SEPA Instant Euro transfers now available

Vladimir Pyagay

 · August 14, 2020  · 08/14/2020

We want you to get more from your business account. That's why we’ve introduced instant Euro transfers to all Revolut Business accounts, to make your payments to European bank accounts even faster.

Now, when you send or receive a EUR transfer from your Revolut Business account to another bank account in Europe, the money will arrive within seconds, as long as the other bank also supports Instant transfers.

You can find out here if a bank supports instant EUR transfers.

How do instant transfers work?

Over the past decade, the Euro Retail Payments Board (ERPB) has made a number of important improvements to the way businesses and individuals can transact within the European Economic Area. One of these is the instant payments scheme, introduced in 2017 – it helps payments reach their destination more quickly via the Single European Payments Area (SEPA). In layman’s terms, this system provides one, pan-European infrastructure for all payments to move through, which saves time.

Typically, SEPA transfers take 1 to 2 business days to arrive. However, with SEPA Instant Transfers, that time is reduced to 10 seconds or less.

How to set up a transfer

  • Log in to your Revolut Business account on web
  • Click on the ‘Send’ button
  • Choose an existing counterparty or create a new one
  • Type in the amount and add a reference
  • Confirm payment details
  • Check the ETA
  • Click on ‘Send funds’
  • Enjoy the buzz of instant payments

If you want to receive a Euro transfer you’ll need to know your IBAN.

How to find your IBAN:

  • Go to your EUR pocket
  • Select ‘Account details’ tab

And that's it! We hope you enjoy the speed and ease of this new feature – just another way we're helping you get more from your business account.

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