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SEPA payment

SEPA payment (SEPA Credit Transfer) is a within SEPA (Single European Payments Area) identically structured euro payment order covered by uniform conditions, regardless if they are made within national borders, e.g. within Estonia, or across national borders, e.g. between Estonia and Poland.

In countries, where local currency is not euro, SEPA payment is handled as a foreign payment.

SEPA Key Features:

  • Payment currency is EUR.
  • Payment has no limitation to amount.
  • Payment can be initiated from every currency account, the payment currency is always EUR.
  • Payment channel is PNB.
  • SEPA payment is a normal (non-urgent) payment.
  • The execution time for SEPA credit transfers from electronic ordering to credit on the beneficiary account can be max 3 business days (T+2); from January 1, 2012 2 business days (T+1)
  • The remitter's bank and beneficiary's bank are located in the European Union (EU) or European Economic Area (EEA) member states and have signed the agreement to adhere to the SEPA Credit Transfer scheme.
  • Beneficiary's account number is determined with international account number IBAN and beneficiary's bank with BIC.
  • SEPA credit transfers are credited in full without deduction of fees from the principal amount.
  • Transfer fee will be shared by the remitter and the beneficiary.
  • SEPA payment has additional “on-behalf-of” fields and end-to-end reference field – however using them is not mandatory.