The European credit transfer

The SEPA Credit Transfer (called "European transfer" in Belgium) is to replace the complete range of local euro-denominated payment systems in Europe, both domestic and cross-border.

Characteristics and advantages

• A single payment system and format for all of Europe.
• The IBAN (International Bank Account Number) and BIC (Bank Identifier Code) are the unique identifiers for the bank account and bank.
• The execution period is reduced to a maximum of one day.
• The nominal amount of the payment is transferred in full (charges must be booked separately).
• The principle of shared costs applies: each party pays for the costs required by their bank.
• It is possible to include a reference of up to 140 characters (4 x 35);
• Each transaction has a unique reference associated with it of up to 35 characters, to allow its identification from start to finish (end-to-end reference).

Some important dates

• 28 January 2008: Launch of European transfers.
• 17 October 2011: Definitive discontinuation of national paper transfers. Only the red European form can still be used.
  To learn more about the directives for customising and printing this form, please see the site http://www.sepabelgium.be.
• 1 February 2014: National electronic formats will definitively give way to the European transfer.

Find out more about SEPA in general
Find out more about the impact of SEPA for your country