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Under EU law, if you make cross-border payments of up to €50,000 within the EU, you will not pay more than the cost of transferring money to an account in Ireland. If you are transferring money to a bank account within the EU, make sure you provide the International Bank Account Number (IBAN) of the person you are sending money to and the Bank Identifier Code (BIC) of their bank. This will avoid possible delays and extra transaction charges.
Banks have to inform customers of their IBAN and the bank's BIC. You can usually find your own IBAN and BIC on your bank account statement.
SEPA credit transfers can be used for euro-denominated transfers within Europe. New legislation to develop SEPA direct debits is scheduled for 2009. You can get more information on the SEPA website.
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