What is the Single Euro Payment Area (SEPA)?

SEPA is a financial system for member countries of the European Union designed to simplify bank transfers denominated in euro.
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The Single Euro Payments Area (SEPA) is a financial system for member countries of the European Union designed to simplify bank transfers denominated in euro. The idea is to create a unified system to make financial transactions less costly and with greater efficiency.

The Single Euro Payments Area is made up of 28 member states of the European Union, 4 member states of the European Free Trade Association which are Iceland, Liechtenstein, Norway and Switzerland, as well as Monaco and San Marino.

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