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, with money transfers conducted within it referred to as SEPA payments.
As of this date, AikBank and other banks in Serbia are operationally joining the SEPA area as indirect participants, eliminating intermediary banks and their associated transfer costs from the foreign currency payment process.
We present to you a practical guide to SEPA payments, helping you prepare in time for this significant advancement in payment transactions.
Which countries are in the SEPA area?
SEPA currently has 41 members, which are: 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 Serbian citizens?
Faster transactions
From now on, international transfers are executed on the same or, at the latest, the following business day, instead of the previous wait time of up to 48 hours. When receiving money, funds are available to you immediately—without waiting for the clearing and settlement process.
Lower costs
With standard SWIFT international payments, transaction costs range between 1,000 and 36,000 RSD, depending on the amount. With SEPA payments, transfer costs are lower, ranging between 600 and 1,750 RSD (5–15 EUR). When receiving money via SEPA, you do not pay any transfer fees, and the amount sent is exactly what will be credited to your account. Previously, this cost ranged between 300 and 10,000 RSD, depending on the transaction amount.
Full amount sent and received
The amount sent is the exact amount the recipient will receive in their account, without any deductions. Should the recipient's bank apply a fee for incoming transfers, it will be charged separately to the recipient.
Safer and more reliable payments
All transactions are protected by ISO 20022 standards, which are identical for all banks within the SEPA zone.
What do you need for SEPA money transfers?
When making payments:
It is sufficient to have only the recipient's correct account number (IBAN) – you do not need the full international payment instructions as required for SWIFT payments. To take advantage of SEPA transfers, you must select the SHA option when making a payment. This means that if there is a fee for receiving funds at the recipient's bank, that cost will be borne by the recipient.
If the payment 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 on your next monthly account statement.
For any additional information, the AikBank Contact Center is at your disposal at 0800/101015.
* Once the payment arrives, the funds will be credited to your account on the same day. In accordance with the NBS Decision on the Manner of Conducting International Payment Transactions ("Official Gazette of RS" No. 24/2007, 31/2007, 38/2010, 111/2015, and 13/2025), you are required to provide the Bank with information regarding the basis of the collection and any supporting documentation, if necessary for the clearing of funds, on the same day or no later than the following business day.
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