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English Information about Banking in Germany

 
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What is a SEPA money Transfer?

SEPA stands for “Single Euro Payment Area” and is the desired mode of payment or transfer within Europe. Introduced in 2008, SEPA allows you can make any cross-border transfer to a bank account for the same cost and time as a local transfer.

National and cross-border SEPA payments

Since SEPA allows bank customers to make a national or cross-border transfer European payments (including Iceland, Switzerland, Norway and Liechtenstein) the same way. So any EU-wide SEPA transfer is processed within three working days.

In short, using the SEPA Transfer, all transfers within the EU will be the same as a domestic transfer.

SEPA Countries

SEPA is made up of the Eurozone, countries within the EU and a few other countries which also support EUR bank transfers. 

How to make a SEPA Transfer?

You can either do this using online transfer or using physical forms at the bank.

Details necessary for SEPA transfer: To make a SEPA transfer, you need the following details of the beneficiary (person to whom you are making the transfer):

  • IBAN and BIC
  • Name and Reference number

IBAN and BIC

International Bank Account Number (IBAN) and Bank Identifier Code (BIC) have now more or less replaced the old account number (Kontonummer) and Bank code (BLZ). It is very important to enter the IBAN number correctly.

The structure of IBAN and BIC follows very clear rules. Here’s a quick overview:

  • IBAN: The international bank account number is significantly longer, up to 34 digits. It is composed of the country code for Germany (DE), a two digit test and – together with the eight points of the previous bank code and the 10-digit account number – in the Federal Republic. The IBAN looks like this: DE 12 12345678 1234567890th
  • BIC: the Bank Identifier Code is a comprehensive eight to eleven digits number-letter combination. The first four digits represent the bank code (BBBB), followed by the two-letter country code (CC), a two-digit coding of location (LL) and three points for the branch or department (bbb). This results in the following pattern: BBBCCLLbbb. To cite just one example: The BIC of Postbank is PBNKDEFF.

2. Name of the Benificiary

Name of the person to whom you are transferring. This is normally not checked

3. Reference

The reference (sometimes called SEPA Reference) is for the recipient to identify the transfer. So, if you are paying a bill, the reference number is normally mentioned on the invoice (mostly invoice number). The reference can be a combination of numbers or text.

This will also be listed on your account statement, so if you are transferring to family or friends, you are free to enter a text which you can use to identify the purpose (e.g., dinner, rent etc.).

SEPA form

You can also use the bank form for such transfer. A SEPA transfer form translated into English is provided below for reference.

SEPA ueberweisung Form - Translated in English
SEPA €uro Überweisung Form – Translated in English

Note: It normally costs to transfer using a physical bank transfer form.

SEPA Direct Debit Order

FAQ about SEPA Transfer

Which countires can I make a SEPA transfer?

You can make a SEPA transfer to any European countries, including Eurozone countries and other EU member states, including the EEA (Switzerland, Norway, UK). You can find the complete list of SEPA countries here.
SEPA Transfer Countries

How long does a SEPA transfer take?

SEPA transfer should take the same time as a domestic transfer within your country, normally 1 to 2 days, and a maximum of 3 working days.

How much does a SEPA transfer cost?

As per regulation, the banks should charge the same for a SEPA transfer as for a domestic transfer.

3 thoughts on “What is a SEPA money Transfer?”

  • Denis Jourdain Talla says:
    July 1, 2018 at 5:24 pm

    Please a need help !
    I Have a blocked account with a german bank (fintiba) a month ago i applied for a student room in a hostel in Germany and now the hostel manager asked give my sepa information which i don’t clearly understand what he is asking for . Can someone please help me ? Bitte

    Reply
    • Admin says:
      July 2, 2018 at 9:54 am

      Hi Dennis,
      He is asking for your bank account information (IBAN and BIC) so that he can set up a SEPA direct debit (https://banks-germany.com/transfer-money/direct-debit) for your room rent.
      However, you won’t have that since Fintiba does not provide a current account (Girokonto), but only blocked account service (https://banks-germany.com/blocked-account-germany). You will have to open a normal bank account (Girokonto) when you arrive in Germany to make regular payments to your hostel. So you will have to tell him that you don’t have a bank account yet, and have to open one when you arrive in Germany. Normally, the manager at the Studentenwerk (Student Union) who takes care of the hostels would understand that foreign students won’t have a bank account. So don’t worry.

      Good luck!

      Reply
      • Izhar Ahmed says:
        December 6, 2018 at 5:58 pm

        Very good info .. thanks

        Reply

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  • Home
  • Bank Account
    • 1822direkt
    • Comdirect
      • Open a ComDirect Account Online – Detailed Instructions
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      • Open a Commerzbank Account – Instuction with Screenshots
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  • Loans
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  • Guide
    • Select a Bank Account in Germany
      • Banks with English Service
    • Open a German bank account
      • Open a DKB bank account
        • DKB Euro bank account for non-residents
        • English DKB bank account opening form
      • Open a Postbank Account Online – Screenshots
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      • Open a ComDirect Account online – Screenshots
    • Freelancers and Self-employed
    • Open a Student Blocked Account
      • Best Bank account for students
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    • Information
      • Schufa Credit Score
      • Bank Cards
        • What is a Girocard?
        • V Pay – pay cash in Europe
        • What is a Maestro card?
        • What is Cash Group?
        • What is cash pool?
        • What should you do in case of loss of card?
      • Money Transfer
        • Local Money Transfer in Germany
          • What is a SEPA money Transfer?
          • Direct Debit Mandate
          • Wrong Transfer
        • International money transfer
          • Cheap money transfer options
      • Internet Banking
  • Deals
 

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