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 that get processed within seconds every day.

  The change to payments coming into payment accounts is effective since 9 January 2025; and to payments coming out of payment accounts will happen 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 Credit Transfer 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 Credit Transfers. You will also be able to send SEPA Instant Credit Transfers from one AIB payment account to another later in 2025.

• How does this affect my account?

  You are now able to receive SEPA Instant Credit Transfers 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?

  A SEPA Instant Credit Transfer to your payment account can be received at any time on any day, including weekends and bank holidays.

• Do I have access to my money immediately?

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

• Are Incoming SEPA Instant Credit Transfers 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 payment accounts are covered by SEPA Instant Credit Transfers?

  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.

• 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.

• How do I identify when a SEPA Instant Credit Transfer has been received to my Payment Account?

  SEPA Instant Credit Transfers received to your Payment Account can be identified by their ‘TxnDate’ on your AIB account statement. This shows the transaction date on which the SEPA Instant Credit Transfer was received.

• 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, if you receive a SEPA Instant Credit Transfer to your payment account, ‘TxnDate’ (transaction date) shows the date the payment is received on your statement. Value is determined for interest purposes on a SEPA Instant Credit Transfer from the transaction date. If the transaction date is not a banking day, you will earn interest from the previous banking day, where applicable.  If this changes, we will let you know in advance.

  For example, if you receive a SEPA Instant Credit Transfer to your payment account on a Saturday the value of the interest (where applicable) for this payment will be applied from the previous banking day e.g. Friday.

• Where can I see the Credit Value Date for a SEPA Instant Credit Transfer received to my Payment Account?

  If you use our online banking services, you can find more information about your payments in the Payment Logs or alternatively contact your nearest branch. The Payment Log will include a “Credit Value Date” field for SEPA Instant Credit Transfers received which will confirm the date from which interest has been calculated.