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What are the different types of SEPA payments?

There are 2 different types of SEPA payments, which are SEPA credit transfer and SEPA debit transfer. When it comes to SEPA, it is very important to differentiate these two types of SEPA payments. Each one offers a distinct service:

SEPA credit transfer

In SEPA credit transfer, money is transferred in the form of Euro. It transfers cash from one bank to another by the use of IBAN codes (International Bank Account Number), which is an internationally agreed system of identifying bank accounts across national borders to facilitate the communication and processing of cross-border transactions with a reduced risk of transcription errors. Customers in the SEPA area countries utilize it as a one-time payment option for products and services.

SEPA debit transfer

SEPA debit transfer in the SEPA area countries list also uses Euros but it is not a one-time payment method. It is a recurring payment method. The one paying has to authorize payment by providing information about the bank account name and number, IBAN and BIC. The payee has to retain the authorization of the recurring payment. The authorization can either be in electronic or in paper.

The debit transfer in the SEPA area countries list can be set to make recurring payments for a specific number of times or indefinite payments until the authorization is canceled. The set up is done between the customer and the business or between two businesses. For instance, it can be set to pay monthly rent, electricity bill, or other subscription services.


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