Questions and Answers

Questions and Answers for SEPA Instant

• What is SEPA?

  The Single Euro Payment Area (‘SEPA’) is an initiative to simplify euro payments. It is changing to introduce payments that get processed within seconds every day. 

  The change to payments coming into payment accounts will happen from 9 January 2025; and to payments coming out of payment accounts on 9 October 2025.

• What is a SEPA credit transfer?

  A SEPA Credit Transfer (SCT) is an electronic transfer of money, from one account to another, in the SEPA Zone.

• What is a SEPA Instant Credit Transfer?

  A SEPA Instant Credit Transfer allows the transfer of money between two payment accounts  in the SEPA zone within seconds, every day.

• Is SEPA Instant the same as an AIB to AIB account transfer?

  No. While electronic transfers to other AIB payment accounts often happen immediately, they are not currently SEPA Instant Payments. You will be able to send  SEPA Instant Payments later in 2025.

• What will happen on the 9th January 2025?

  You will be able to receive SEPA Instant Payments into your payment account from another payment providers payment account immediately.

• Is there a maximum amount for a SEPA Instant Credit Transfer into an account?

  A maximum amount applies to SEPA Instant Credit Transfers. Please contact us on 0345 6005 925 Monday to Friday 9:00 - 17:00 excluding Bank Holidays for more information.

• Can I receive a SEPA Instant Credit Transfer on a non banking day?

  SEPA instant credit transfer to your payment account can happen at any time on any day, including weekends and bank holidays.

• Will I have access to my money immediately?

  Yes, you will have access to money immediately at any time on any day.

• Will Incoming SEPA Instant Credit Transfer be available at all times?

  Yes. There may however be short periods of planned maintenance where they are not but we will notify you of these in advance.  Any such periods will be minimised as much as possible.

• What accounts are covered by SEPA Instant Credit Transfers?

  From 9 January 2025, the following AIB (NI) payment accounts will be able to receive SEPA Instant Credit Transfers.
  

  • AIB (NI) Euro Current Accounts
• Can a Mortgage account or Loan account receive a SEPA Instant Credit Transfer?

  No, only payment accounts can receive a SEPA Instant Credit Transfer.

• What countries in the SEPA zone are impacted by this change?

  The SEPA scheme consists of 27 EU countries.

  • Austria
  • Belgium
  • Bulgaria
  • Croatia
  • Republic of Cyprus
  • Czech Republic
  • Denmark
  • Estonia
  • Finland
  • France
  • Germany
  • Greece
  • Hungary
  • Ireland
  • Italy
  • Latvia
  • Lithuania
  • Luxembourg
  • Malta
  • Netherlands
  • Poland
  • Portugal
  • Romania
  • Slovakia
  • Slovenia
  • Spain
  • Sweden

  The EEA includes EU countries and Iceland, Liechtenstein and Norway are allowed be part of the EU's single market.
  
  

• What currencies are covered by SEPA?

  Euro

• Do I need to sign up or do anything additional to receive Incoming SEPA Instant Credit Transfers?

  No, you don’t need to sign up or do anything additional.

• What are the changes to the terms and conditions?

  The changes to the terms and conditions cover payments under SEPA Instant Credit Transfers into personal and business payment accounts held in the Republic of Ireland and take effect from 9 January 2025.

• Can I make an outgoing SEPA Instant Credit Transfer with AIB?

  Yes, but it will be later in 2025 and we'll let you know closer to the time.

• Are there additional fees for receiving SEPA Instant Credit Transfers?

  No there are no additional fees for receiving a SEPA instant payment.

• Will I receive credit value and interest on a non-banking day for a SEPA Instant Payment that I receive?

  From the 9 January 2025 money received on a non-banking day will have credit value and credit interest applied on the previous banking day or next banking day as appropriate.

  You will be able to refer to your account statement from the 9 January 2025. For further details, a guide to understanding your statement will also be available from this date.