from bank charges on the recipient’s end, but as a few banks still do charge a fee to receive a SEPA transfer, you may want to double-check with your bank.
SEPA Transfer Time
With OFX, it usually only takes 1-2 business days for transfers to Europe to be completed.
For these types of transfers, you will probably need the appropriate IBAN and BIC, as well as the recipient’s name and account number.