SEPA Outward Instant Payments

1. What is an outgoing SEPA Instant Payment?

An outgoing SEPA Instant Payment is a transfer in euro that allows you to send money to another account within the SEPA zone in less than 10 seconds, at any time of day, including weekends and public holidays.

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2. Which countries and banks support SEPA Instant Payments?

The service is available across the SEPA zone (36 countries), but only if the beneficiary’s bank is registered and capable of receiving SEPA Instant Payments. If the beneficiary’s bank does not support the scheme, the payment will not be processed as instant.

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3. What are the limits for SEPA Instant Payments?

The maximum amount allowed for a SEPA Instant Payment is currently in line with the Bank’s SEPA transfers limits per transaction (limit set by the European Payments Council). Individual banks may choose to set higher or lower limits.

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4. When can I make an outgoing SEPA Instant Payment?

SEPA Instant Payments are available 24/7/365 — meaning you can send money at any time, including nights, weekends, and public holidays.

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5. How long does it take for the beneficiary to receive the money?

Normally, the funds are credited to the beneficiary’s account within 10 seconds. Occasionally, it may take up to 20 seconds due to network or system delays.

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6. What happens if the payment cannot be processed instantly?

If the beneficiary’s bank does not support SEPA Instant Payments, or if there is an issue preventing instant processing, the payment will be rejected. You can then either:

• Try again as a SEPA Instant Payment.
• Process the payment as a regular SEPA Credit Transfer (next business day settlement), 

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7. Are there fees for sending SEPA Instant Payments?

Yes, details of fees can be found on the Bank’s Tariff of Charges which can be found here:  How can I learn about BNF Bank's tariff of charges? | BNF Bank

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8. What information do I need to make an outgoing SEPA Instant Payment?

You will need:

• The beneficiary name
• The IBAN of the beneficiary’s account
• The amount to transfer
• (Optional) A payment reference for the beneficiary

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9. Can SEPA Instant Payments be reversed or cancelled?

Once processed, a SEPA Instant Payment cannot be cancelled or reversed. If you entered incorrect details, you should contact your bank as soon as possible however recovery of the funds cannot be guaranteed.

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10. What if the payment fails or is rejected?

If the beneficiary’s bank rejects the payment (e.g., closed account, blocked account, creditor bank took too long to reply, or any other technical reasons), the payment will be cancelled, and funds will be returned to your account.

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11. How can I check if my payment was successful?

You will receive a real-time confirmation message in your online banking or mobile app indicating whether the payment was successful or rejected. You can also check your account  to confirm that the  payment has been debited.

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12. Are SEPA Instant Payments secure?

Yes. They use the same security standards as SEPA Credit Transfers, including encryption and strong customer authentication mechanisms. When a payment is initiated, the sender’s bank authenticates the transaction and sends the payment request to the beneficiary’s bank through the SEPA Instant framework.