SEPA (Single Euro Payments Area) is the European payment system that allows euro-denominated bank transfers between 36 countries. If you have a Grey EUR account, you can receive payments from any SEPA country directly. This guide explains how SEPA works, what it costs, and how to receive your first SEPA payment.
SEPA vs SEPA Instant: What is the Difference?
Type | Full name | Speed | Available hours | Grey deposit fee |
SCT | SEPA Credit Transfer (standard) | 1- 2 business days | Business hours only | 0.8% (min €2, max €10) |
SCT Inst | SEPA Instant Credit Transfer | Within 10 seconds | 24 hours, 365 days a year | 0.8% (min €2, max €10) |
Both standard SEPA and SEPA Instant carry the same deposit fee on Grey. Whether you receive via standard or instant depends on which scheme the sending bank uses — you do not need to specify it.
SEPA Instant Transaction Limit
SEPA Instant transfers are capped at €100,000 per transaction under EU regulation, though individual banks may apply lower limits. If you are expecting a payment above this threshold, the sender will need to use standard SEPA (SCT) instead, which has no regulatory per-transaction cap (though individual bank limits may apply).
Which Countries Can Send SEPA Payments?
SEPA covers 32 countries:
All 27 European Union member states (Germany, France, Spain, Italy, the Netherlands, Belgium, Portugal, Austria, and others)
Iceland, Liechtenstein, and Norway (EEA but not EU)
Switzerland (SEPA member but not EEA — see note below)
United Kingdom — UK banks can send standard SEPA Credit Transfers. Note: SEPA Instant from UK banks is not universally supported, as not all UK banks are enrolled in SCT Inst.
Grey supports receiving EUR from countries within the European Economic Area (EEA). Switzerland and the UK are SEPA members but are not in the EEA. If you expect a payment from Switzerland or the UK, contact Grey support to confirm whether it will be received.
The Deposit Fee for Receiving EUR on Grey
Receiving EUR via SEPA or SEPA Instant on Grey costs 0.8% with a minimum of €2 and a maximum of €10.
Fee examples: receiving €100 costs €2 (the minimum). Receiving €500 costs €4. Receiving €1,250 or more costs the maximum of €10. The cap applies regardless of the amount above €1,250.
What to Share With Your SEPA Sender
For a sender to pay you via SEPA, they need:
Your Grey IBAN (from your EUR wallet in the Grey app)
Grey's SWIFT/BIC code (shown in your EUR wallet account details)
Your full legal name as registered on Grey
Open the Grey app, tap your EUR wallet, and tap Account Details. All the information the sender needs is displayed there.
Common Scenarios Where You Will Receive SEPA Payments
European employer or client: If your salary or invoice is paid in EUR from a European bank, your employer initiates a SEPA Credit Transfer. Share your IBAN and SWIFT/BIC.
Payoneer EUR withdrawals: If you withdraw your Payoneer EUR balance to a bank account, Payoneer sends via SEPA. Use your Grey EUR IBAN as the withdrawal destination.
Wise EUR transfers: If someone sends you EUR via Wise to your bank account, Wise processes it as a SEPA payment. Share your Grey IBAN.
European freelance platforms: Platforms like Malt, Toptal, and others may pay in EUR via SEPA. Set your Grey EUR account as your withdrawal method using your IBAN.
What to Do If Your SEPA Payment Has Not Arrived
Standard SEPA transfers take up to 2 business days. SEPA Instant should arrive within 10 seconds to a few minutes.
If your standard SEPA payment has not arrived after 2 working days, contact Grey support through the app or at [email protected]. Include the transfer amount, the sender's name, their bank name and country, and any transaction reference number they can provide.
Frequently Asked Questions
What is SEPA?
SEPA (Single Euro Payments Area) is a European payment integration system that allows euro-denominated bank transfers between 32 countries under unified rules. It covers all EU member states plus Iceland, Liechtenstein, Norway, Switzerland, and the UK.
What is the difference between SEPA and SEPA Instant?
Standard SEPA (SCT) transfers take 1-3 business days. SEPA Instant (SCT Inst) arrives within 10 seconds, 24 hours a day, 365 days a year. Whether your payment arrives via standard SEPA or SEPA Instant depends on which scheme the sending bank uses — both are supported on Grey.
What is the deposit fee for EUR on Grey?
Receiving EUR via SEPA or SEPA Instant carries a fee of 0.8% with a minimum of €2 and a maximum of €10. Receiving €100 costs €2 (the minimum). Receiving €500 costs €4. Receiving €5,000 or more costs the maximum of €10.
What information does a SEPA sender need?
To send you a SEPA payment, the sender needs your Grey IBAN and Grey's SWIFT/BIC code. Both are visible in the Grey app under your EUR wallet > Account Details.
Which countries can send me SEPA payments?
SEPA covers 32 countries, including all 27 EU member states, plus Iceland, Liechtenstein, Norway, and Switzerland. UK banks can send standard SEPA Credit Transfers.
Note: SEPA Instant from UK banks is not universally supported — your UK sender's bank may not be enrolled in SCT Inst. Grey only supports receiving EUR from countries within the EEA.
Is there a maximum amount for SEPA Instant transfers?
Yes. SEPA Instant transfers have a transaction limit of €100,000 per transfer under EU regulation, though individual banks may apply lower caps. Standard SEPA transfers do not have a regulatory per-transaction cap, though your sender's bank may impose one.
What do I do if my SEPA payment has not arrived?
Standard SEPA transfers take up to 2 business days. SEPA Instant should arrive within 10 seconds to a few minutes. If your standard SEPA payment has not arrived after 3 working days, contact Grey support through the app or at [email protected]. Include the transfer amount, the sender's name, their bank name and country, and any transaction reference number they can provide.
Receiving payments is dependent on the sending bank/platform and payment scheme used.
The standard timeline for receiving EUR transfers is 1-2 working days.
We only support receiving these payments from countries within the EEA.