Introducing SEPA and what it means for you.
The Single Euro Payments Area initiative will be effective in February 2014.
Here’s how it will affect your PayPal account.
What is SEPA?
SEPA is an initiative of the European Union and banking sector to make bank payments more fluid across the 33 participating countries.Find out more
Expect an automatic update to your PayPal account
With SEPA, all bank accounts will need to be converted from the local bank account format to the International Bank Account Number (IBAN) format. For most users, we will be able to do this automatically and there will be no action required from you. If we are unable to convert your bank account, you will receive an email from us with instructions on how to change this yourself within your PayPal account. You can usually find your IBAN on your bank statement.
Remember to update Top Up
In the coming months, the instructions for adding money directly to PayPal via bank transfer will also change. If you are a regular user of this service, you will need to change the PayPal account number linked to your bank account, as this will now be in IBAN format. You will receive an email notifying you of this change once it goes into effect.
Business as usual for our merchants
If you are using PayPal to collect payments for your business, you will not notice any big changes to how you use PayPal. We will ensure that all customer payments processed via PayPal are SEPA compliant.