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The Single Euro Payments Area (SEPA) is a project developed within the European Union (EU) which seeks to create an integrated market for electronic payments in Euro. It aims to remove the distinction between national and cross-border payments and introduce a common set of payment standards and rules so that payments in Euro can flow quickly and efficiently throughout the EU.
The SEPA Regulation came into force on 30 March 2012 and applies to Member States in the EU including the UK. The purpose of the SEPA Regulation is to drive the migration of existing national payments in Euro to the pan-European SEPA payment schemes to enable businesses and consumers to send and receive cross border payments in Euro as efficiently as domestic payments in Euro are currently made today.
The SEPA Regulation contains deadlines by which existing national Euro payment schemes must be replaced by the SEPA payment schemes:
As the UK does not have the Euro as its national currency, there will be an impact on the way in which businesses send and receive payments in Euro from 31 October 2016.
As we already offer single initiated SEPA Credit Transfers, you will not be required to make any technical changes to continue making these types of payment.
However, from 5th July 2016 onwards, we will no longer insist that you provide the BIC when making a single initiated SEPA Credit Transfer and you will only need to provide the IBAN of the account into which you wish to make the payment. This will only apply to SEPA payments i.e. payments sent abroad in other currencies (e.g. Dollars or Sterling) or sent in Euro to a non-SEPA country will require a BIC to enable the payment to reach the correct beneficiary account.
SEPA Credit Transfers are Next Day payments. This means that the beneficiary will receive the funds the day after the payment has been initiated, subject to cut off times and bank holidays. The pricing of SEPA Credit Transfers takes this into account. If you need to send a payment in Euros immediately, you can use our SWIFT service.
For further information on making SEPA payments, please contact your Relationship Manager.
|Glossary of Abbreviations|
|SEPA||Single Euro Payments Area which includes all European Union Member States as well as Norway, Iceland, Liechtenstein, Switzerland and Monaco|
|IBAN||International Bank Account Number|
|BIC||Business Identifier Code|
To log into Internet Banking you now need to use Virgin Money Internet Banking. You'll get the same great service and are able to access all your accounts.
Your log in details will stay the same and you can log in directly from the shiny new Virgin Money website.Go to the Virgin Money website
You can now make international payments up to £1million without calling us to pre-book an exchange rate.
Our maximum transaction limits have increased so you no longer need to call us to make payments up to £1million, as long as your business's limit is £1 million.
Please note, our spot value (2 business days) currencies will remain at a £250,000 limit – you can find a list of these list of spot value currencies here.
We’ve also made it even easier to see the latest exchange rates. We’ll update the rates every 15 seconds, so you can take advantage of market movements for your international payment.
If you’d like to increase your international payment limit, or have any questions, we’d love to hear from you. Get in touch.Continue to Virgin Money Business Internet Banking