If customers and suppliers operate in Europe, a local EUR account is usually simpler than sending every payment through SWIFT. It gives the company an IBAN, access to SEPA, and a payment route European counterparties already use.
What is SEPA?
SEPA stands for the Single Euro Payments Area. It is the common framework used by banks and payment institutions to send euro transfers across participating European countries.
A German customer can pay an Irish, Lithuanian, or French IBAN through the same type of euro transfer it uses domestically. The European Commission explains that SEPA applies common rules to euro credit transfers and direct debits across the region.
SEPA is a payment rail. It is not an account by itself. To send or receive through SEPA, a company needs EUR account details issued by a participating European bank or payment institution.
Why companies use SEPA
EUR transfers normally arrive within one business day
A standard SEPA Credit Transfer is generally delivered by the end of the next business day after the payment provider accepts it. Cut-off times, weekends, bank holidays, incorrect details, and compliance reviews can extend that timeline.
Where both providers support SEPA Instant, the payment can arrive in seconds. The European Payments Council notes that participating providers can still set their own availability and transaction limits.
The payer uses a familiar domestic flow
The customer enters a beneficiary name, IBAN, amount, and reference instead of arranging an international SWIFT wire. This usually means fewer fields, a clearer payment reference, and no correspondent chain for the euro leg.
The payment may feel domestic to the customer, but it is still subject to bank compliance. The sender name, beneficiary name, invoice, payment purpose, and account activity must make sense together.
Reconciliation is easier
An invoice number can travel with the transfer reference. Finance can match the sender, amount, and reference to the invoice without relying on a separate SWIFT advice.
European account details are required
An international company cannot access SEPA using only a bank account outside the participating area. It needs EUR account details connected to a European SEPA participant.
HEVN can arrange named virtual EUR account details for an approved company through Banking Circle. The details are issued in the company's name where the approved product supports named accounts. Banking Circle provides the regulated payment service and account details. HEVN manages the application, access, payment workflow, and records.
Availability depends on the company's jurisdiction, ownership, business activity, counterparties, and expected transactions. HEVN is not a bank and cannot guarantee approval before Banking Circle completes its review.
How to open a SEPA account in HEVN
- Sign in to HEVN.
- Open Accounts in the main navigation.
- Select Open account.
- Choose EUR as the currency.
- Select the SEPA payment rail.
- Choose Banking Circle when it is shown as an available partner.
- Review the account type, expected opening time, and fees.
- Click Open SEPA account and submit the requested company information.
The exact partner options shown in HEVN depend on eligibility. If Banking Circle is not shown, contact the HEVN team so we can review the company and available EUR routes.
Documents to prepare
Have these files ready before starting:
- certificate of incorporation and current company extract
- articles of association or equivalent formation document
- shareholder and ultimate beneficial owner information
- passport or ID for directors, owners, and authorised users
- company website and a clear description of products or services
- recent customer and supplier invoices
- signed contracts supporting expected EUR payments
- recent business bank statement
- expected monthly volume, typical payment size, and main countries
- source-of-funds evidence where required
For a large first deposit, also provide the sender's legal name, sender bank, amount, currency, expected date, invoice, and signed contract. Preparing this before the payment can reduce avoidable RFI delays.
Use HEVN accounts across different rails
A HEVN account connects the company's approved routes across multiple banking partners. You do not need to keep each account in a separate banking interface.
For example, an approved company can:
- receive USD through its named ACH details
- see the funds in HEVN
- convert the required amount to EUR
- withdraw EUR through its named Banking Circle SEPA details
- pay a European supplier using the invoice number as the reference
The ACH deposit, currency conversion, and SEPA withdrawal are separate transactions. Each route has its own availability, fee, timing, and compliance requirements.
Before sharing the account details
Use the beneficiary name, IBAN, and BIC exactly as shown in HEVN. Ask the sender to pay from its corporate account and include the correct invoice or contract reference.
Need help choosing the account and payment route? Book a call with the HEVN team.
