SEPA Instant

FAQs

SEPA

• What is SEPA?

  SEPA is the Single European Payments Area. It has a number of payment schemes such as SEPA credit transfers (non-urgent), SEPA Instant payments and SEPA direct debits. They are all governed by individual SEPA Scheme rules, run by the European Payment Council (EPC). All payment service providers/banks that sign up to the schemes must follow these rules.

• What is the SEPA Zone?

  The SEPA Zone is what the European Payments Council call the geographical area where it’s SEPA schemes operate. The current 36 member states that comprise the SEPA Zone are the 28 EU member states, the three European Economic Area member states (Iceland, Liechtenstein and Norway) as well as Andorra, Monaco, San Marino, Switzerland & Vatican City.

• Which banks/payment service providers will offer SEPA Instant?

  In 2025, only countries in the EU that have the euro as their main currency are mandated to receive SEPA Instant payments (from Jan 2025) and mandated to send out SEPA Instant payments (from Oct 2025). Payment service providers including banks in other countries within the SEPA Zone can voluntarily join the scheme. Countries in EU/EEA where the euro is not their main currency will be mandated to receive SEPA Instant payments from Jan 2027 and to send SEPA Instant payments from July 2027. Non-EEA countries in the SEPA Zone are not mandated to send or receive SEPA Instant payments.

SEPA Instant

• What is a SEPA Instant payment?

  A SEPA Instant payment (also known as a SEPA Instant credit transfer) enables funds to be transferred from one payment account to another, in euro, within 10 seconds, 24 hours a day—any time, any day, including weekends and bank holidays. There are a few exceptions to this. For example, times when the system might be unavailable due to planned maintenance. We will let you know about these in advance. You have been able to receive SEPA Instant payments from January 2025. You will be able to send SEPA Instant payments by October 2025.

• What is the main difference between SEPA Instant payments and SEPA payments?

  SEPA payments: payments can take between one and two business days to reach the payee’s payment service provider/bank.

  SEPA Instant payments: payments, if successful, are credited to the payee within 10 seconds of the payment being made, 24/7, any day of the year.

  You will get a notification letting you know if your SEPA Instant payment has been successfully processed or if it has been rejected. If a payment is rejected, the notification will say why the SEPA Instant payment was rejected.

• Are there any additional fees for using SEPA Instant?

  There are no additional fees to use SEPA Instant.

• Do I need to register for SEPA Instant?

  SEPA Instant will be automatically available to you on our 365 mobile app, on 365 online, on 365 phone, when you complete a paper interpay forms in our branches and on the electronic interpay form available on our website.

• Can I opt out of SEPA Instant?

  You can choose whether to make a payment using SEPA Instant or SEPA. If you choose SEPA Instant, you will be able to make a payment if the payee’s payment service provider/bank is reachable for SEPA Instant payments.

SEPA Instant payments

• Where and when can I make SEPA Instant payments?

  You can make SEPA Instant payments in the following ways (except during scheduled maintenance periods, which we’ll tell you about in advance):

  • 365 mobile app and 365 online: available 24/7
  • 365 phone: speak to an agent during business hours (9am to 5pm, Monday to Friday)
  • In Branch: during opening hours, using a paper interpay form (Cut-off times apply. Payments presented in a branch are not processed immediately. If you make the payment before 2pm, it will be processed on the same day. After 2pm, it may be processed on the next working day.
  • Online: using the electronic interpay form on the Bank of Ireland website (Cut-off times apply. Payments made are not processed immediately. If you complete the payment online and present it in branch before 2pm, it will be processed on the same day. After 2pm, it may be processed on the next working day).

• When can I receive SEPA Instant payments into my account?

  Since 9 January 2025, you’ve been able to receive SEPA Instant payments into your payment accounts (for example, your current account) 24 hours a day, any day of the year. Accounts that cannot receive SEPA Instant payments include loans, mortgages, certain deposit accounts, credit card accounts and Global Market accounts.

• How do I send a SEPA Instant payment?

  On or before 9 October 2025, you can make SEPA Instant payments in the following ways (except during scheduled maintenance periods, which we’ll tell you about in advance):

  • 365 mobile app and 365 online: available 24/7
  • 365 phone: speak to an agent during business hours (9am to 5pm, Monday to Friday)
  • In Branch: during opening hours, using a paper interpay form (Cut-off times apply. Payments presented in a branch are not processed immediately. If you make the payment before 2pm, it will be processed on the same day. After 2pm, it may be processed on the next working day.
  • Online: using the electronic interpay form on the Bank of Ireland website (Cut-off times apply. Payments made are not processed immediately. If you complete the payment online and present it in branch before 2pm, it will be processed on the same day. After 2pm, it may be processed on the next working day).

• Can I set SEPA Instant payment limits?

  Yes. You’ll be able to set a daily limit or a transaction limit for making SEPA Instant payments on our 365 mobile app or on 365 online. This limit cannot be more than the overall Bank of Ireland limit that applies to all your payments across the following channels – the 365 mobile app, 365 online, and 365 phone. Limits will last from midnight to midnight, seven days a week across all jurisdictions for SEPA Instant and SEPA payments.