What is a SEPA bank account?

As a payment service provider, Swapin currently provides payments to SEPA bank accounts. In this article, we'll delve into what SEPA is, how it works, the difference between instant and ordinary SEPA payments, and explore some neobanks that offer online applications for SEPA bank accounts.

What is SEPA?

SEPA, the Single Euro Payments Area, is an initiative that aims to simplify and harmonize bank transfers denominated in euros across Europe. It was created to facilitate cross-border payments within the Eurozone and a few non-Eurozone countries. SEPA enables individuals and businesses to make electronic payments in euros across 36 European countries using a single set of payment instruments and standards.

SEPA Countries List

The following countries are part of the SEPA:

  • Austria

  • Belgium

  • Bulgaria

  • Croatia

  • Cyprus

  • Czech Republic

  • Denmark

  • Estonia

  • Finland

  • France

  • Germany

  • Greece

  • Hungary

  • Iceland

  • Ireland

  • Italy

  • Latvia

  • Liechtenstein

  • Lithuania

  • Luxembourg

  • Malta

  • Monaco

  • Netherlands

  • Norway

  • Poland

  • Portugal

  • Romania

  • San Marino

  • Slovakia

  • Slovenia

  • Spain

  • Sweden

  • Switzerland

  • United Kingdom

  • Vatican City

Visit the European Central Bank page to see the interactive map of SEPA countries.

Do I need a SEPA bank account to use Swapin products?

Yes, currently, Swapin offers crypto-to-fiat payments to SEPA bank accounts exclusively.

What are instant and ordinary SEPA payments?

SEPA payments can be broadly categorized into two types: instant SEPA payments and ordinary SEPA payments.

  • Instant SEPA Payments

  • These are real-time payments that allow funds to be transferred almost immediately, usually within minutes, 24/7. They provide faster processing times compared to ordinary SEPA payments, making them suitable for time-sensitive transactions. 

  • 95% of Swapin transactions are made to instant SEPA bank accounts and processed in 5 minutes or less. 

  • Ordinary SEPA Payments

  • These are regular SEPA transfers that follow the standard processing timelines, typically one to two business days. They are often used for non-urgent transactions and have no specific time constraints. National bank holidays and weekends might affect the waiting times for ordinary SEPA bank transfers.

  • In case you transfer crypto  to an ordinary SEPA bank account, it will be typically delivered the next business day. 

How can I verify if my SEPA bank account supports instant payments?

You can check any IBAN for Instant SEPA support (SCT-inst) on this page. Enter your IBAN in the form. If it supports instant SEPA, you will see a green checkmark on the SCT-Inst section.

I don't have a SEPA bank account, how can I get one?

If you are a resident of a European Union (EU) or UK country and possess a bank account opened within your country of residence, you likely already have a SEPA bank account.

However, even if you reside outside the SEPA region, you may still have the opportunity to establish a SEPA bank account through certain neobanks. Here are a couple of examples:






Starling Bank

and others.

It's important to note that each bank maintains its own policies regarding the opening of bank accounts. While Swapin can suggest these banking providers as potential options, we cannot guarantee your eligibility to use their services or engage in crypto-related transactions. Please conduct thorough research to find a solution that best suits your needs.