You can now receive EUR payments with SEPA Credit Transfer (SCT)

iFAST Global Bank has introduced SEPA Credit Transfer (SCT) receiving capabilities for EUR payments. 

Customers can now receive EUR transfers across participating SEPA markets directly into their iFAST Global Bank account, with no fees. 

Available now with standard SEPA transfers. SEPA Instant coming in July.

Receiving EUR Through SEPA  

SEPA supports EUR transfers across participating markets, making it easier to receive EUR payments in the UK and from other countries. 

You can use this service to receive EUR payments, transfer money across participating countries, and manage your EUR balance, all in one place. 

Processing time

SEPA EUR payments are currently received via standard SEPA transfers. Payments are processed on business days only (excluding weekends and public holidays) and will typically arrive within 1 business day, depending on when the sending bank sends the payment.

We credit incoming EUR payments throughout the day, with processing cycles taking place regularly between 07:00 and 16:00 UK time on business days only.

Do I need an IBAN? 

Yes, an International Bank Account Number (IBAN) is required to receive EUR payments through SEPA SCT and to make SEPA transfer out transactions once available. You can easily find your IBAN details in the app whenever you need them. 

SEPA Transfer Out Available in July 

 Until SEPA transfer out becomes available, customers can continue to send EUR through: 

• SWIFT – same-currency payments (EUR to EUR), subject to applicable fees 

• EzRemit – cross-currency payments (GBP to EUR), with no transfer fees 

In July, SEPA transfer out capabilities will be introduced, enabling customers to send EUR payments to participating SEPA markets directly from their iFAST Global Bank account. 

Further details on availability, applicable terms and launch arrangements will be shared closer to launch.