Individuals
The impact of SEPA on individuals will be small. Charges for payment services for individuals are low. Cross-border usage of cards is normally satisfactory, with a few exceptions. Cross-border credit transfers are available even if not standardized. Individuals who own property abroad will see improvement in facilities for payment of utilities, etc.
| Payment service currently used | Impact (Short-term) (1-2 years) | Impact (Long Term) (2-4 years) |
|---|---|---|
General | Low for most customers | Immigrants may choose to maintain accounts in home country |
Bank Charges | No impact | No impact |
Cards | Minor improvements in acceptability of cards throughout Europe | Improvements in acceptability of cards throughout Europe |
EFT | All banks will offer online cross-border payments Need to provide IBAN & BIC to payers if expecting EFT payment from Europe | As employers switch to SEPA standards, employees may choose which country in which to hold accounts |
Direct Debit | Owners of foreign property will pay utility bills from home account | As immigrants move accounts to their home country, they will use SDD to pay Irish utility bills |