SEPA (Single Euro Payments Area) is a European initiative that makes euro payments across participating countries work like domestic payments.
It ensures that the same standards and format is used across participating countries so that all transactions are processed in the same way, even between countries.
Any person or business with a bank account in the SEPA zone can send and receive euro-denominated SEPA payments.
All accounts in People First Credit Union use SEPA.
SEPA schemes are for euro payments only.
Currently, there are 41 countries and territories in the SEPA zone. You can transfer from your credit union account to any of these countries, and the transfer is processed the same as a domestic transfer (i.e. within the Republic of Ireland).
SEPA countries using the euro (local currency = EUR):
Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Portugal, Slovakia, Slovenia, Spain.
SEPA countries not using the euro (local currency ≠ EUR):
Bulgaria, Croatia, Czech Republic, Denmark, Hungary, Poland, Romania, Sweden, Iceland, Liechtenstein, Norway, Switzerland, United Kingdom, Albania, Montenegro, Moldova, North Macedonia, Serbia, Andorra, Monaco, San Marino, Vatican City State.
Even though some SEPA countries don’t use the euro as their local currency (for example, Sweden, Denmark, or the UK), members can still send and receive payments in euro through SEPA.
Your account will be debited in euro, and if the other bank account is not euro-denominated, their bank will handle the currency conversion.
This information is correct as at 11/09/2025. For the most up-to-date information on the SEPA zone: https://www.ecb.europa.eu/paym/integration/retail/sepa/html/index.en.html
A SEPA Instant payment enables funds to be transferred from one payment account to another within 10 seconds. This is available 24/7/365 when supported by both payment service providers. It is the “instant” option of SEPA credit transfers.
Your shares and current accounts have been capable of receiving SEPA Instant payments since January 2025, and will be capable of sending SEPA Instant payments from 09/10/2025.
Learn more about SEPA Instant and stay informed about what’s changing at www.PayRightNow.ie.
SEPA Instant payments will reach the recipient within 10 seconds.
Only if the recipient's bank or credit union participates in the SEPA Instant scheme.
If their bank/credit union does not support instant payments, the payment will be rejected. You will have the option to send it as a standard (non-instant) SEPA transfer.
The only accounts in the credit union that support SEPA Instant are:
- Shares
- Current Account
Other financial institutions (such as banks) may be different, although the general principle is that only payment accounts support SEPA Instant (i.e. loan accounts, mortgage accounts, etc. will not support SEPA Instant). You should check this with your bank.
No, there are no additional fees to use SEPA Instant.
People First Credit Union does not charge transaction fees (with the exception of our Current Account).
No.
A recall may be attempted, but there is no guarantee that the funds will be returned.
Yes.
If you're using online banking, you can only send €5000 per day.
If you're transacting in our branch, the limits are higher.
Yes.
There may be short periods of downtime due to essential maintenance. In this instance, the payment will be sent through the standard SEPA scheme (which may take 1 to 2 business days).
Yes.
No. You will always have the choice to use either SEPA Instant or the standard SEPA scheme.
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.
SEPA Instant enables real-time transfers between payment accounts, with funds available to the recipient almost immediately. You will receive confirmation within 10 seconds, and there are no extra fees—costs are the same as standard SEPA payments.
You can reach out to the customer support team at info@peoplefirstcu.ie or by calling to our branch. Make sure to check our website here for the most up-to-date contact details and service hours.
Verification of Payee (VOP) is a new security service being implemented across banks and credit unions that helps ensure the name you enter for a recipient actually matches their bank account.
It's designed to reduce fraud and errors, such as sending money to the wrong account or falling victim to scams.
No.
VOP is being introduced for all SEPA payments, but it is particularly important for instant transfers due to their irreversible nature.
When you add a new payee or make a payment, you will enter the payee's name and their IBAN. VOP will check to see if the IBAN belongs to the name you entered.
The system will then show one of the following:
- A confirmation that the name matches ("Match")
- A warning that the name does not match ("No Match")
- A warning that the name is similar ("Close Match")
- An error that the payee could not be verified.
Verification of Payee (VOP) is a regulatory requirement introduced under the EU Instant Payments Regulation (2024).
VOP helps prevent fraud and reduces the chance of money being sent to the wrong account. Completing VOP gives you confidence that your payment is being sent to the intended person.
No.
If a match is found, the payment continues as normal.
If the name does not match, you will be warned and will have the opportunity to amend the details.
You can choose to ignore the warning and proceed with the payment, but the credit union will not be liable for funds being transferred to the wrong person. It is your responsibility to verify payment details if VOP does not return a match.
If the account details were verified via VOP and matched, the payment is processed and arrives within 10 seconds.
If the account details were incorrect and a warning was shown, but you decide to proceed - the payment could fail or go to the wrong recipient.
Always double-check payee information before confirming any payment. If you receive any warning, contact the person you are sending money to and ask them to confirm their IBAN and full name.
VOP verifies that at least one of the account holders’ names matches the name you enter.
If the account is held in multiple names and there is no exact match, you may receive a warning. Check carefully before confirming.
Yes.
If someone is sending money to your credit union account using SEPA Instant, they will go through the same VOP process with their bank or credit union.
It's important that you give them your full name exactly as it appears on your credit union account. For example, if you are referred to as "Johnny Bloggs" but your credit union account is under "Johnathan Bloggs" - you should tell the payer to enter "Johnathan Bloggs".
Yes.
This is a new security feature to reduce fraud and errors. It is completely for your benefit.
The Payer will require your full name exactly as it appears on your credit union account, and your IBAN.
After entering the payee's details, you will see one of the below messages:
Match:
The name you entered matches the name associated with the IBAN you entered.
Close Match:
The name you entered is not an exact match with the name associated with the IBAN you entered.
For example, if you entered "Joanne Bloggs" but the name associated with the IBAN is "Joan Bloggs" - you will see this message.
You will be shown the correct name, and you can use this to confirm whether it is the person you intended to transfer to.
No Match:
The name you entered is not a match with the name associated with the IBAN you entered.
For example, if you entered "Joanne Bloggs" but the name associated with the IBAN is "Kevin Murphy" - you will see this message. You will not see the name actually associated with the IBAN.
If you see this message, you should not proceed with the payment.
If you know and trust the payee, contact them and verify the details.
If you don't know the payee, do not engage, no matter how persistent they are. Learn more here about how to recognise and protect yourself from fraud. Contact the credit union if you have any concerns.
- Increased confidence that your money will reach the intended payee
- Reduced risk of misdirected payments due to errors
- Improved accuracy leading to fewer rejected or returned payments
You can reach out to the customer support team at the Credit Union by telephone or in branch. Make sure to check our Credit Union website for the most up-to-date contact details and service hours.
Your name will only be shown when it has been detected that the person sending you the payment has entered a slightly different or incorrect name i.e. a close match. Otherwise, your name is not disclosed.
For SEPA Instant payments and VOP, cross border euro payments to the eurozone are treated the same as payments within Ireland. EU countries that have not adopted the euro such as Poland will be required to provide SEPA Instant payments and VOP in 2027. Other non-EU/EEA SEPA countries such as UK and Switzerland may provide SEPA Instant payments and VOP in the future.
No, the verification of payee feature is offered free of charge for all customers.
No, while VOP will be an additional step to help you protect your money when making a SEPA payment, it will not affect the time taken to send a payment once you have approved it.
BIC stands for "Bank Identifier Code". Every financial institution in the SEPA zone has a unique BIC, and it helps the system to determine where to transfer your funds to.
It's not always required, but you should always have the BIC of the account you want to transfer to.
IBAN stands for International Bank Account Number. It's a standard number used worldwide for your account.
Every credit union and bank account has a unique IBAN. It's the only way to transfer money via SEPA.
You can find your IBAN on your credit union statement, or on our mobile app. If you would like to send your IBAN to someone, you can easily copy and paste it within our mobile app.
All electronic transactions through the credit union use one or more SEPA payment types.
This is the most common type of SEPA payment, and is also known as an "Electronic Funds Transfer (EFT)".
It’s used for one-off payments, such as transferring money to a family member, paying an invoice, or moving funds between your own accounts in different SEPA countries.
Payments are made in euro from one IBAN to another.
Funds usually reach the recipient within one business day (sometimes faster).
CT is widely supported by all SEPA banks and credit unions.
This is a new service that allows euro payments to arrive within seconds, no matter the day or time (24/7/365).
Both the sender’s and the recipient’s account must support SEPA Instant. If the recipient’s bank doesn’t, the payment will either fail or fall back to a standard SEPA transfer.
From 09/10/2025, your credit union shares and current accounts will support SEPA Instant (subject to limits). Your loan accounts will not support SEPA Instant.
Because it’s instant and irreversible, it’s best suited for situations where speed matters — for example, urgent bills, last-minute transfers, or making sure someone receives funds immediately.
This is designed for regular or recurring payments, such as utility bills, insurance, subscriptions, or loan repayments.
Instead of you initiating the transfer, the company (the “creditor”) collects the funds directly from your account — but only after you have given them authorisation to do so (called a “mandate”).
Payments are always in euro, even if the company is based in a non-euro SEPA country.
You can make a SEPA payment through our mobile app, online banking, or in any of our branches.
Whether you're transacting online or in our branch, you will need the following details:
- The recipient's full name
- The recipient's BIC
- The recipient's IBAN
- The recipient's address
- A reference to add to the transfer (so that the recipient knows what the payment relates to)
Yes, but only if you have a current account with People First Credit Union.
Future dated payments can only be scheduled in our online banking portal on our website.
No.
If you ever encounter an issue with sending an incorrect amount or to the incorrect payee - contact the credit union immediately.
