Modulr allows clients to instantly open Euro accounts to allow transacting in EUR to countries and territories which are part of the Single European Payments Area (SEPA).
Those countries are currently:
- 27 member states of the European Union (EU)
- 3 countries of the European Economic Area (EEA)
- 6 non-EEA countries (Andorra, Monaco, San Marion, Switzerland, United Kingdom, Vatican City State)
Payments made in EUR are sent via SEPA Credit Transfer:
- Payments are only processed on working days (Monday to Friday) except:
- January 1st
- Good Friday
- Easter Monday
- May 1st
- December 25th
- December 26th
- You should allow up to 1 working day for payments to arrive
- For payments to arrive same working day:
- UK based customers (legal entity set as UK) should create payments by 09:30 (GMT/UTC)
- Non-UK based customers (legal entity not set as UK) should create payments by 14:00 (GMT/UTC)
EUR accounts are viewed and managed in the same way as GBP accounts, using the same Accounts APIs.
To create a EUR account, you should use the Create Account by Customer API ensuring the currency is set to "EUR" and the correct product code has been provided in the request - your account manager can provide you with the appropriate product code.
EUR payments are created in the same way as GBP payments, using the same Payments APIs.
To create a EUR payment, you should use the Create a Payment API ensuring an IBAN is provided (instead of a Sort Code and Account Number).
Note that the Batch Payment API does not currently support EUR payments.
Updated 18 days ago