SEPA stands for Single Euro Payments Area. The SEPA system was created to facilitate and speed up transfers between the members of the European Union and with Iceland, Liechtenstein, Norway, Switzerland, Monaco and Andorra.
A SEPA transfer is a domestic or foreign transfer made in EURO.
If you want to send money to an entity operating in Europe via the SEPA system, the following conditions must be met to make the transfer:
- Your bank and recipient's bank must be SEPA members
- transfer must be made in euro
- you need to know the account number of the transfer recipient in the international IBAN format - at the beginning of such number there will be letters indicating the country in which the account is kept.