International Payment Transactions
SEPA transfer - the benefits for you
- a single system for euro transfers – whether in Germany or abroad
- use of IBAN and BIC.
- accounts credited throughout Europe within a day
- no limit amount
- favourable domestic rates
What customer data do you need for a SEPA transfer?
Instead of the account number and sort code, with a SEPA transfer the recipient’s IBAN (International Bank Account Number) and BIC (Bank Identifier Code) have to be used. This will clearly identify the recipient of the payment.
You can conveniently convert the customer data with German banks to IBAN and BIC using the SEPA Account Converter. For foreign account details, please ask the recipient of the payment for the details.
What details do you have to provide as the originator of the transfer?
As the originator of the transfer you only need your IBAN. This includes your account number and sort code, the country code and a check digit. You can find these on your account statement. You can also quickly obtain your details with our >IBAN calculator.
Our tip: Quote your IBAN and BIC on your business documents and invoices so that your business partners and customers can pay the amounts they owe you by way of a SEPA transfer.
What do you need to bear in mind with foreign transfers?
The Deutsche Bundesbank has to be notified of transfers over EUR 12,500 to or from abroad.
The Deutsche Bundesbank’s free Hotline will answer any questions you have about this duty of notification (forms, presentation, notification deadlines etc.): +49 800 1234-111
What does a SEPA transfer cost?
The costs for a SEPA transfer are shown in your NORD/LB’s >list of charges and services.
SEPA direct debit - the benefits for you
- used throughout Europe - all 33 European countries are participating
- exact due date for account debit
- clear allocation of a payment with mandate reference and creditor identification number
- up to 140 characters for reason for payment
How can you participate in the SEPA direct debit scheme?
In order to collect funds using the SEPA direct debit process, you need a SEPA direct debit mandate. This authorises the recipient to collect an amount due from the payer. The bank of the payer is also instructed to pay the direct debit. Every SEPA direct debit mandate contains a clear mandate reference - for example a sequential number. This has to be stated in all SEPA direct debits. Together with the identification number of the presenter of the direct debit, the so-called creditor identification number, every mandate is clearly identified. You can obtain the creditor identification number free of charge from the >Deutsche Bundesbank (in German only).
Features International Cash Management:
- Allows you to optimally manage accounts with foreign banks (worldwide).
- Provides you with your foreign bank account information.
- Sends your account information to foreign banks to your central treasurer.
- Communicates with accounts in the domestic payment system of the respective country.
- Uses the SWIFT formats MT 101 and MT 940.
- worldwide account management from one location
- quick information on financial status
- efficient planning
- optimal liquidity planning with currency overviews and planning data
- convenient, electronically-assisted treasury
- full integration into our SFirm banking programme with the GlobalCash and Cash International modules