Overview of SEPA

SEPA, the Single Euro Payments Area, is European-driven regulation which aims to create one single, integrated and standardised payments market making it easier to do business across Europe.

SEPA Member States and Key Dates

  • SEPA Member States

    SEPA allows you to make a non-urgent (non-same day) euro credit transfer to any account or execute a euro direct debit on any account in SEPA that is reachable for national payments or debits today. The introduction of SEPA means that cross-border electronic payments in euro across SEPA countries can be as quick, easy and cost effective as the equivalent domestic payments.

    The current 34 countries that comprise SEPA are the 28 EU member states, the three European Economic Area countries (Iceland, Liechtenstein and Norway) as well as Switzerland, Monaco & San Marino.

  • SEPA Key Dates

    In February 2012, the European legislator adopted regulation (EU) No. 260/2012 which established 1st February 2014 as the mandatory deadline for migration to SEPA for electronic payments in countries where euro is the domestic currency (i.e. Bank of Ireland and it’s customers in the Republic of Ireland).

    The SEPA Migration deadline has been extended by the Irish Payment Services Organisation (IPSO) and its member banks (including Bank of Ireland) to 31st March 2014.

    For countries where euro is not the domestic currency, the deadline is 31st October 2016 (i.e. Bank of Ireland and it’s customers in Northern Ireland & Great Britain).

    If you are a personal customer and would like to read more about the impacts to you, please click here. If you are a business or corporate customer and would like to read more about the impacts to you, please click here.

  • SEPA Transfers Explained

    SEPA Transfers

    A SEPA transfer is a payment to a payee whose bank is located within the SEPA zone (including Ireland and the UK). Transfers to these types of payees can be made in Euro only. The current countries that comprise SEPA are the 28 EU member states, the three European Economic Area countries (Iceland, Liechtenstein and Norway) as well as Switzerland, Monaco, Gibraltar and San Marino.

    List of countries within the SEPA zone

    Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Gibraltar, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Monaco, Netherlands, Norway, Poland, Portugal, Romania, San Marino, Slovak Republic, Slovenia, Spain, Sweden, Switzerland, United Kingdom.

    International Transfer

    For Republic of Ireland (ROI) customers, an International (Non SEPA) Transfer (formerly known as ‘International Transfer’) is used for euro transfers to non SEPA zone countries (e.g. Euro to China) and foreign currency payments (e.g. USD to USA or Sterling to the UK).

    For Northern Ireland and Great Britain (NIGB) customers, an International Transfer is used to send payments in GBP or other available currencies, excluding euro, to SEPA zone countries (e.g. GBP to France) and non-SEPA zone countries ( e.g. AUD to Australia).

    Key changes to payees/transfer options for all Bank of Ireland customers:

    1. Republic of Ireland customers

    • Domestic transfers are now known as SEPA transfers and allow you to make euro payments to SEPA Zone countries
    • Domestic payees have been renamed SEPA payees with account details converted to BIC and IBAN
    • BIC and IBAN details are now required when setting up a new SEPA payee or standing order
    • International Transfers are now known as International (Non SEPA) Transfers and can be used to make euro transfers to non SEPA zone countries or foreign currency payments
    • Certain International Payees have been re-categorised as SEPA payees (i.e. SEPA zone countries with euro as their local currency and countries for which we only offer euro as the transferring currency)
    • International (Non SEPA) payees set up by post continue to have a daily transaction limit of €20,000 (limit is €10,000 if set up via mobile)
    • If a payee was originally added using a security code sent by post their daily transaction limit will move from €12,000 to €20,000 when they become a SEPA payee (limit remains €10,000 if set up via mobile)

    Any existing International payees for the SEPA zone countries on the table below remain International (Non SEPA) Payees. If you wish to transfer in euro to any of these countries then you will need to also set the payee up as a SEPA payee.

    Croatia

    Poland

    Czech Republic

    Sweden

    Denmark

    Switzerland

    Hungary

    United Kingdom

    Norway

     

    Any existing International payees from SEPA zone countries on the table below have become SEPA Payees as a result of recent changes.

    Austria

     Italy

    Belgium

     Liechtenstein

    Bulgaria

     Lithuania

    Cyprus

    Luxembourg

    Estonia

     Malta

    Finland

    Monaco

    France

    Netherlands

    Germany

    Portugal

    Gibraltar

    Romania

    Greece

    San Marino

    Iceland

    Slovak Republic

    Latvia

    Slovenia

     

     Spain

    2. Northern Ireland and Great Britain customers

    • Euro payments to SEPA zone countries will now be sent as SEPA transfers instead of International transfers.
    • Existing international payees, whom you previously paid in euro, will now be created as SEPA payees. However these payees will still be included in your list of international payees to allow you the option to transfer money in available currencies other than euro.
    • Important note – If you have euro accounts registered on 365 with existing payees that you pay in euro they will not be automatically created as SEPA Payees. Therefore you will need to set them up again as SEPA Payees, for assistance on how to do this please telephone 0345 7 365 555
    • BIC and IBAN details are required when setting up a new SEPA payee.
    • International payees set up by post will continue to have a daily transaction limit of £20,000 (limit is £10,000 if set up via mobile)

    Any existing international payees, from a SEPA zone country, on the table below have now become SEPA payees*. These payees will still be available as an international payee option where there is a payment option available in another currency than euro.

    Austria

    Latvia

    Belgium

    Liechtenstein

    Bulgaria

    Lithuania

    Croatia

    Luxembourg

    Cyprus

    Malta

    Czech Republic

    Netherlands

    Denmark

    Norway

    Estonia

    Poland

    Finland

    Portugal

    France

    Romania

    Germany

    Slovak Republic

    Greece

    Slovenia

    Hungary

    Spain

    Iceland

    Sweden

    Ireland

    Switzerland

    Italy

     

    *Important note – If you have euro accounts registered on 365 with existing payees that you pay in euro they will not be automatically created as SEPA Payees. Therefore you will need to set them up again as SEPA Payees, for assistance on how to do this please telephone 0345 7 365 555.