A Complete List Of SEPA Countries

This article compiles an updated list of SEPA Countries, Non SEPA Countries and some basics to know about SEPA transfers and payments.
Tebid Kelly
list of sepa countries

SEPA stands for Single Euro Payments Area, and SEPA money transfer is a European Union scheme that facilitates bank transactions denominated in EUR. SEPA is a very well word amongst European countries and others with ties to Europe.

SEPA countries list is comprised of 36 member states as of January 2022: Austria, Belgium, Bulgaria, Cyprus, Croatia, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Republic of Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovenia, Slovakia, Spain, and Sweden, as well as the three EEA countries of Norway, Liechtenstein, Iceland, and also Switzerland and Monaco.

List of SEPA Countries in 2022

SEPA Countries List Where EURO is Main Currency

Below is a Full List of all the Countries in the SEPA Zone that use EURO as their main currency together with their BIC codes, IBAN codes and their currency code.

Åland Islands FI FI EUR
Andorra AD AD EUR
Austria AT AT EUR
Belgium BE BE EUR
Canary Islands ES ES EUR
Cyprus CY CY EUR
Estonia EE EE EUR
Finland FI FI EUR
France FR FR EUR
Germany DE DE EUR
Greece GR GR EUR
Ireland IE IE EUR
Latvia LV LV EUR
Lithuania LT LT EUR
Luxembourg LU LU EUR
Madeira PT PT EUR
Monaco MC MC EUR
Netherlands NL NL EUR
Portugal PT PT EUR
San Marino SM SM EUR
Slovakia SK SK EUR
Slovenia SI SI EUR

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CHECK ALSO: How to Open a Business Bank Account in Europe [Complete Process]

SEPA Countries List Where EURO is Not the Local Currency

Currency code for countries where the local currency is not the Euro. Most importers in non-EURO countries also have Euro bank accounts and can thus send money via SEPA for free. 

Here is a list of SEPA countries that don't use EUR as main Currency

Bulgaria BG BG BGN
Croatia HR HR HRK
Czech Republic CZ CZ CZK
Denmark DK DK DKK
Gibraltar GI GI GIP
Guernsey GG GB GBP
Hungary HU HU HUF
Iceland IS IS ISK
Isle of Man IM GB GBP
Jersey JE GB GBP
Liechtenstein LI LI CHF
Norway NO NO NOK
Poland PL PL PLN
Romania RO RO RON
Sweden SE SE SEK
Switzerland CH CH CHF
United Kingdom GB GB GBP
CHECK ALSO: How to Open a Bank Account in Germany [Complete Process]

SEPA Countries List Where BIC Code Defers From IBAN

French overseas territories have a different BIC code from their IBAN code. Their IBAN bank account numbers start with FR.

French Guiana GF FR EUR
Guadeloupe GP FR EUR
Martinique MQ FR EUR
Mayotte YT FR EUR
Réunion RE FR EUR
Saint Barthélemy BL FR EUR
Saint Martin (French part) MF FR EUR
Saint Pierre and Miquelon PM FR EUR
CHECK ALSO: How to Open a Bank Account in France [Complete Process]

Non SEPA Countries List

Not all countries are located in the SEPA Zone, we still find many countries that have not yet integrated SEPA. Here is a list of countries that are not in the SEPA zone.

  • Albania
  • Armenia
  • Azerbaijan
  • Belarus
  • Bosnia and Herzegovina
  • Georgia
  • Kazakhstan
  • Kosovo
  • Moldova
  • Montenegro
  • North Macedonia
  • Russia
  • Serbia
  • Turkey
  • Ukraine
CHECK ALSO: How to Open a Bank Account in Finland [Complete Process]

What is Single European Payment Area (SEPA)?

The European Union created the Single Euro Payments Area (SEPA), which is a system of transactions (EU). The SEPA standardizes the way euro countries exchange cashless payments. The SEPA architecture is used by European customers, businesses, and government agencies who make payments via direct debit, rapid card transfer, and credit transfers.

People doing business in these countries can now make cashless cross-border payments at the same cost and ease as domestic payments thanks to the SEPA. The European Payment Council (EPC) approves and regulates the single euro payment area.

CHECK ALSO: How to Open a Bank Account in Estonia [Complete Process]

When Did SEPA Start?

In January 2008, credit transfers became available throughout Europe. At the end of 2010, direct debits and debit cards became available. More competition has resulted in cheaper and more efficient cross-border Euro money transfers.

Andorra and the Vatican are the newest members of the SEPA team, having joined in 2019.

Why Should I Open a SEPA Bank Account in Europe?

Individuals who travel to the European Union and other SEPA member nations, as well as businesses doing business with these countries, should open a European account. An IBAN account entails the following:

  • cheaper cash withdrawals while in Europe,
  • fast, standardized transactions in euro,
  • convenient purchasing with your own European credit/debit/payment card within eurozone,
  • as well as easy mobile and online (ebanking) banking apps and great customer service.

Some EEA members (which include the EU and its economic partners) are completely cashless, thus having a debit/credit/payment card from any European financial institution saves you time and money.

CHECK ALSO: How to Open a Bank Account in Denmark [Complete Process]

How Do I Get A SEPA European Bank Account?

If you're doing business in Europe, or if you're an exporter with European clients, you may open a virtual bank account with online banks such as N26, B2B Pay and take advantage of the benefits that SEPA regulations provide. Because the charges on such transfers are closely regulated, one of the benefits of SEPA is that the amount of money you send remains unchanged in the recipient's bank account.

Rates for cross-border transfers in the eurozone's shared currency, the Euro, between SEPA member nations cannot be higher than fees for identical domestic payments, according to a European Parliament resolution (for amounts up to 50.000 EUR).

It also means that having a single bank account in Europe is usually sufficient for conducting business in other countries.

Here's a full guide to open a SEPA European bank account.

CHECK ALSO: How to Open a Bank Account in Belgium [Complete Process]

SEPA Transfers Made Cheap, Easy and Fast

SEPA is set up in such a way that international banking is simple and rapid. Bank transfers can even take place without a cost because banks are only allowed to charge the same amount for SEPA payments as for their local currency equivalents — if there is a fee waiver for local transactions in euros, there should be one for foreign transactions as well.

SEPA allows businesses and customers to send money across borders without the inconvenience and fees that come with traditional banking. Exporters that want to use SEPA must have a bank account in one of the member countries.

Although SEPA refers to a single currency system, many of the nations that participate in it have not adopted the common currency. Financial institutions in all 36 SEPA member nations have been encouraged to offer Euro bank accounts to their customers so that they can benefit from the system as well.

There are certain exceptions, however: The countries that utilize the euro as a currency but are not members of the SEPA include Akrotiri and Dhekelia, French Southern and Antarctic Lands, Kosovo, and Montenegro.

CHECK ALSO: How to Open a Bank Account in Austria [Complete Process]

What's the difference between SEPA Credit Transfers vs Debit Transfers?

SEPA Credit Transfers

In a SEPA credit transfer, the money is transferred in euros. It's a one-time fund transfer between banks using IBAN codes. The recipient will receive the transfer on the same day if it was scheduled before the deadline date on a working day. Customers make one-time payments for goods or services via SEPA credit transfers.

SEPA Debit Transfers

SEPA debit transfer, unlike SEPA credit transfer, which is a one-time payment, is a recurring payment across EU borders. These payments are divided into two categories, each with its own set of rules.

The first is for clients paying for products, services, and goods, and it is mandatory for all banks in SEPA nations to join.

The second was created for industry and enterprises, and it is not required for all banks participating in SEPA agreements.

To initiate a SEPA debit transfer, the client must provide the payee with a signed authorization as well as information about the bank account that will be debited, including the account owner's name, account number, IBAN, and BIC.

Proof (a mandate) that the consumer has allowed the recurring payment must be kept on file by the merchant or payee. Electronic or paper-based mandates are also acceptable.

  • SEPA debit transfers can be scheduled to occur on a regular basis for some set of times or indefinitely until they are terminated. Consumers and businesses can set up SEPA debit transfers to pay monthly rent, facilities, a periodic loan payment, or other services like housecleaning, power, or internet access. On a predetermined day, the transfer will take place automatically.
  • SEPA debit transfers can also be used to pay recurring fees between two businesses. For example, a company might hire another company to offer security in exchange for a recurring monthly charge that can be paid via SEPA debit. Both the creditor and the debtor must submit directives to the bank in this scenario.
CHECK ALSO: How to Open a Joint Bank Account Online in the UK and EEA [Complete Process]

Final Thoughts On List Of SEPA Countries

SEPA has brought so many advantages to countries that are included in its zone. As of 2021 many European countries started mobilizing to join SEPA Countries. Whenever there's a modification for a list of SEPA countries, this article will be updated. 

If you plan to travel to Europe someday, then opening a SEPA bank account will be advantageous for you become you will be able to do foreign transactions without paying extra fees. Online banks such as N26, B2B Pay, Revolut let you open a SEPA bank account online without hassle.

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About the Author

Tebid Kelly
I'm Tebid Kelly, A Content Creator, Video Producer Financial Consultant and Certified Google Publisher. I write contents for aimtuto.com, financialhint.com which are my two blogs.

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