What is a SEPA transfer and how long does it take to receive it?

All the information on SEPA transfers

You've probably heard of SEPA Credit Transfers but don't know what they are really for?

SEPA Credit Transfers are a Europe-wide transfer system for transferring euros within the European Union. It is one of the fastest, cheapest and safest ways to move your money within the 41 member states of the SEPA zone and their associated territories.

What does SEPA mean? 🇪🇺

SEPA (Single Euro Payments Area) is a network initiated by the European Union that aims to make bank transfers in euros across Europe as easy as domestic transfers.

Which countries are included in SEPA? 🌍

SEPA currently has 41 member states:

SEPA currently applies in a complementary way to national credit transfers in SEPA countries that are not part of the euro area (see the list of EU member states with their own currency above). In these countries, it is still possible to receive payments via both systems – SEPA for payments in euro and the national payment system in the country's currency.

How does a SEPA bank transfer work? 🚀

There are three types of SEPA bank transfers, all available with Qonto, which offer three different services:

• The standard SEPA credit transfer
• The instant SEPA credit transfer (available for incoming and outgoing transfers at Qonto).
• The SEPA direct debit (SDD)

The standard SEPA credit transfer uses the IBAN (International Bank Account Number) and possibly the BIC (Bank Identifier Code) of the sender's and beneficiary's bank accounts to transfer money from one account to the other.

Once the transfer has been authorized, the recipient must receive the money within one to two working days (24 to 48 business hours - Monday to Friday) after the payment has been made for a standard SEPA and within 10 seconds for an instant SEPA.

Please note:

⚠️The maximum amount for an incoming instant transfer is €999,999,999 (depending on the sending bank).

⚠️ Your Qonto account cannot receive treasury/VSOT transfers. The rejection of a VSOT transfer may result in up to €30 in fees.

⚠️ The number of transfers included in a price plan applies to both outgoing and incoming transfers, including outgoing direct debits.

How long does it take to receive a transfer?

The time it takes for a SEPA transfer to be executed depends on the issuer's bank.

If you're expecting an incoming SEPA transfer and haven't received it after 48 business hours (Monday to Friday), we recommend that the sender contacts their bank to make some researches. He needs to request a proof of transfer in order to allow us to investigate deeper on it. This document is useful for verifying the entered information.

Standard SEPA transfers

Within the Single Euro Payments Area (SEPA), standard transfers are typically completed within 24 to 48 business hours (Monday to Friday).

Instant SEPA transfers

Instant SEPA transfers are processed in just 10 seconds.

The maximum amount for an incoming instant transfer is €999,999,999 (depending on the sending bank).

Please note:

⚠️ Your Qonto account cannot receive treasury/VSOT transfers. The rejection of a VSOT transfer may result in up to €30 in fees.

You're expecting a SWIFT transfer?

👉 See this article to get information on incoming SWIFT transfers receiving time: How can I receive a SWIFT transfer?

You have yourself initiated a transfer?

👉 See this article to get information on outgoing transfers receiving time: When will the beneficiary receive my transfer?