Frequently asked questions (FAQ)

SEPA is an abbreviation from Single Euro Payments Area is an area where individuals and entrepreneurs can make domestic and cross-border transfers in €uro currency as well as receiving them.
SEPA guarantees possibility of making and receiving cross-border payments to another country which is also in SEPA zone using united standards and based on the same rules, laws and duties irrespective of the place where order was issued.
Standardisation of cross-border payment system determines shorter transfer time for foreign transfers.

SEPA brings a lot of advantages for users thanks to extended convenience, clarity and speed of cross-border payments.
Thanks to SEPA bank Milllennium's customers can order cross-border payments using unified standards of European Union.
The goal of SEPA is clarity, increased security and efficiency of all cross-border payment as well as unifying standards of domestic and cross-border payments.

Single Euro Payments Area covers 31 countries - all countries which are part of European Union (27 countries) and 4 additional: Island, Norway, Lichtenstein and Switzerland.

To send SEPA transfer in Millenet customer is required to fill in foreign transfer form (Transfers>Foreign transfer from transactional system menu fo Individuals or Payments>Foreign for Companies).
First stage of this form looks exactly the same for every type of foreign transfer. Basing on filled data system automatically recognises if all requirements were fulfilled to send SEPA transfer.
To see list of requirements you can see page Sepa how does it work?
You can also download SEPA guide in PDF format here.

In SEPA payment zone all transactions are required to be calculated using €uro currency. All stages of transfers using SEPA are calculated in €uro but it does require from sender and beneficiary to have €uro account.
If beneficiary or originator account is not an €uro account SEPA transactions (for sender and beneficiary) will be calculated using their's bank's local exchange rates.

SEPA programme was initiated by 3 major European Organisations. Primary vision and initiative was issued by European Cometee.
After that Central European Bank published requirements for SEPA programme and implementation schedule to ensure efficient and organised foreign transaction zone in €uro area.
European Payment's Board creation of which was initiative of European bank's group) is responsible for creation of new payment tools for SEPA programme.

You can check if IBAN number you posses has proper structure on Krajowa Izba Rozliczeniowa page.

BIC is an abbreviation from Bank Identifier Code.
BIC code should consist of 8 or 11 chars (in some cases when code is shorter it should be filled in to 11 chars using "X") and is used to properly identify specific bank in foreign transfer system.
Every bank who is joining SEPA transactions and uses EuroElixir system to make foreign transactions is obliged to have its own BIC code.
BIC code (called sometimes also SWIFT from name of the system which uses it) and IBAN number are required to perform foreign transaction in SEPA system.

IBAN is an abbreviation from International Bank Account Number.
IBAN was created by European Bank's Standards Committee to support payment's maintenance in European Union area.
Polish IBAN consists of 28 chars and digits - it is compilation of full account number (in Polish NRB) and country code (for Poland it is PL).
Example of Polish IBAN according to standards:
PL 12 1234 5678 1234 5678 9012 3456
Full Polish IBAN consist in fact of 4 parts: country code(2 chars), control digits (2 digits), bank's account number(8 digits), customer's account specific number (16 digits).
Providing proper IBAN number and BIC code is necessary if you would like to send foreign transfer as SEPA transfer.