SEPA Transfer
A standardised euro payment scheme allowing individuals and businesses across 36 European countries to make low-cost, consistent bank transfers.
Also known as: SEPA, SEPA Credit Transfer, SCT, SEPA Instant
Last reviewed: 10 June 2026
SEPA (Single Euro Payments Area) harmonises euro-denominated bank transfers across 36 countries, including all EU member states plus the UK, Switzerland, and several others. SEPA Credit Transfers (SCT) and SEPA Instant Credit Transfers (SCT Inst) replace the patchwork of national wire systems with a single set of rules, using IBANs to identify accounts.
SEPA payments are generally cheaper than traditional international wires and, with SCT Inst, can arrive within ten seconds. However, like any push payment, they are difficult to reverse once processed, and fraudsters exploit SEPA's speed and cross-border reach to receive and quickly dissipate funds.
When asked to pay a European invoice, always verify the IBAN with the payee by phone on a number you find independently. Invoice fraud in SEPA transfers — where criminals intercept an email thread and substitute their own IBAN — is a growing threat for businesses and individuals alike.