SEPA deadline February 2014. What can we expect?

[Lightning]

Great news indeed. The EU/EC proposal does not cover pan-European credit cards. Debt products will not be obliged to be open to all European residents.

 

[Brussels]

The SEPA Regulation 260/2012 Article 9 clearly states that a payer or payee cannot specify the member state in which a payment account is to be located. It is open to have your salary paid into and direct debits collected from an account in any member state.
To insist that a salary or DD must be paid into / from an Irish bank account is breaking the law.

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[Lightning]

It is open to have your salary paid into and direct debits collected from an account in any member state.

In theory.

In reality, the vast majority of Eurozone banks don't allow non-residents open accounts from a different member state. Which is why further legislation is needed post SEPA implementation which the EC are working on.

 

[murphaph]

I think this will add significant strength to the eurozone as banks won't be so tightly aligned with individual national economies. More of a spider's web than a collection of individual entities as we have now. It's probably the only way the euro can survive really, through more about integration.

 

[ardmacha]

The EU/EC proposal does not cover pan-European credit cards

While I don't aspire to debt, a credit card with frequent flyer points would be nice and these are readily available in other Euro states.

 

[pudds]

At RaboDirect we plan to be Single Euro Payment Area (SEPA) ready by the 9th of September 2013

if you've got a Rabo Money Mover set up to deposit into your RaboDirect account regularly, and the amount is in excess of €500 per month or €100 per week, then you'll need to reduce this. Otherwise, your payment request made on or after the 9th of September 2013 will not be processed if it exceeds either €500 per month or €100 per week

I only have an on-line demand account, so is there anything I need to do right now in advance of this or can I just wait till I'm making a deposit or withdrawal, and generate an iban code then.



Generate a new code: https://ipsosepaservice.sentenial.com/ipso/