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17.01.2022

Single Euro Payments Area (SEPA) payment scheme

On the 1st of January 2014 RCB Bank Ltd joined the Single Euro Payments Area Scheme allowing the Bank to offer SEPA payments: a standardised means for making Euro payments throughout the European Economic Area.

Description of Single Euro Payments Area (SEPA) payment scheme

The objective of SEPA is to harmonize the payments market across Europe by using common procedures and standards for payments in Euro currency ensuring there are no distinctions between National and Cross border payments. The SEPA territory consists of 34 European countries: the European Economic Area Members (EEA). 

The full list of SEPA countries can be found at the following link:  www.ecb.europa.eu/paym/retpaym/html/map.en.html

Basic conditions of SEPA payments
  • The payment currency must be euro;
  • The payer’s bank and the payee’s bank are both located in the European Union or in the Member States of the European Economic Area and signed up for SEPA payment scheme;
  • The payment order needs to contain the payee’s International Bank Account Number (IBAN) and Business Identifier Code (BIC) of the payee’s bank;
  • The amount of payment shall not exceed 50,000 Euro;
  • Value date T + 1 (next day) provided that the payment is received by the bank before official cut-off time;
  • Charge option – only "Shared" (the payer and the payee shall both bear the cost of the payment).
Commissions and Charges for SEPA payments
  • Inward SEPA transfers – free;
  • Outward SEPA transfers (up to 50,000 euro) – free.