The Single Euro Payments Area (SEPA) is a common payment market / regulatory framework for all payments in Euro within the EU and EEA. The SEPA area consists of the 28 EU countries and Iceland, Liechtenstein, Norway and Switzerland.

A SEPA payment must be in Euro and the recipient bank must be a member of the SEPA cooperation. It is also important that both IBAN and SWIFT / BIC code are used, and that the payment is marked by shared costs
And The European Economic Area (EEA) is a cooperation between the European Union (EU) and three out of four member states of the European Free Trade Association (EFTA).