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Send and receive Euros easily with SEPA bank transfers

min read

Are you looking for an easy way to send and receive Euros? Then, you should definitely consider SEPA bank transfers that allow you to transfer Euros quickly and at a low cost. Discover more about the SEPA scheme in this article.

What are SEPA bank transfers?

SEPA bank transfers are an efficient and cost-effective way to make Euro transfers. With SEPA, users can make cashless Euro payments to any EU country and selected non-EU countries, just like they would do a local payment. Therefore, they make it easier and cheaper to send and receive Euros across borders.

What is SEPA?

Firstly, what does SEPA stand for? It stands for Single Euro Payment Area.

SEPA is an EU initiative that introduced a banking network for international Euro transfers. It aims at improving cross-border Euro payments, making them consequently easier, faster, and less expensive. Using SEPA, you can make cashless Euro payments anywhere in the European Union (EU) and some non-EU countries.

Which countries are under the SEPA scheme?

The SEPA scheme covers all 27 EU member states (as of SEPA's October 2020 report). You can also make SEPA money transfers in non-EU countries, including Iceland, Liechtenstein, and Norway, which form part of the European Economic Area or EEA. Additionally, SEPA extends to the non-EU/non-EEA territories of Great Britain, Switzerland, and Monaco. 

The geographical scope of SEPA also covers several lesser-known SEPA region jurisdictions, such as the Canary Islands, the Isle of Man, and Madeira. Among the most prominent of these is Gibraltar. 

The British Overseas Territory of Gibraltar offers several significant benefits for businesses and individuals. For example, it has a stable and regulated business environment, a robust legal system, and strict adherence to EU directives and banking regulations. Consequently, this makes Gibraltar one of the most secure and trusted financial jurisdictions in the world and enables Xapo Bank to offer uncompromised financial security to its members.

Who can make SEPA bank transfers?

Anyone with a Euro bank account at a bank located in a SEPA region can make a SEPA bank transfer. However, with Xapo Bank, there is no need to have a SEPA bank account. A Xapo Bank account is all you need as it enables you to send and receive Euros in a unique way.

In other words, you can make SEPA bank transfers to and from their Xapo Bank USD account directly. To achieve this, we automatically convert between Euro and USD. For example, when you send Euros from a SEPA bank account to your Xapo Bank account, they will be converted into USD and credited to your USD account. In the same fashion, you can use your USD balance to make SEPA Euro payments. You send USD, which we convert to Euros and send to the destination SEPA bank account.

Read more about Xapo Bank’s SEPA integration.

How long does it take for SEPA Euro payments to transfer?

In the case of regular SEPA bank transfers, it can take up to two business days for them to be processed. But it can also be faster. With SEPA instant transfers, the transaction is processed immediately, meaning the funds will arrive at the destination account in seconds.

Xapo Bank supports both regular SEPA bank transfers and SEPA instant transfers. So you can rest assured that if the destination bank also supports SEPA instant transfers, your transaction will be processed instantly.

SEPA vs SEPA instant comparision table
Source: https://www.europeanpaymentscouncil.eu/ 

How much do SEPA bank transfers cost?

SEPA bank transfers are considered "domestic or local". That is why all transactions between banks or financial institutions in the SEPA region come with minimal SEPA transfer fees compared to international wire transfers. This is because of SEPA's standardised formats that cut through the customised systems of individual banks.

As a Xapo Bank member, you can make convenient SEPA bank transfers but at a low cost:

  • SEPA regular: EUR 0.15 per transfer
  • SEPA instant: EUR 0.20 per transfer

What is the SEPA transfer limit?

SEPA does not usually set any specific maximum amount for transfers. Instead, these can vary depending on the individual banks or financial institutions and the countries involved. For example, a typical SEPA transfer limit for instant credit transfers can range from EUR 15,000 to around EUR 100,000. It’s best to verify this with your bank. 

With Xapo Bank, you can enjoy the flexibility to make SEPA transfers of up to EUR 100,000.

Does Xapo Bank support SEPA bank transfers?

Yes, Xapo Bank supports SEPA bank transfers, allowing its members to effortlessly send and receive Euros using their Xapo Bank account. With fast transactions and minimal fees, it provides a convenient and cost-effective way to manage Euro deposits and withdrawals.

Can I send and receive euros with Xapo Bank?

While Xapo Bank does not offer Euro bank accounts, our members can still send and receive Euros to and from local banks in the SEPA region via the SEPA banking network, directly from their USD bank account.

How to receive Euros with Xapo Bank?

You can seamlessly send Euros to your Xapo Bank USD account. We automatically convert the funds for you, so you don’t have to worry about the conversion process.

Here’s how to do it on the Xapo Bank app:

  • On the Wallet tab, tap on Receive
  • Select Euros
  • Copy your IBAN details to the sending SEPA bank account, or share the details with the sending counterparty
  • Once the sending bank processes the transaction, you will see the Euros converted to USD in your Xapo Bank USD account.

How to send Euros with Xapo Bank?

The Xapo Bank app also allows you to use your USD balance to send Euros. In the same way as above, we convert the USD amount you would like to send to Euros.

How can you do that? Open up your Xapo Bank app:

  • On the Wallet tab, tap Send
  • Select the Bank account option
  • Select one of the previously registered accounts or add a new one with the Add new recipient button
  • Specify the amount of Euros you would like to send. At this stage, you can review the exchange rate fees that will apply to the transaction.
  • Select the type of transfer: either SEPA instant or SEPA regular
  • Indicate a purpose for the transfer and add a reference (optional). You can also share the reference with the recipient.
  • Then, tap Continue and review the transfer details.
  • Tap Confirm to process the transfer.

Moreover, each time a Xapo Bank member deposits or receives Euros to their USD account, we convert the Euros instantly to USD at a very competitive rate. Move your USD to your Savings account and start earning 4.6% annual interest, paid daily.*

Can I send Euros from my USD bank account?

Yes, Xapo Bank members can use their USD account to send Euros to a SEPA bank account. The amount they send in Euros will be seamlessly converted from members’ USD balance.

Leveraging the Xapo Bank advantage

Xapo Bank offers secure, innovative payment solutions that enable faster, quicker, and cheaper SEPA bank transfers. With the Xapo Bank app, you’ll be able to receive Euros, converted to USD and deposited to your Xapo Bank USD account. On top of that, the USD deposits you move to your Savings account will start earning 4.6% annual interest, paid daily upon receipt.*

Discover the other ways you can send and receive money with the Xapo Bank app:

Get ready to transact worldwide with efficiency and simplicity. Join Xapo Bank today.


This article is for general information purposes only and is not intended to constitute legal or other professional advice or a recommendation of any kind whatsoever and should not be relied upon or treated as a substitute for specific advice relevant to particular circumstances. We make no warranties, representations or undertakings about any of the content of this article (including, without limitation, as to the quality, accuracy, completeness or fitness for any particular purpose of such content), or any content of any other material referred to or accessed by hyperlinks through this article. We make no representations, warranties or guarantees, whether express or implied, that the content on our site is accurate, complete or up-to-date.

* The Annual Interest Rate offered on both USD and Bitcoin deposits is variable and may change at any time. Please see our Interest FAQs for more information. Interest on Bitcoin deposits will only be paid on balances of 5 BTC or less. For more information, visit our Help Centre. Interest on both USD and BTC is currently paid in Satoshis. We may instead choose to pay it in any other supported currency or currencies (fiat and/or crypto) from time to time. 

Xapo Bank is a crypto-enabled bank licensed by the Gibraltar Financial Services Commission. We give our members access to a US Dollar and Bitcoin account, successfully bridging the gap between traditional banking and crypto. USDC deposits into Xapo are immediately converted to USD on a 1:1 basis, giving instant dollar cash value with zero exchange fees.

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