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Updated SEPA countries list in early 2023 for businesses expanding to Europe

Wednesday, 26 Jan, 2022

SEPA has ushered great advancement in payment services which also made it easy for SEPA network countries to conduct transactions with countries outside of Europe without additional fees. In this post, we provide essential information on the SEPA area countries list, what happened with the UK, and whether or not it’s feasible to perform SEPA transactions if you’re physically not in one of the eurozone countries.

An introduction to SEPA

1. An introduction to SEPA.

1.1. What are SEPA payments?

SEPA is a payment system that makes it easy for banks to transfer money in EUR denomination. SEPA transfers generally cost the same amount as a local domestic bank transfer, which means that they’re usually free. However, a small number of banks may charge you an extra fee for SEPA transfers if they also charge an extra fee to make local bank transfers within the same country.

What are SEPA payments?

The payment system has boosted business within Europe. If you or your business does not reside in one of the SEPA area countries list, you can still benefit from the possibilities of SEPA by opening a digital bank account using PayCEC payment gateway.

1.2. When did SEPA start?

2007 The European Union passed the Payment Services Directive. The Directive formed the legal basis for the establishment of SEPA.
2011 SEPA payments replaced national payments.
2017 SEPA launched a program whereby banks would transfer up to €15,000 in 10 seconds.
2018 The European Commission proposed to extend rules forbidding banks to charge extra cross-border transaction fees to non-EU countries. This gave EU citizens the right to transfer euros across SEPA area countries list at the same cost as they would pay for a domestic transaction.

In addition, the new rules required that consumers are informed of the cost of a currency conversion before they make a payment abroad in a currency different from their home currency.

KEY TAKEAWAY

  • The Single Euro Payments Area (SEPA) is a payment system of the European Union for bank transfers in Euro.
  • SEPA area countries list is managed by the European Commission and the European Central Bank (ECB).
  • SEPA network countries aim to increase cross-border payment efficiency by combining formerly fragmented national markets for euro payments into a single domestic one.

2. SEPA credit transfer versus SEPA debit transfer in SEPA area countries list.

Credit transfers in SEPA area countries list were introduced in January 2008 while direct debits were introduced in 2010. This made inter-border transfers easy and efficient thus making it a competition.

SEPA credit and debit transfers are controlled by the European Payment Council. It is a way of improving international payment processing within SEPA countries. To be authorized to use SEPA debit and credit, participants for the SEPA scheme are required to present themselves.

SEPA credit transfer in the SEPA area countries list

2.1. SEPA credit transfer in the SEPA area countries list.

In SEPA credit transfer, money is transferred in the form of Euros. 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.

2.2. SEPA debit transfer in the SEPA area countries list.

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 payment for a specific number of times or indefinite payment 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.

3. What countries are in the SEPA countries list 2022?

Here’s the SEPA countries list 2022, including codes for IBAN and the SEPA countries’ currency.

EU/EEA SEPA Countries Non-EEA SEPA Countries
Austria Andorra
Belgium Monaco
Bulgaria San Marino
Croatia Switzerland
Cyprus United Kingdom
Czech Republic Vatican City State
Denmark  
Estonia  
Finland  
France  
Germany  
Greece  
Hungary  
Iceland  
Ireland  
Italy  
Latvia  
Liechtenstein  
Lithuania  
Luxembourg  
Malta  
Netherlands  
Norway  
Poland  
Portugal  
Romania  
Slovakia  
Slovenia  
Spain  
Sweden Non-EEA Territories: Saint-Pierre-et-Miquelon, Guernsey, Jersey, Isle of Man

Special territories which are not part of SEPA countries list 2022:

Cyprus: Northern Cyprus is excluded.
Denmark: the Faroe Islands and Greenland are excluded.
France: the French Southern and Antarctic Lands, French Polynesia, New Caledonia and Wallis and Futuna are excluded.
Netherlands: Aruba, the Caribbean Netherlands, Curaçao and Saint Martin are excluded.
Norway: Svalbard and Jan Mayen are excluded.
United Kingdom: British Overseas Territories are excluded, save for Gibraltar and the Crown dependencies.

KEY TAKEAWAY

SEPA countries list 2022 mainly consists of:

  • 27 member states of the European Union (EU).
  • 3 countries of the European Economic Area (EEA).
  • 6 non-EEA countries, to which the geographical scope has been extended.

4. Is the UK a SEPA country?

The UK departed the EU on January 31, 2020 and entered an 11-month implementation period under the provisions of its withdrawal agreement with the EU. EU legislation will continue to apply in the UK throughout this implementation period.

Is the UK a SEPA country?

From January 1, 2021, subject to any trade agreement entered into between the EU and the UK, the UK will be considered as a “third country” under the regulations of SEPA.

KEY TAKEAWAY

While the United Kingdom is no longer an EU state or EEA country, it will remain a reachable country in the SEPA countries list.

5. How can merchants accept SEPA transfer payments with PayCEC payment gateway?

PayCEC payment gateway provides a possibility to open a bank account remotely. It means that you will receive your business unique IBAN, and will be able to use it no matter what country you’re located in. When it comes to SEPA countries, you can make SEPA payment countries with such an account.

PayCEC’s SEPA payment gateway ensures businesses can accept digital banking transfer payments from customers located anywhere in the SEPA countries list using a single bank account (IBAN) and a uniform set of standards, rules, and conditions.

How can merchants accept SEPA transfer payments with PayCEC payment gateway?

PayCEC’s SEPA payment gateway also provides many benefits to both consumers and businesses, such as:

  • PayCEC’s SEPA Credit Transfer allows for the transfer of euros from one bank account to another bank account in SEPA countries with IBAN codes.
  • Cost-effective harmonized payment system.
  • PayCEC’s SEPA Credit Transfer is simple and convenient.
  • PayCEC’s SEPA Credit Transfer allows for cross-border transfer without incurring charges as if one is making a transfer to a local bank.
  • PayCEC’s SEPA Credit Transfer eliminates failed payments in SEPA countries due to card expiry or cancellation.
  • PayCEC’s SEPA Credit Transfer reduces administrative time.

6. Where can I get further information on SEPA?

 Where can I get further information on SEPA?

If you’re looking for a reliable and modern provider with a full range of financial services and features to open a personal, business, or merchant account, PayCEC is your way out. Explore our website to know more about our services and how to accept SEPA countries‘s payments more quickly and effectively.

Read more:

About us

PayCEC was established in response to the growing need of businesses to accept online payments more quickly and easily. In the new media era, our payment flow has evolved to work seamlessly and effectively across all platforms and devices. We pride ourselves on combining superior technology with first-class customer service.

PayCEC is a truly global payments platform that not only allows customers to get paid but also withdraws funds to their Business accounts in various currencies.

We have created an open and secure payments ecosystem that people and businesses choose to securely transact with each other online and on mobile devices.

PayCEC Team

Frequently Asked Questions

SEPA allows businesses to conduct euro transfers to participating countries via direct debits and direct credits via a single bank account and a standardized set of regulations.

Despite the fact that the United Kingdom has exited the European Union as a result of Brexit, it is still a member of the Single Euro Payments Area (SEPA).

In principle, little has changed in terms of how businesses utilize SEPA, however, there are a few extra details which are now necessary to make SEPA payments from the UK to the EU and vice versa.

As a result of the Brexit changes, the SEPA payment instruction from the corporate's bank must now contain the postal address of the creditor bank.

For credit payments (SCT and SEPA Instant Credit Transfer), the originator's full address and the Beneficiary Bank's BIC code must be included.

The entire address details of the respondent, as well as the BIC code of the Depositor Bank, are required for Direct Debit (SDD Core and B2B) collections from the creditor.

The European Payment Council established SEPA credit and debit transfers as a way to improve international payment processing and set standards within SEPA and its 36 member countries. Service providers must be formal participants in the SEPA scheme in order to use SEPA credit and debit transfers.

Countries that do not belong to the list of 36 member countries are not in SEPA (Non SEPA countries list).

EU/EEA SEPA Countries Non-EEA SEPA Countries
Austria Andorra
Belgium Monaco
Bulgaria San Marino
Croatia Switzerland
Cyprus United Kingdom
Czech Republic Vatican City State
Denmark  
Estonia  
Finland  
France  
Germany  
Greece  
Hungary  
Iceland  
Ireland  
Italy  
Latvia  
Liechtenstein  
Lithuania  
Luxembourg  
Malta  
Netherlands  
Norway  
Poland  
Portugal  
Romania  
Slovakia  
Slovenia  
Spain  
Sweden Non-EEA Territories: Saint-Pierre-et-Miquelon, Guernsey, Jersey, Isle of Man

Special territories which are not part of SEPA countries list 2022 (Non-SEPA countries list):

Cyprus: Northern Cyprus is excluded.
Denmark: the Faroe Islands and Greenland are excluded.
France: the French Southern and Antarctic Lands, French Polynesia, New Caledonia and Wallis and Futuna are excluded.
Netherlands: Aruba, the Caribbean Netherlands, Curaçao and Saint Martin are excluded.
Norway: Svalbard and Jan Mayen are excluded.
United Kingdom: British Overseas Territories are excluded, save for Gibraltar and the Crown dependencies.

With the help of national governments, the European Commission, the Eurosystem, and other public bodies, the European banking and payments industry created SEPA.

The SEPA zone is made up of 36 European countries, including those that are not members of the Eurozone or the European Union (status: 30 October 2020).

Learn more.

Yes, Sweden is a member of the SEPA zone.

IBAN example in Sweden SE4550000000058398257466
IBAN in print format SE45 5000 0000 0583 9825 7466
Country code SE
Check digits 45
Bank code 500
Bank account number 00000058398257466

France is a member of the SEPA zone. The SEPA payment network replaced existing national systems, enabling consumers, businesses, retailers and public administrations to make payments throughout the EU as easily as in France.

IBAN example in France: FR1420041010050500013M02606
IBAN in print format FR14 2004 1010 0505 0001 3M02 606
Country code FR
Check digits 14
Bank code 20041
Branch code 01005
Bank account number 0500013M026
National check digit 06

Yes, Norway is a member of the SEPA zone.

IBAN example in Norway: NO 93 8601 1117 947
ISO Country Code: NO (Norway)
IBAN Check Digits: 93
BBAN: 8601 1117 947
Bank Identifier: 8601
Account Number: 111794
BBAN Check Digit(s): 7
SEPA Member: Yes

NO. Turkey is not a member of the SEPA scheme. Turkey has its own payment system which is operated by the Turkish Central bank (CBRT). To make a wire transfer to other countries from Turkey, you need to use an interbank transfer system such as SWIFT.

Payment and Securities Settlement Systems Operated by the Central Bank

  • Electronic Fund Transfer System (EFT)
    • Turkish Lira Interbank Payment System
    • Turkish Lira Customers Payment System
  • Electronic Securities Transfer System (ESTS)
  • The Instant and Continuous Transfer of Funds (FAST) System

Payment and Securities Settlement Systems Licensed by the CBRT

  • Interbank Card Center (BKM) - Domestic Clearing and Settlement System
  • Istanbul Clearing, Settlement and Custody Bank Inc. (TAKASBANK)
    • Equity Market Clearing System
    • Debt Securities Market Clearing System
    • Takasbank Cheque Clearing System
  • Central Registry Agency (MKK) - Central Registry System
  • Garanti Payment Systems Inc. (GÖSAŞ) - Takasnet System
  • Paycore Payment Services Clearing and Settlement Systems Inc. (Paycore) - Paycore Clearing System
  • Bileşim Financial Technologies and Payment Systems Inc. (Bileşim Inc.) - TAM Clearing Settlement System

YES. Germany is a SEPA country. You can make payments or get paid from other countries in the SEPA schemes like domestic transfers in real-time. You also enjoy the benefits of open banking features and cost-effective payment fees.

In addition, most banks in Germany allow you to transfer money worldwide using a SWIFT (Society for Worldwide Interbank Financial Telecommunication) code. You can do this either online, by using a bank app, or by visiting a branch in person.

Many people choose to manage their accounts through online and mobile banking rather than going to the bank in person since it is more convenient. Fortunately for expats in Germany, most banks provide online and mobile banking through websites and mobile apps.

In addition, in recent years, a number of online-only and mobile-only banks have developed, including the following:

  • bunq – a website and mobile banking app
  • N26 – a website and mobile banking app
  • Revolut – a website and mobile banking app
  • DKB – the second-largest direct bank in Germany
  • ComDirect – the third-largest direct bank in Germany
  • Santander – offers online and telephone banking services

What is the IBAN code in Germany?

IBAN in Germany consists of 22 characters:

  • 2 letters country code
  • 2 digit check number
  • 8 digits for the bank code (BLZ code)
  • 10 digit code for the bank account number
IBAN DE89 3704 0044 0532 0130 00
ISO Country Code DE (Germany)
IBAN Check Digits 89
BBAN 3704 0044 0532 0130 00
Bank Identifier 37040044
Account Number 0532013000
SEPA Member Yes

YES. Although Switzerland is not a member of the European Union, the nation is a member of SEPA payment schemes. Therefore, payment instructions and banking transactions in Switzerland are similar to other EU countries within the SEPA Schemes’ Geographical Scope.

Within the SEPA, SEPA transfers can be utilized to perform euro transactions. E-banking, datalink, and SWIFT services are all available for transfers.

Because SEPA transactions are a standardized money transfer method, Swiss banks typically undertake them for free or at a substantially lower cost than foreign currency transfers.

A SEPA transaction must meet the following criteria:

  • Payments in euro
  • IBAN of the account to which money is being transferred
  • BIC of the bank to which money is being transferred (bank must be SEPA compatible)
  • Shared (SHA) billing is used: fees are shared between the sender and the recipient

Important: If a transaction does not match the above requirements, it will be executed as a normal international transfer, which is typically far more expensive.

Standard IBAN Format in Switzerland

The IBAN for Switzerland is shown below. It has a total of 21 characters. A thorough breakdown of the IBAN structure in Switzerland can be seen below.

  • 2 letters ISO country code
  • 2 digits IBAN check digits
  • 5 digits bank code
  • 12 characters account number
CH 93 00762 011623852957
Country CH
IBAN Checksum 93
Bank Code 00762
Account Number 011623852957

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
IBAN RO49 AAAA 1B31 0075 9384 0000
ISO Country Code RO (Romania)
IBAN Check Digits 49
Bank Identifier AAAA
Account Number 1B31007593840000
SEPA Member Yes

NO. The US has another payment system in North America. SEPA mainly consists of

  • 27 Member States of the European Union (EU)
  • 3 countries of the European Economic Area (EEA)
  • 6 non-EEA countries, to which the geographical scope has been extended

NO. Ukraine is not a member of SEPA payment schemes. International payments in and out of Ukraine need to be made via a wire transfer banking network. Fees might be higher than within the SEPA network.

Within Ukraine, modern opportunities for domestic remittances are plentiful. You are able to use one of the most comfortable and practical methods to initiate bank transfers such as:

  • Transfer from card to card entails the capacity to transfer funds to any Ukrainian financial institution's debit or credit bank card.
  • Banking on the internet FreeBank is an independent online money transfer service that allows you to transfer money between your own accounts and from one account to another, including from one bank to another.
  • Freesend is a bank transfer system that allows you to send money across Ukraine using a network of regional offices.

 

NO. Serbia is not a member of SEPA payment schemes. International payments in and out of Serbia need to be made via a wire transfer banking network. Fees might be higher than within the SEPA network.

Banking in Serbia is regulated by the central bank the National Bank of Serbia. If you need to transfer money to Serbia, you'll have fewer options than in many other EU nations.

To transfer money from and to Serbia, you need to use international bank transfer digital or over the counter services. There are a variety of options for you to choose namely SWIFT transfer, wire transfer, pay via e-wallet like Paypal or international credit cards (Visa, Mastercard, American Express)

 

 

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