A SEPA Bank account operates within the Single Euro Payments Area (SEPA) and makes money transfers cheap and fast. SEPA was established to ease international payments using Euros. Electronic payments within the SEPA countries are usually for free, although some banks charge a small fee.
If you are opening an online bank account, it is important that you confirm that it supports SEPA payments. In short, make sure you are opening a bank account that supports SEPA. We will take you through the process of opening a SEPA bank account online.
Benefits of a SEPA Bank Account
- A SEPA bank account simplifies cross-border money transfers, facilitates fast money transfers that can take a day, and in the end lowers the cost of the transfer. Instant SEPA transfers are done in seconds
- You can open a SEPA Bank account online and remotely by signing up for an account with a virtual bank. Some of the virtual banks that we recommend include Monese, N26, Bunq and Revolut.
- If you are a resident of the EU or a passport holder, you can easily open a SEPA bank account. Non-residents also have options to open a SEPA bank account, for example with Wise.
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How SEPA Works
SEPA, the Single Euro Payments Area, spans 36 European countries, standardizing electronic euro transactions for speed and security. Within SEPA, two main payment methods exist: SEPA Direct Debit for regular payments and Instant SEPA for real-time transactions. Direct Debit enables companies to collect funds automatically, while Instant SEPA allows individuals to make immediate payments between EU bank accounts.
When you open a bank account within the EU, automatically your account is a SEPA bank account. You can also open a SEPA non-resident account, online and remotely.
To create a SEPA account, you generally only need a residence permit, a national or European identity card or a passport. A physical address is generally only needed to receive your cards, and a proof of address is often not required. In most countries, you do need to provide your tax number.
To open a SEPA business bank account, you need:
- Physical EU address of the business
- Credit check reference (not always)
- Tax compliance of the business
How to Open a SEPA Bank Account Online
Opening a SEPA bank account online has become increasingly convenient in recent years, thanks to the rise of neobanks and other digital-first financial institutions. You can easily create an account online and start transacting using their apps or websites. However, it’s important to note that the SEPA account opening process may vary based on each individual bank or financial institution. Before opening your account, it’s best to research different banks that offer online SEPA account opening. During your research, consider factors like fees, account features, mobile banking options, and customer reviews.
Once you’ve chosen a suitable bank, visit their website or download their app, navigate to the account opening section, and follow the specific instructions provided by that institution. After completing the application and any necessary identity verification steps, you can expect to receive your SEPA bank account details and begin using your account for transactions within the Eurozone and participating countries.
Online Banks with SEPA Accounts
You can use the following virtual banks to open a SEPA account online. While the list of SEPA banks is extensive, here are some online banks where you can can open a SEPA account.
1. Wise
Wise offers a multi-currency account that you can use to send and receive money. You can open an IBAN account and hold over 50 currencies and convert using real exchange rates. It does not have hidden fees, while you also get a debit card which you can use to spend around. You get free ATM withdrawals for $250 and less and a 2% fee for amounts above that.
With Wise, you can get local bank details for the following currencies: Sterling Pound, Euro, US Dollar, Australian Dollar, New Zealand Dollar, Hungarian Forint, Romanian Leu, Singapore Dollar.
When sending euros from a SEPA-based bank (e.g., UK, France, Switzerland) to one of Wise’s Euro accounts, the transfer is often free, as it’s treated as a regular domestic transaction.
Wise for e-Commerce Businesses. Wise is now officially a member of the Amazon payment service provider program, which means that any business selling on Amazon can now use Wise to receive their sales earnings in multiple currencies. It is also possible to connect your Wise business account to eBay and Stripe.
2. Monese
Monese comes with a borderless account, and you can open a personal or a business account online. It offers a SEPA-IBAN account in the UK, multicurrency accounts for individuals and small businesses. ATM withdrawals cost 2% while foreign currency spending costs 2%.
With Monese, you can receive payments using your IBAN from any bank in the SEPA area. Most SEPA transfers are free or low cost, and you can send and receive up to €50,000 per transaction and per day.
3. N26
N26 is an online bank that you can use to open a SEPA bank account. It offers personal IBAN and business IBAN in the SEPA zone. You can send money to over 20 countries at low costs. The personal account has four plans; N26 Standard that is free, N26 Smart costing €4.90, N26 Metal costing €16.90 and N26 You costing €9.90 every month.
Sending and receiving instant SEPA transfers is 100% free for premium customers, and costs €0.99 to send for N26 Standard customers.
4. Revolut
Revolut is a virtual bank account you can use to open a SEPA bank account and comes with a prepaid card. You can use a Revolut account to send and receive money and also trade in cryptocurrencies. It is an ideal bank for frequent travelers. It offers free ATM withdrawals for amounts less than £200 and then a 2% fee for withdrawals above £200. Transfer fees range between 0 and 0.5%. The currency exchange rate is up to 3.5% of the amount.
Revolut lets you send euro payments to accounts outside your country within the SEPA zone instantly and without fees.
5. Bunq
Bunq is an online bank that offers multicurrency IBAN account in the European Economic Area. It also provides SEPA transfers and international card payments. After opening an account, you get 10 free ATM withdrawals every month. You can open a personal, joint, or business account with bunq. Cash withdrawals cost €0.99 per withdrawal. Sending money to SEPA countries using a personal account is free, while receiving money from a bank in non-SEPA countries costs between €5 and €20.
Bunq offers fee-free SEPA transfers to any country in the SEPA zone. Its multicurrency account supports the following currencies dollars, pounds, Swiss franc, Poland złoty and Bulgarian levin.
6. Paysera
Paysera is an online bank you can use to open a SEPA bank account. It offers IBAN accounts, cheap and easy money transfers. You can use it to send and receive money online. It is free to transfer money within the SEPA area with a personal account. You can open a personal or a business account with Paysera. Credit card fees are between €3 and €5 for non-EEA citizens. Credit cards for businesses cost €5. ATM cash withdrawals within the EU states and Bulgaria cost €1 while in non-EU states; they cost €1.50 and 1.80%.
For SEPA residents, Paysera offers free SEPA transfers for the first 50 transfers per month. After that, SEPA transfers cost 0.29 EUR for transfers to non-Eurozone SEPA countries and 0.29 EUR for the first 5 transfers to other countries for private clients and 1.00 EUR for businesses.
SEPA Countries 2024
In addition to the banks mentioned above, you can open a SEPA-supporting bank account if you live in a SEPA country. Here’s a list of SEPA countries:
| Country/Territory | BIC | IBAN | Currency Code |
|---|---|---|---|
| Åland Islands | FI | FI | EUR |
| Andorra | AD | AD | EUR |
| Austria | AT | AT | EUR |
| Azores | PT | PT | EUR |
| Belgium | BE | BE | EUR |
| Bulgaria | BG | BG | BGN |
| Canary Islands | ES | ES | EUR |
| Croatia | HR | HR | HRK |
| Cyprus | CY | CY | EUR |
| Czech Republic | CZ | CZ | CZK |
| Denmark | DK | DK | DKK |
| Estonia | EE | EE | EUR |
| Finland | FI | FI | EUR |
| France | FR | FR | EUR |
| French Guiana | GF | FR | EUR |
| Germany | DE | DE | EUR |
| Gibraltar | GI | GI | GIP |
| Greece | GR | GR | EUR |
| Guadeloupe | GP | FR | EUR |
| Guernsey | GG | GB | GBP |
| Hungary | HU | HU | HUF |
| Iceland | IS | IS | ISK |
| Ireland | IE | IE | EUR |
| Isle of Man | IM | GB | GBP |
| Italy | IT | IT | EUR |
| Jersey | JE | GB | GBP |
| Latvia | LV | LV | EUR |
| Liechtenstein | LI | LI | CHF |
| Lithuania | LT | LT | EUR |
| Luxembourg | LU | LU | EUR |
| Madeira | PT | PT | EUR |
| Malta | MT | MT | EUR |
| Martinique | MQ | FR | EUR |
| Mayotte | YT | FR | EUR |
| Monaco | MC | MC | EUR |
| Netherlands | NL | NL | EUR |
| Norway | NO | NO | NOK |
| Poland | PL | PL | PLN |
| Portugal | PT | PT | EUR |
| Réunion | RE | FR | EUR |
| Romania | RO | RO | RON |
| Saint Barthélemy | BL | FR | EUR |
| Saint Martin (French part) | MF | FR | EUR |
| Saint Pierre and Miquelon | PM | FR | EUR |
| San Marino | SM | SM | EUR |
| Slovakia | SK | SK | EUR |
| Slovenia | SI | SI | EUR |
| Spain | ES | ES | EUR |
| Sweden | SE | SE | SEK |
| Switzerland | CH | CH | CHF |
| United Kingdom | GB | GB | GBP |
| The Vatican | VA | VA | EUR |
Non-SEPA Countries 2024: It is worth noting that not all European countries are part of the SEPA Zone. Some of the SEPA non-countries include Albania, Armenia, Azerbaijan, Belarus, Bosnia and Herzegovina, Georgia, Kazakhstan, Kosovo, Moldova, Montenegro, North, Macedonia, Russia, Serbia, Turkey, and Ukraine.
Online SEPA Accounts for Cheaper and Faster Transfers
Opening a SEPA account online provides swift, cost-effective cross-border transactions. Consider account fees and features like multicurrency options when choosing a bank. Leveraging SEPA streamlines financial operations across Europe for individuals and businesses alike.
For individuals residing within the SEPA zone, getting a SEPA account online offers expedited money transfers and cost-effective cross-border transactions. When selecting a bank, factors such as account opening and maintenance fees, alongside additional features like multicurrency accounts or debit card access, should be carefully considered. Virtual banks offer convenient online account opening options, though it’s advisable to verify with your chosen institution regarding the availability of SEPA accounts. By using a SEPA account, individuals and businesses can simplify financial transactions and enhance payment efficiency across Europe.
