SEPA payments are euro payments made within the Single Euro Payments Area, a network of 36 European countries that share a common set of rules for moving money. The SEPA framework covers several payment types, from standard bank transfers to instant payments and direct debits, so that individuals and businesses can move euros across borders as easily as they would domestically.

What types of payments does SEPA cover?

The SEPA framework includes three main payment schemes:

• SEPA Credit Transfer (SCT): a standard bank-to-bank transfer sent using an IBAN, settling by the next business day

• SEPA Instant Credit Transfer (SCT Inst): the same transfer processed in seconds, available 24 hours a day, seven days a week, including weekends and public holidays

• SEPA Direct Debit (SDD): a pre-authorized pull payment where a merchant or service debits your account on agreed dates, used for subscriptions, utilities, and rent

All three schemes follow standardized rules, which means the same process and protections apply whether you're paying a supplier in Italy or receiving a salary from a company in Belgium.

Why SEPA payments matter

Before SEPA, cross-border euro payments in Europe were slow and expensive. Each country had its own payment systems, and sending money across a border meant navigating different formats, fees, and timelines. SEPA changed that by creating a single payment market, making transfers cheaper, faster, and more predictable for everyone.

For bunq users, SEPA payments are at the core of everyday banking. When you send money to a friend, pay a bill, receive your salary, or set up a subscription, it's almost certainly a SEPA payment. With Instant Payments at bunq, your transfers can arrive in seconds rather than waiting until the next business day.

SEPA payments vs. international transfers

SEPA payments are limited to euros and to transfers between accounts in SEPA member countries. If you need to send money in a different currency, or to a country outside the SEPA zone, you'll need a SWIFT transfer. SEPA payments are generally faster and cheaper for within-Europe transactions; SWIFT is the route for the rest of the world.

Common questions

Does a SEPA payment require a BIC/SWIFT code?

For most SEPA payments today, an IBAN is all you need. The receiving bank is identified automatically from the IBAN. Older systems may still request a BIC/SWIFT code, but this is becoming less common within the SEPA zone.

Are SEPA payments safe?

Yes. SEPA payments follow strict EU regulations, including strong customer authentication. Direct Debits come with clear consumer protections: you have an 8-week refund right for authorized payments and an unlimited refund right for unauthorized ones, giving you meaningful recourse if something goes wrong.

Can businesses use SEPA payments?

Absolutely. SEPA is widely used for business-to-business and business-to-consumer transactions. bunq Business Accounts are fully SEPA-compatible, making it straightforward to pay suppliers, collect from customers, and manage payroll across Europe.