SEPA Electronic Transfers

Transferring funds internationally

Thanks to SEPA (Single European Payments Area), it’s easier than ever to electronically receive & transfer funds in and out of your credit union account. SEPA was set up to standardise the way all electronic payments are processed in the Euro area, using your account’s IBAN and the BIC of your financial institution. Payments through SEPA are an easy, cost effective way to bank internationally so ask for SEPA!

How it works:

Q. Can I transfer funds internationally to and from my Mallow CU account?

A. Yes – provided the international account is in one of the the 34 countries included in the SEPA zone (the 27 EU member States, the United Kingdom, Iceland, Liechtenstein, Norway, Monaco, San Marino and Switzerland.


Q. What if the account isn’t in one of those countries?

A. Any transfers outside of the SEPA zone (i.e. from the United States, Canada, Australia) cannot be processed by Mallow Credit Union.


Q. What do I need to make a SEPA payment?

A. You need:

  1. The IBAN of the person you want to pay
  2.  The bank to which you are sending the payment to be a member of the SEPA scheme
  3.  The payment to be in euro


Q. What about countries in Europe that don’t use Euro?

A. For countries within the SEPA zone, but not using the Euro, you’ll need to confirm that the bank transferring/receiving the funds can support SEPA Credit Transfers and SEPA Direct Debit. You can check this by validating it’s IBAN online at .Or, ask a staff member in the transferring bank to validate the IBAN if you’re unsure or if it’s your first time transferring to/from the account.


Q. How long does a transfer take?

A. SEPA transactions work as quickly and as easily as domestic transactions, so a SEPA Credit Transfer from Germany processed first thing in the morning should be in your Mallow CU account that same evening for example.


Q. What happens if the bank can’t support SEPA Credit Transfers and SEPA Direct Debit but I’ve authorised an International Transfer to my Mallow CU account?

A. Unfortunately, there’s no way for other types of International Transfers to reach your Mallow CU account; your bank will need to recall the transfer and you will likely
incur time delays & costs. Your bank must process the transfer as a SEPA Credit Transfer.


Q. Do I need to visit the branch to arrange a SEPA Transfer?

A. No, provided you’re confident the account supports SEPA Credit Transfers & SEPA Direct Debit you can set up the transfer online using the IBAN. If you haven’t already signed up for online banking with Mallow CU, sign up today and make full use of your credit union.



  • Ask your bank to confirm you’re SEPA Credit Transfer supported and transfer with confidence.


  • Mallow Credit Union is unable to accept SWIFT payments. You may incur charges if you attempt to send money to your account in Mallow Credit Union via SWIFT.