Westport Credit Union and SEPA
What is SEPA?
The Single Euro Payments Area, commonly referred to as SEPA, is a European Union initiative that changes the way electronic payments in Euro are processed across the SEPA Zone countries – see list of countries below. It simplifies the way we make and receive payments by using common technical standards and methods of payment across all participating countries.
What does SEPA mean for you?
Making payments in Euro to any SEPA Zone country is now the same as making a payment within Ireland. So whether paying your electricity bill here in Ireland or paying for goods or services you purchase anywhere in Europe, the process is the exact same and will be completed in the same time frame.
What methods of payment are covered by SEPA?
SEPA covers all Electronic Payments – that includes Paying Bills, Standing Orders, Direct Debits, Social Welfare Payments, Salaries by Paypath and payments you make using WCU Online or your bank’s Online Banking.
So how have things changed?
Account Numbers:
Before SEPA: Any time you made a payment by Direct Debit, Standing Order or Online within Ireland you used your Credit Union or bank’s Sort Code together with your Account Number. You made international payments only using BIC (Bank Identifier Code) and IBAN (International Bank Account Number).
Under SEPA: All electronic payments need your BIC and IBAN. This will apply to payments both within Ireland and to any of the SEPA zone countries.
Standing Orders and Online Payments:
Under SEPA: You will need to supply your BIC and IBAN numbers and you have a right of recall for up to ten days, subject however to the agreement of the payee. The maximum time it will take is one day and in some cases same day value will apply, depending on the time of day the payment is made.
Direct Debits:
Under SEPA: Direct Debits are possible across all the SEPA Zone countries and are subject to the rules of the SEPA DD Scheme. This means for example that you can pay bills in any of the other countries by DD from your Irish account (provided the DD Originator is SEPA enabled). Simply complete the DD Mandate using the BIC and IBAN for your Irish account. You also have increased rights of refund under the SEPA DD scheme.
What do I need to do now?
You should find out the BIC and IBAN numbers for all accounts you hold and keep these for when you are setting up or making electronic payments in the future.You should also familiarise yourself with your new rights under SEPA DD.
When is all this going to happen?
The 1st February 2014 all electronic payments were converted to the SEPA systems. The domestic clearing systems in all individual participating countries shut down on this date.
Where can I find my BIC and IBAN?
Your Westport Credit Union BIC (Bank Identifier Code) and your IBAN (International Bank Account Number) will be printed on your Account Statement. To request it, simply phone or call to the credit union and we will be happy to supply it to you.
The BIC and IBAN numbers for your bank accounts are printed on your bank statements. You can also go to ipso.ie to access a free service that allows you to:
– Convert a single Sort Code and Bank Account number to BIC and IBAN
– Confirm the validity of any BIC and IBAN
The full list of SEPA countries
| Austria | Greece | Netherlands |
| Belgium | Hungary | Norway |
| Bulgaria | Iceland | Poland |
| Croatia | Ireland | Portugal |
| Cyprus | Italy | Romania |
| Czech Republic | Latvia | Slovakia |
| Denmark | Liechtenstein | Slovenia |
| Estonia | Lithuania | Spain |
| Finland | Luxembourg | Sweden |
| France | Malta | Switzerland |
| Germany | Monaco | United Kingdom |
The Mission of the Credit Union is to promote the financial well being of its members.
