What are SEPA payments and how do they work? Which countries can you make SEPA payments?
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Single Euro Payments Area (SEPA) payments are cashless euro payments that simplify cross-border transactions between EU members. The SEPA region comprises 36 EU countries such as Italy, Denmark, Cyprus, Poland, Netherlands, Greece, Spain, Sweden, and other non-EU states. With SEPA payments, customers can make credit transfers and direct debits to any European Union member state without complex procedures. For example, he can send euros or buy goods and services from Germany to a euro bank account in Greece. The SEPA payments are fast, efficient, safe, and guaranteed to arrive within 2 days. Nonetheless, they have harmonized the standards and regulations in member countries, enhancing competitiveness in the European economy.