SEPA SCT Payment Scheme
Starting May 5th, AikBank is enabling its clients – both individuals and legal entities – to send and receive money in Euros across 40 other countries in a faster, simpler, and more affordable way. This is made possible through membership in the SEPA payment zone, and money transfers conducted within this zone are referred to as SEPA payments.
As of this date, AikBank and other banks in Serbia operationally become part of the SEPA area as indirect participants, eliminating intermediary banks and their associated transfer costs from the international payment process.
We present to you a practical guide to SEPA payments, helping you prepare for this significant advancement in payment transactions.
Which countries are in the SEPA region?
Which countries are in the SEPA region?SEPA currently has 41 members, namely: Albania, Austria, Andorra, Belgium, Bulgaria, Montenegro, Czech Republic, Denmark, Estonia, Finland, France, Greece, Netherlands, Croatia, Iceland, Italy, Ireland, Latvia, Lithuania, Liechtenstein, Luxembourg, Cyprus, Hungary, Malta, Monaco, Moldova, Germany, Norway, Poland, Portugal, San Marino, North Macedonia, Slovakia, Slovenia, Serbia, Spain, Switzerland, Sweden, Romania, United Kingdom, and Vatican City.
What does SEPA mean for businesses operating in Serbia?
Faster Transactions
Transfers are now completed on the same day or by the next business day at the latest, instead of the 48-hour wait that was previously standard.
When receiving money, funds are available to you immediately—without waiting for the clearing and settlement process.*
For your business, this ensures greater predictability and improved cash flow management.
Lower Costs
With standard SWIFT international payments, transaction costs range between 1,100 and 40,000 RSD, depending on the transaction amount. With SEPA payments, transfer costs are significantly lower and will range between 600 and 1,750 RSD for electronic orders, or 2,950 RSD for orders processed at a branch, depending on the transaction amount.
Full Amount Sent is the Full Amount Received
The amount sent is the exact amount the recipient will receive in their account, without any deductions. If the recipient's bank applies a specific fee for receiving funds, it will be charged separately to the recipient afterward.
Safer and More Reliable Payments
All transactions are protected by ISO 20022 standards, which are identical for all banks within the SEPA zone. In this way, your business will find it easier to operate with partners in the EU and other countries that are part of the SEPA area.
What do you need for SEPA money transfers?
When making payments:
You will be able to perform SEPA transfers through your electronic banking solution, and for this, it is necessary to update the software you are using to the latest version.
To make SEPA transfers abroad, you need to enter the correct recipient's account number (IBAN) and the recipient bank's SWIFT (BIC) code, select EUR as the currency, and choose the SHA or SHARE cost option.
In the event that the order is not marked this way, it will be processed as a standard SWIFT international payment.
When receiving a payment:
To receive SEPA payments, it is sufficient to provide your foreign currency account number (IBAN) to the sender. You can find your IBAN number on your next monthly account statement.
For any additional information, the AIK Bank Contact Center is at your disposal via the number 0800/101015.
When a payment arrives, the money will be in your account on the same day. In accordance with the NBS Decision on the Procedure for Performing Payment Transactions with Foreign Countries ("Official Gazette of RS" No. 24/2007, 31/2007, 38/2010, 111/2015, and 13/2025), you are required to submit information regarding the basis of the collection and any supporting documentation, if necessary for clearing, on the same day or no later than the following business day.*
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