Organization : Bank Austria
Facility : SEPA Single Euro Payments Area
Country : Austria
Website : http://bankaustria.at/en/private-customers-international-transfers-sepa.jsp
SEPA :
SEPA is a pan-European EU project aimed at standardising European payment transactions. SEPA covers the countries in the euro area, the other EU countries, Iceland, Liechtenstein, Norway, Switzerland and Monaco.
Related : Bank Austria IBAN International Bank Account Number Online Check : www.statusin.org/6690.html
Following the introduction of the single European currency, the last step was the standardisation of payment transactions in Europe on 2 August 2014. The purpose of both measures is to strengthen the European Union’s economy in a global context.
** At present, payment instruments, formats and rules used in Europe differ widely. The objective is to standardise them across Europe.
** SEPA Credit Transfer and SEPA Direct Debit are the payment products that will be introduced throughout Europe.
** The political objective of SEPA is to eliminate differences in the processing of national and cross-border payments
Benefits :
** Easy purchase of goods and services in the SEPA area.
** Uniform payment methods within Europe.
** Greater transparency : payment transactions in all SEPA countries are governed by clear, uniform settlement procedures with pre-determined processing times.
** Enhanced security for payment transactions : a unique and verifiable IBAN (International Bank Account Number) and BIC (Bank Identifier Code) instead of an account number and bank routing code.
From 1 February 2016 it suffices to state the IBAN. In the SEPA area the inclusion of the BIC does not affect execution of a SEPA payment.
** Uniform legal framework which in Austria has been translated into the Austrian Payment Services Act (Zahlungsdienstegesetz – ZaDiG).
** Cross-border direct debits in the SEPA area with the possibility to request a refund within eight weeks.
New standards :
SEPA transfers and SEPA direct debits are governed by uniform payment regulations within participating SEPA countries. It does not make any difference whether the transaction takes place within Austria or between Austria and France, for example.
How you save money with EU cross-border payment :
Quickly – easily – low-cost : with SEPA, the single euro payments area, and the EU cross-border payment procedure, the prices you pay for incoming and outgoing euro transfers within the EU and EEA countries are the same as for domestic payments.
Such transactions are subject to the following criteria :
** Transfer currency: euro.
** No limit on the amount of transfers.
** The IBAN (International Bank Account Number) must be stated.
** The provision of the payee’s BIC (Bank Identifier Code) does not affect processing of the payment order.
** The transfer must be a cross-border payment within the EU member states1) and the EEA member states.
** No specific instructions (e.g. “advice”, “urgent”).
** Split bank charges: the domestic charges are always to be paid by the payer and the foreign charges by the beneficiary.
** Instructions that deviate from this procedure cannot be carried out.
SEPA transfer requirements for Switzerland, Monaco, San Marino, St. Pierre and Miquelon, Jersey, Guernsey and the Isle of Man.
** The SEPA conditions, but not the EU pricing regulation, apply to transfers to the countries listed above which participate in the SEPA procedure but are not EU or EEA member states.
** This means that a SEPA transfer is charged on the basis of a foreign transfer and not as an EU cross-border payment.