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Q:

What is the SEPA-zone?

A:

This comprises the member countries of the EU, plus  Iceland, Liechtenstein, Monaco, Norway, and Switzerland.

From 1 May 2016 the UK Crown Dependencies (Jersey, Guernsey and the Isle of Man) were also added.

Payments to these countries will require the IBAN only for the beneficiary if the payment is being routed via SEPA (entering a BIC is optional). You may need to enter the BIC or alternative account details for certain payments.

If the payment is sent in Euro (EUR) currency then it will likely route as a SEPA payment. In these instances, it is likely that charges will be significantly lower, and you will also be required to populate the beneficiary reference with something meaningful for the beneficiary.

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