Is Romania a SEPA country (Is Romania part of SEPA)?

12 Apr 2022 By PAYCEC

YES. Romania is a SEPA country. Romania is a member of the Single Euro Payments Area (SEPA). In SEPA systems such as domestic transfers, you can make payments or receive payments in real-time from other countries. You can also take advantage of open banking features and low payment fees.

Since January 1, 2007, Romania has been a member of the European Union. The Romanian Association of Banks supervises the implementation, operation, and development of national payment schemes based on European standards, including the SEPA Instant Credit Transfer RON scheme, in accordance with the central bank's mandate and the licence agreement signed with the European Payment Council.

The IP system in Romania was established in close collaboration with Romanian credit institutions, the National Bank of Romania, and the Romanian Association of Banks by Transfond, the owner and operator of the automated clearing house for interbank commercial payments.

Banks can provide payment services to their customers – both consumers and businesses – 24 hours a day, 7 days a week, 365 days a year, up to a maximum of 49,999 RON in under 10 seconds, all in a secure environment, using the IP service. The European Payments Council ( EPC) established the SEPA Instant Credit Transfer mechanism, which is used by the service.

What is the IBAN code in Romania?

IBAN in Romania consists of 24 characters:

• 2 letters country code
• 2 digit check number
• 4 characters from the bank's bank code
• 16 digit code for the bank account number