What is a SEPA instant transfer?

A SEPA transfer is a way to send money between bank accounts in Europe that use the euro currency. It's like a simplified and standardised form of electronic payment within the Eurozone.

Key points:

  1. Only for euros: You need to have a euro-denominated bank account to use SEPA transfers.

  2. Standardised info: You'll need the recipient's IBAN (their bank account number) and BIC (bank identifier) to make the transfer.

  3. Quick and cost-effective: SEPA transfers are usually faster and cheaper than traditional international transfers.

  4. Common in Europe: They are widely accepted in most European countries that use the euro.