SEPA bank transfers: Everything you need to know
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A SEPA bank transfer is a fast, secure and usually free method for sending euro payments within the Single Euro Payments Area (SEPA). The network was set up by the European Union to simplify international payments across 36 countries in Europe.
In this article, we cover the key things you need to know about making SEPA money transfers from the UK, including how long transfers take and who’s eligible to make one.
We also explain how to make a SEPA transfer using the World Account – the multi-currency account from WorldFirst that lets you make payment in 100+ global currencies.
With a World Account, you pay low transfer fees (with transparent exchange rates) for all your euro payments from the UK. Plus, you can hold EUR, GBP and 20+ other currencies in your multi-currency account – for easier and faster transfers.
We cover:
- 6 key questions UK businesses have about SEPA payments
- Who is eligible to send payments via the SEPA network?
- How much does SEPA cost?
- How long does a SEPA bank transfer take?
- What details do you need to make a SEPA transfer?
- What’s the difference between SEPA and SEPA Instant?
- What’s the difference between a SEPA credit transfer and a SEPA direct debit?
- How to make a SEPA bank transfer using WorldFirst’s World Account
- How a World Account makes international business payments simpler and more affordable
Ready for an easier way to manage your European and international transfers? Sign up for a World Account today.
6 key questions UK businesses have about SEPA payments
It’s not always clear who can send SEPA payments, from where, and how – particularly after Brexit. Here, we answer some of the most common questions people have about these euro payments.
1. Who is eligible to send payments via the SEPA network?
The SEPA network covers all 27 EU member states, plus the United Kingdom, Iceland, Norway, Liechtenstein, Switzerland, Monaco, San Marino, Andorra and Vatican City. It also includes various overseas territories, such as the Isle of Man or Gibraltar.
That means that you’ll be able to complete a transfer from and to any of these states, as long as you’re making a payment in euros.
So, if you do live in a European country and your bank is a SEPA member, then all your electronic payments in euros will automatically fall under the SEPA scheme. However, the caveat here is that not all UK banks support SEPA payments, so you’ll need to confirm this with your individual bank.
Payments can also be sent from non-euro accounts in the SEPA zone, and you can make your payment by credit transfer, direct debit or card.
Read more: What’s the best way to send money overseas? 7 top options for businesses
2. How much does a SEPA transfer cost?
SEPA electronic payments generally cost the same as domestic euro transfers, which means they’re either free or very low cost.
So, euro payments from Spain, for instance, cost the same whether you’re sending them to Italy, France or domestically in Spain.
However, SEPA payments from UK banks can be more costly post-Brexit, often coming with high conversion fees.
For example, Barclays applies a conversion charge of 2.75% to GBP to EUR transfers.1 Since individual Barclays accounts aren’t multi-currency,2 you’re forced to pay this in order to access SEPA.
If you’re making a one-off international payment or setting up regular transfers in euros, it’s worth checking the exact costs with your bank.
3. How long does a SEPA bank transfer take?
If you use the standard SEPA network, credit transfers will usually arrive same-day or within one business day, though they can take up to five business days to settle.
Since these are euro payments between SEPA countries, banks don’t need to convert currency or communicate over large time zone differences, so settlement may be quicker.
If you’re using the SEPA Instant Credit Transfer (SCT Inst) scheme, payments tend to settle in less than 10 seconds. You can find out more about SCT below.
Read more: How long do international transfers take to go through – and why?
4. What details do you need to make a SEPA transfer?
In order to make a SEPA transfer, you’ll need to provide your recipient’s IBAN (International Bank Account Number), as well as their BIC (Bank Identifier Code) – otherwise known as a SWIFT code.
Additionally, you’ll need to provide the name of the person or company you’re paying, the country you’re sending money to and the currency you want to pay in.
Post-Brexit, UK businesses will also need to state their business address and the address of the sending bank.
Read more: What info is required for bank transfers? A guide
5. What’s the difference between SEPA and SEPA Instant?
While all SEPA payments use the same details, there’s not just one SEPA payment scheme.
The main one to be aware of is SEPA Instant (SCT Inst). This uses different infrastructure to standard SEPA payments and can send money instantly between banks 24/7 (including on weekends and holidays).
As of October 2025, SEPA Instant payments are now mandatory in the EU. This means all EU banks must allow euro transfers to be sent through SEPA Instant at the same cost as standard transfers.
Additionally, SEPA Instant transfers are required to cost the same as non-instant SEPA transfers since EU banks are no longer allowed to add surcharges for ultra-fast transfer speeds.
However, both the sending and receiving banks need to participate in the scheme in order to make transfers through the SEPA Instant network.
Since this regulation doesn’t apply to non-EU countries, UK banks aren’t mandated to use SEPA Instant.3 So, some UK banks might not offer SEPA Instant payments, in which case your payment will default to the Standard SEPA network.
Read more: How to make same-day international money transfers as a cross-border business
6. What’s the difference between a SEPA credit transfer and a SEPA direct debit?
A SEPA credit transfer is a one‑off payment in euros from one bank account to another. On the other hand, a SEPA direct debit is a repeating payment in euros. It lets a company take money from your account automatically for things like monthly rent or a phone contract.
Because a SEPA direct debit allows money to be pulled from your account regularly, you must give clear permission first. You do this by signing a mandate (usually provided by the payee) that your payee is responsible for keeping a record of, either in paper or electronic form.
How to make a SEPA bank transfer using WorldFirst’s World Account
WorldFirst is a digital payment service that’s licensed and regulated by the Financial Conduct Authority (FCA) in the UK. Since 2004, we’ve helped more than 1.5 million customers send over US$500 billion to SEPA countries and 200+ other destinations worldwide.
Our multi-currency World Account helps you send, receive and hold euros like a European local. The World Accounts supports the SEPA scheme, as well as major global networks like SWIFT and ACH.
It’s free to sign up for an account online, and you’ll pay no monthly maintenance fees, hidden fees or transaction fees when receiving payments.
Once you’ve opened a World Account, here’s how you can make same-day SEPA payments:
- Ensure you have an available EUR balance. To add a balance, you can either receive/transfer euros from another account or convert another currency to EUR from your World Account dashboard.
- Add a new payee. You’ll be asked to input your recipient’s name, IBAN, bank name and country within the European Economic Area (EEA) or wider SEPA zone.
- Click on ‘Start new payment’ and select your payee. Choose EUR as your payment currency and input the amount you want to transfer. You can also add a payment reference here.
- Review your payment. Confirm whether to send your transfer immediately or schedule it for later. You’ll also be asked to complete two-factor authentication, either via SMS or authenticator app, to help prevent scams.
We always send payments through the fastest networks available, which is why 80% of payments sent through WorldFirst settle on the same day, and 90% settle by the next day.
Open a World Account for free today and start making faster international payments.
How a World Account makes international business payments simpler and more affordable
WorldFirst is not just for making SEPA payments. Here’s what else you can do when you sign up for a World Account:
Hold balances in EUR, GBP and 20+ other currencies in the same account
With WorldFirst, you can hold EUR, GBP and 20+ other currencies all in the same place – your World Account.
Our multi-currency accounts are built to make it easier for businesses to operate across borders.
For example, if you receive euros from a client in France, you can hold them directly in your World Account without having to convert to GBP first. Then, when it’s time to pay a Spanish supplier, you can draw from that same euro balance and avoid currency conversion entirely.
We also provide local bank account details (including a unique BIC, IBAN and sort code) for each currency you hold.
This means you can receive international payments using the SEPA network without needing a local euro bank account, saving you the hassle of opening an international account and paying the high bank fees that come with it.
Read more: How to choose a multi-currency business account (+ 6 options)
Benefit from low and transparent FX fees when converting GBP to EUR
We use the mid-market exchange rate for all our currency conversions, which is the rate that banks use to exchange money between themselves.
When you need to convert GBP into EUR or other major currencies, we’ll only add up to 0.5% on top of this mid-market rate. For all non-major currencies, our markup will never exceed 0.75%.
If you’re concerned about fluctuations in the underlying exchange rate, we also offer advanced FX tools to help you secure a favourable rate.
These include forward contracts, which are agreements to convert funds at a predetermined rate in the future. With our forwards, you can lock in exchange rates for up to 24 months, giving you cost certainty and allowing you to plan your SEPA transfers in advance.
We also offer rate alerts, which notify you when a rate reaches your target, and firm orders, where WorldFirst carries out the conversion on your behalf at your specified exchange rate.
Read more: What is a forward contract and why should you use one?
Pay zero FX fees when you spend in EUR with a virtual World Card
From your World Account dashboard, you can easily create up to 50 virtual cards to help manage your FX risk exposure.
When you use a virtual World Card, you’ll pay zero FX fees on payments in 15 major currencies, including EUR, GBP, CHF, CZK, PLN, SEK, and more.
Virtual cards also help you with money management, since you can assign a specific purpose to each card. For example, you can allocate a specific card to a particular budget, team or even a specific currency. World Cards come with customisable spending limits to help you keep track of your funds without having to switch between accounts.
You can also earn up to 1.2% uncapped cashback when you spend with your World Card on a wide range of expenses. We don’t limit you to certain providers or categories like most UK banks do, and you can spend anywhere that Mastercard is accepted.
Read more: Multi-currency virtual cards: 5 top options for global businesses
Sign up for a World Account and start making same-day SEPA transfers from the UK
In this article, we’ve covered everything you’ll need to know when making SEPA payments from the UK, including how much transfers cost, how long they take and who is eligible to make one.
We’ve also explained how to make SEPA bank transfers through WorldFirst’s World Account. It’s a great alternative to a traditional bank account when making frequent euro transfers.
With a World Account you can:
- Hold pounds, euros and 20+ other currency balances within the same World Account, free of charge
- Benefit from low and transparent FX rates when converting between GBP and EUR
- Send payments in euros (and 100+ other currencies) to countries both in and outside of the eurozone
- Pay zero FX fees and earn up to 1.2% uncapped cashback with a World Card
Ready to start making SEPA transfers with WorldFirst? Sign up for a World Account today.
Abdul Muhit has 17 years' experience in banking and payments, spanning across regulation, payment networks, acquiring, issuing and treasury.
Abdul Muhit
Author
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