SEPA Payments22 May, 2023
Monaghan Credit Union is registered for SEPA payments only.
If as a member you wish to transfer funds into your account, then the payment should be made as a SEPA payment only. If you are aware that a third party is making a payment into your account, it is advisable they tell their financial institution the payment should be made via SEPA. If a payment is sent in any other way, the payment will be rejected by our processing bank and the Payer may incur a rejection charge that he/she may be liable for.
What is a SEPA payment?
SEPA stands for Single Euro Payments Area, and a SEPA payment is sent through the SEPA scheme. The scheme was created to simplify euro transfers between EU member states, as well as a number of non-EU countries, in a fast, safe and efficient way, just like national payments. SEPA was introduced for credit transfers in 2008, followed by direct debits in 2009, and fully implemented by 2014 in the euro area (and by 2016 in non-euro area SEPA countries).
The SEPA region consists of 36 European countries, including several countries which are not part of the euro area or the European Union (status: 30 October 2020). Including Iceland, Norway, Liechtenstein, Switzerland, Monaco, the United Kingdom and San Marino.
To make a SEPA payment you need:
- The IBAN of the person you want to pay
- The bank to which you are sending the payment to be a member of the SEPA scheme
- The payment to be in euro
Please note: You may incur charges if you attempt to send money to your account in Monaghan Credit Union through another transfer service that is not SEPA. For more information on SEPA, please see here.