SEPA Credit Transfer

The Single Euro Payments Area (SEPA) enables fast and easy processing of euro payments within 32 European countries. Learn more about SEPA, its benefits, and how to process SEPA payments below.

SEPA is an EU initiative, which spans the EU/EEA and Switzerland. Within this area, all euro payments are treated as domestic, regardless if they are performed nationally or cross-border. In the euro countries, the fees for national and cross-border transactions have also been harmonised.

The overall goal of SEPA is to reduce the cost of moving capital around. This is achieved by using uniform payment transaction instruments and standards, so that borderless payments become just as safe, simple, fast and cheap as domestic payments.

SEPA payment transfers have no amount limits. They must be denominated in euro and will be effected to the full amount within one banking day. In terms of fees, the payer and the beneficiary must each pay their own bank charges.

Euro payments only

SEPA does not cover payments in currencies other than the euro. As a customer based in Denmark, Sweden or Norway, you will therefore solely perform your cross border payments towards the Eurozone as SEPA payments.

International businesses with subsidiaries in SEPA countries

Are you a customer with your headquarters outside of SEPA? Then SEPA Credit Transfers might still be attractive for your business as a means to optimise your euro liquidity and payment processes. Learn more about your possibilities here.

How to process a SEPA payment

To process a SEPA payment, the payment file must be submitted in the ISO 20022 XML format, and the beneficiary account must be stated in the IBAN format. Find IBAN numbers here. 

You will also need to notify your customers of your IBAN number and Danske Bank’s BIC (SWIFT) number. Find the Danske Bank BIC number here. 

XML conversion service

If your ERP system cannot create ISO 20022 XML files, Danske Bank’s XML file conversion service can assist you. Learn more about your options here.

For questions, please contact your local cash manager. 

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