SEPA Instant Payments
Helping you move your money at the speed of life!
SEPA Instant is a new payment system that allows for near real-time Euro transfers across Europe. This means that when you send money using SEPA instant, the recipient receives it within seconds.
Instant Payments allow you to:
- Transfer funds in seconds (typically 10 seconds) – Send and receive payments instantly; any time, any day, even on holidays
- Get immediate confirmation when money is sent or received
- Simplify everyday payments – from splitting bills to covering emergencies
- Available 24/7/365, including weekends and bank holidays
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Send and receive Euro payments in under 10 seconds 24/7, 365 days a year.
Move Funds with Ease
There’s nothing you need to do—Instant Payments will be enabled automatically on your account.
SEPA Instant Payments Frequently Asked Questions
- What are SEPA Instant Payments?
While standard SEPA payments can take between one and two business days to reach the payee, SEPA Instant payments allow money to be transferred from one payment account e.g. current account to another, in euro, within 10 seconds, 24 hours a day, any day of the year, including bank holidays and weekends*.You will also get confirmation within 10 seconds of making a payment that it has been received by the payee.
*There are a few exceptions to this. For example, times when the Credit Union’s or payment service provider’s system might be unavailable due to planned maintenance. You will be notified of any scheduled downtime in advance.
- What are the main differences between standard SEPA payments and SEPA Instant payments?
Payment type – Standard SEPA Payments
- Speed: 1–2 business days
- Availability: Business days – hours may vary
- Notification: Not normally provided
Payment type – SEPA Instant Payments
- Speed: Within 10 seconds
- Availability: 24 hours, 7 days a week, 365 days a year
- Notification: Real-time confirmation of receipt to
payer
- Which Credit Unions, banks and payment service providers will offer SEPA Instant payments and from when?
The timing for offering SEPA Instant payments varies depending on the payment service provider, however all Credit Unions, banks and payment service providers within EU countries who use the euro must:
- From January 2025: be able to receive SEPA Instant payments
- From October 2025: be able to send SEPA Instant payments
Payment service providers in the EU/EEA whose currency is not euro have until January 2027 to be able to receive and July 2027 to be able to send SEPA Instant payments.
Non-EU/EEA countries within SEPA such as the UK and Switzerland are not required but may choose to adopt SEPA Instant payments voluntarily (Link to EPC Geographical scope here)
- Is there a fee to use SEPA Instant?
Kilmallock Credit Union does not charge our members for this service.
- Do I need to register to use SEPA Instant?
Registration is not required. The ability to send and receive individual SEPA Instant payments is available automatically through your usual channels, including mobile apps, online banking, and branch services.
- What are the benefits of using SEPA Instant payments?
If you are making a transfer from one payment account to another, SEPA Instant offers real-time payment processing making money available to the recipient almost immediately, which may be helpful for urgent or time-sensitive transactions. You will also get confirmation within 10 seconds of making a payment that it has been received by the payee. There are no additional fees for making SEPA Instant payments; fees are the same as for standard SEPA payments.
- How can I send a SEPA Instant payment?
SEPA Instant payments will be available on your existing payment channels, such as digital (e.g. mobile and online banking) and at the Credit Union.
- Which accounts can I use for SEPA Instant payments?
SEPA Instant Payments can be made from all of your balances.
- Can I set limits on SEPA Instant payments?
Yes. You can set limits for SEPA Instant payments within the overall payment limits of your Credit Union, bank or payment service provider.
- Who can I contact if I have a query about SEPA Instant?
You can reach out to the customer support team at the Credit Union. Make sure to check our website for the most up-to-date contact details and service hours.