What Is SEPA and what are SEPA transfers?
SEPA (or the Single Euro Payments Area) is a payment initiative for simplifying cross-border Euro (EUR) bank transfers within participating European countries.
European Commission (EC) Regulation 924/2009 requires a bank in any EEA country to charge the same for transferring Euro (EUR) to another EEA country as it does to transfer Euro (EUR) within its country.
Simply put, SEPA aims to make cross-border Euro transfers within the EEA the equivalent to a domestic transfer within your own country. For the full list of SEPA scheme countries, visit the latest listing at the European Payments Council website. For more information on the regulation, visit the European Commission site.