SEPA stands for the Single Euro Payments Area. It is a system, run by the European Payment Council (EPC) that facilitates standardised and seamless euro payments. Within the SEPA system, there are different SEPA Schemes which are governed by individual SEPA Scheme rules. These schemes include: SEPA Credit Transfers (SCT), SEPA Instant Credit Transfers (SCT Inst), SEPA Direct Debits (SDD).
All payment services providers and banks that sign up to the schemes must follow the relevant scheme rules.
The SEPA zone refers to the Single Euro Payments Area, a region that allows for fast, reliable, and standardised euro-denominated payments across borders within Europe, as easily as domestic payments.
EU Member States (using the Euro):
Austria, Belgium, Croatia, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Portugal, Slovakia, Slovenia, Spain
EU Member States (not using the Euro but still in SEPA):
Bulgaria, Czech Republic, Denmark, Hungary, Poland, Romania, Sweden
Non-EU countries in SEPA:
Iceland, Liechtenstein, Norway, Switzerland, Monaco, San Marino, Andorra, Vatican City, United Kingdom
Since January 2025, countries in the EU that have the euro as their main currency are required to be able to receive SEPA Instant payments. From October 2025, these countries are required to have the ability to send SEPA Instant Credit Transfer.
From January 2027, Countries in EU/EEA where the Euro is not their main currency, will be required to be able to receive SEPA Instant payments. From July 2027, they will be required to have the ability to send SEPA Instant payments. These countries can voluntarily join the scheme ahead of these deadlines should they wish to.
Non-EEA countries in the SEPA Zone are not required to send or receive SEPA Instant payments. These countries can voluntarily join the scheme should they wish to.
SEPA Credit Transfer is a standardised euro payment method used for transferring funds in euro between bank accounts within the SEPA zone and is processed on a same day or next day value basis depending on when the payment instruction has been received. See PTSB Business Days and Cut off times.
SEPA Instant Credit Transfer is a euro payment method used for transferring funds to payment accounts within 10 seconds, every day of the year.
Where a SEPA Instant Credit Transfer is received to a PTSB non-payment account (e.g. Mortgage Account), the payment will be processed in line with SEPA Credit Transfer timeframes on a same day or next day value basis depending on when the payment has been received from the payer’s bank.
PTSB, and all other Payment Service Providers, are obliged to offer clients the choice of SEPA Credit Transfer or SEPA Instant Credit Transfer. You can still send payments by SEPA Credit Transfer if you wish to do so. SEPA Credit Transfers are processed on a same day or next day value basis depending on when the payment instruction has been received while a SEPA Instant Credit Transfers are processed within 10 seconds every day of the year.
When you make a SEPA Credit Transfer or SEPA Instant Credit Transfer, there will be a new step: Verification of Payee. VoP check will occur automatically. The VoP check verifies the payee’s name you provide matches the payee’s name held with their bank or payments service provider (PSP) as part of the steps you take to make a payment.
A payment account is an account held by you with the bank that is used for the execution of payment transactions where you are entitled to place, transfer or withdraw funds without any restrictions.
Since January 2025 you can receive a SEPA Instant Credit Transfer into your payment accounts. These accounts are Current Accounts, Demand Deposit Accounts and Credit Card Accounts.
An incoming SEPA Instant Credit Transfer into a non-payment PTSB account will be processed, rather than rejected, in line with SEPA Credit Transfer timelines. It may appear to the non PTSB sender that the payment was completed as a SEPA Instant Credit Transfer, but the payment will be processed on a same day or next day value basis. See PTSB Business Days and Cut off times.
You can send the SEPA Instant Credit Transfer from your Current, Demand Deposit and Fixed Term Instant Access accounts.
Yes, up to €999,999,999.99 is the maximum amount per transaction under SEPA Instant Credit Transfer Regulations. PTSB channel limits of €10,000 apply to PTSB app and desktop.
There is no cost for sending payments as SEPA Instant Credit Transfer.
Yes, as per the SEPA Instant Credit Transfer rules you can receive a SEPA Instant Credit Transfer every day of the year to any of your payment accounts:
There is an exception to this such as in the event of planned or unplanned maintenance, there may be temporary restrictions and interruptions in providing SEPA Instant Credit Transfer as a service to your Account. Where maintenance is planned, we will notify you of these periods on our website.
For any other account types, incoming SEPA Instant Credit Transfer will be credited on business days only. See PTSB Business Days and Cut off times.
The structure of an incoming SEPA Instant Credit Transfer’s narrative is ICT [Payer’s name] DD/MM.
Example: John sends Mary, a PTSB customer, a SEPA Instant Credit Transfer on 25 January. This payment would be seen on Mary’s PTSB statement as ICT John 25/01.
The structure of an outgoing SEPA Instant Credit Transfer’s narrative is ICT [Payee’s name] DD/MM.
Example: Mary, a PTSB customer, sends John a SEPA Instant Credit Transfer on the 25 January. This payment would be seen on Mary’s PTSB statement as ICT John 25/01.
Where a SEPA Instant Credit Transfer has been received over the weekend or on a public holiday, the statement date will appear as the next working day, but the payment narrative will reflect the date that the payment was received. Funds will be available and included in interest calculations from the date they were received and posted to your account.
Example: a SEPA Instant Credit Transfer received on Saturday 25 January, will be grouped with any other transactions on Monday 27 January, however the transaction narrative will reflect the correct received date of the “ICT [Payer's name] 25/01”.
Since January 2025, all SEPA Instant Credit Transfers received into a PTSB payment account (i.e. Current, Demand and Credit Card Accounts) are processed within 10 seconds of receipt, meaning that funds were available and included in interest calculations from the dates they were received and posted to your account.
For any other account type, an incoming SEPA Instant Credit Transfer into a PTSB account will be processed in line with SEPA Credit Transfer timelines on a same day or next day value basis depending on when the payment instruction has been received. See PTSB Business Days and Cut off times.
No, you do not need to register for SEPA Instant Credit Transfer.
No, there will be no obligation to use SEPA Instant Credit Transfer as your chosen payment method. You can still choose to send a payment by SEPA Credit Transfer if you prefer to do so. You have no option or choice if you are in receipt of an incoming SEPA Instant Credit Transfer where the sender selected SEPA Instant Credit Transfer. You have an option to choose to make a SEPA Instant Credit Transfer or SEPA Credit Transfer when making a payment.
If you have a question about SEPA Instant Credit Transfer or Verification of Payee, please contact our telephone banking service 0818 50 24 24 or +353 1 212 4101 (from abroad). Lines are open 9am to 5pm Monday to Friday (excluding public holidays) and 10am to 2pm Saturday and Sunday.
You can also chat with us through the PTSB app, using our Support Chat feature.
Our Social Media team is also available from 8am to 8pm Monday to Friday (excluding public holidays) and 10am-5pm Saturday and Sunday.
You can now make a SEPA Instant Credit Transfer by logging in to your PTSB app or Open24 Online Banking on a PC or laptop.
SEPA Instant Credit Transfer will be coming soon on Business24, followed by Branch banking at a later date.
Since January you have been able to receive SEPA Instant Credit Transfers into your Credit Card account. Credit Card accounts do not allow outgoing SEPA payments.
If you have your Credit Card set up as a payee or bill on the PTSB app or desktop website, you need to ensure that the payment reference is your up-to-date Credit Card number.
If the number relates to a previous card - such as when you have received a replacement card – the payment will not go through.
To prevent Credit Card payments being rejected, please delete the existing payee or bill and set it up again, entering your name as the payee, and the up-to-date Credit Card number for your payment reference.
You can amend your payment reference to your current Credit Card number to make the SEPA Instant Credit Transfer payment, but you’ll need to do this each time - we recommend deleting the payee or bill and adding it again with the correct details.
When making a payment through PTSB app and desktop, SEPA Instant Credit Transfer will be an available payment method. Only Current, Demand Deposit and Fixed Term Instant Access accounts can be used to make an SEPA Instant Credit Transfer. SEPA Instant Credit Transfers are processed within 10 seconds every day of the year. You can change the payment method on the Confirm details screen if you would like to make the payment as a SEPA Credit Transfer instead.
Since January 2025 you have been able to receive a SEPA Instant Credit Transfer into your payment accounts. These accounts are Current Accounts, Demand Deposit Accounts and Credit Card Accounts.
From 09 October 2025, PTSB will be introducing outgoing SEPA Instant Credit Transfer payments from your payment accounts.
Today when you send a SEPA Credit Transfer and if it fails the amount of the payment is still taken (debited) and then subsequently returned (credited) for the same amount. If a SEPA Instant Credit Transfer fails you will be notified on the screen that the payment failed with an error message and no payment will be taken.
When a SEPA Instant Credit Transfer is recalled from your account the narrative on the debit will show as “Recall [Name of the Payer].
There will be an auto recall of a payment if there was an error on the sender side i.e. a duplicate payment.
No, you cannot cancel a SEPA Instant Credit Transfer payment as these payments are processed within 10 seconds. If you make a payment in error, we will make every effort to recall the payment on your behalf, however we cannot guarantee the outcome of this request.
