SEPA Credit Transfer Scheme

Payers in Austria have been able to make domestic and cross-border SEPA credit transfers (SCTs) in euro throughout SEPA countries since January 2008. August 1, 2014, marks the migration deadline from national credit transfer schemes to the SCT Scheme.

The same procedures and conditions apply to domestic and cross-border SEPA credit transfers in euro. The maximum execution time for an electronic SCT within the EEA is one banking business day; paper-initiated credit transfers must be executed within two banking business days.

Please note that if a bank receives a credit transfer order after the cut-off time – the deadline for receiving payment orders on a particular bank business day – it will treat the order as having arrived the following day. The execution time for that order may, as a result, be prolonged by one business day. The specific cut-off time for receiving credit transfer orders is determined by each bank in its terms and conditions.

Euro transfers to other EU countries will cost the same as domestic transfers.

SEPA payments are executed in euro only. Transactions in currencies other than the euro are subject to schemes with e.g. other execution times and costs.