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SEPA Payments

SEPA Payments

Euro payments simply and cheaply

SEPA is a payments procedure for individual orders and direct debits that enables you to transfer and collect funds within Cyprus and in Europe. SEPA applies as a binding standard in more than 30 countries. This makes payments in euros across national borders secure, simple and low-cost. The main focus of SEPA lays upon security and simplicity. The standard applies to electronic payment orders only

Overview of SEPA payments

Fully automated payment processing with IBAN and BIC

Cost transparency thanks to clear fee arrangements

High level of security as uniform standards apply to all banks

The same fees for transfers in Europe as within Switzerland

SEPA will ensure that customers and companies are able to place and receive non-cash euro payments with the same terms and conditions regardless of whether the payment is domestic or cross-border, while at the same time introducing more efficient and secure payment instruments and methods in the European market.

Please carefully check if the receiver’s details are correct, otherwise, if the payment is missing any of the details, the intermediary and beneficiary banks have the rights to charge an additional commission.

European Economic Area (EEA) members

Iceland, Norway, Lichtenstein and 28 countries of EU: Austria, Belgium, Bulgaria, United Kingdom, Czech Republic, Denmark, France, Greece, Estonia, Ireland, Italy, Croatia, Cyprus, Latvia, Lithuania, Luxemburg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Finland, Spain, Hungary, Germany, Sweden.

Payments in EUR outside European Economics Area (EEA) countries

Fibank offers payment and clearing services all over the world. We guarantee fast, convenient and high quality service at the benefit of a wide network of correspondents, access to clearing system and TARGET2 and advanced automatic payment processing system.

TARGET2 is the RTGS system for the euro, offered by Eurosystem. It is used for the settlement of central bank operations, large-value euro interbank transfers and other euro payments. It provides real-time processing, settlement in central bank money and immediate finality.

Requirements for a SEPA payment

  • The currency is always euro
  • Amount up to EUR 50.000
  • Specification of the beneficiary's IBAN
  • Specification of the recipient bank's BIC
  • The recipient country is a SEPA participant
  • The beneficiary's financial entity accepts SEPA payments
  • Fees are shared according to the fee arrangements (SHA)