A SEPA transfer is a euro bank transfer sent through the SEPA network, connecting 36 participating countries across Europe. Whether you're paying rent to a landlord in Spain or sending money to a friend in Germany, a SEPA transfer gets your euros there using the same standardized process as a domestic payment.

How a SEPA transfer works

When you send a SEPA transfer, you provide the recipient's IBAN and the amount in euros. Your bank submits the instruction through the SEPA Credit Transfer (SCT) scheme, and the funds move from your account to the recipient's account at their bank.

Standard SEPA transfers typically arrive within one business day. SEPA Instant transfers (SCT Inst) arrive within seconds, any time of day or night, including weekends and public holidays.

What you need to make a SEPA transfer

• The recipient's full name

• The recipient's IBAN (an account number starting with a 2-letter country code)

• The amount in euros

• Optionally, a payment reference so the recipient can match the payment to an invoice or reason

For most SEPA transfers today, a BIC/SWIFT code is not required, your bank identifies the receiving institution from the IBAN automatically. bunq handles this in the background when you send a payment through the app.

SEPA transfer vs. SEPA Instant Payment

A standard SEPA transfer settles by the next business day. SEPA Instant settles in seconds, around the clock. bunq supports Instant Payments, so your transfers typically arrive within seconds rather than waiting until the next business day. Both types use the same payment details: IBAN and amount in euros.

SEPA transfer vs. SWIFT transfer

A SEPA transfer only works for euro payments within the 36 SEPA 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 instead. SWIFT transfers reach more of the world but tend to involve higher fees and longer processing times.

Common questions

Are SEPA transfers free?

Under EU regulations, banks must charge the same fee for a cross-border SEPA transfer as for a domestic transfer in the same currency. Many banks, including bunq, include SEPA transfers within their standard plans at no extra charge. Check your bunq plan details for the specific terms that apply to your account.

Can I schedule a SEPA transfer in advance?

Yes. In the bunq app, you can set up Scheduled Payments for any future date, or make a transfer recurring, weekly, monthly, or at any interval. This makes it easy to automate rent, subscriptions, or regular transfers to family without having to remember each time.

What's the difference between a SEPA transfer and a SEPA payment?

A SEPA transfer usually refers specifically to a credit transfer, you push money from your account to someone else's. SEPA payments is the broader term that covers all payment types in the SEPA framework, including Direct Debits, where a merchant or service pulls money from your account on agreed dates.