SEPA – Single Euro Payment Area, is an initiative that enables individuals, companies and other economical operators to conduct their domestic or international payments in Euros under the same basic conditions, rights and obligations, regardless where they are.

1. ACCOUNTANT,TAX ADVISER AND LAWYER IN MARBELLA INFORMING ON THE
SINGLE EURO PAYMENTS
Arcos & Lamers Asociados, your accountant, tax adviser and lawyer in Marbella would
like to explain the basic of SEPA and answer some of the most frequently asked
questions. You might have heard the word SEPA lately as its has been mentioned on
several TV programs and Newspapers, but, do you understand what it is and the
consequences of its introduction in the Spanish National Territory?.
What is SEPA?
SEPA – Single Euro Payment Area, is an initiative that enables individuals, companies
and other economical operators to conduct their domestic or international payments in
Euros under the same basic conditions, rights and obligations, regardless where they
are.
Which Countries are included?
SEPA will include the 28 members of the European community, Island, Liechtenstein,
Monaco, Norway and Switzerland.
This project will allow users of all the 33 countries to have a single set of standards and
rules for their bank transfers, direct debits & cards making it simple, safe and effective
for all users.
When will this project be fully in place?
All national payments (transfer or debits) should be fully replaced with the new system
by the 1st
of February 2014. From that day on all the payments will use the SEPA
instruments.

2. SEPA Bank Account
All accounts will be identified with:
 International Bank Account Number (IBAN) - identifies the account of each
user.
 Business Identifier Code (BIC) - identifies the institution where the account is
held.
Obligation to provide de BIC
For the national area will not be necessary to provide the same from the 1st
of February
2014. Before that date it might be required in specific cases. In case of cross-border
transactions, it stop being enforceable fro the 1st
of February 2016.
Do I need to make any amendments to my bank account?
When the account already allows you to make and receive transfers and/or national
debits you do not need to make any changes. In fact, those accounts should already be
prepared for the new tools implanted by SEPA.
Do not hesitate to contact one of the professionals of Arcos & Lamers Asociados,
your lawyer, accountant and tax advisor in Marbella, for all your legal and tax advise
you may need in Spain!.
Sara Duarte, accountant in Marbella