Deposit via SEPA Bank Transfer

Send EUR from any of 41 SEPA countries. Free deposits, 90% credited in under 20 minutes.

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How to Deposit via SEPA Bank Transfer

Funding your Peanut account from a European bank account is straightforward with SEPA. You send euros from your bank, and Peanut credits your balance — no deposit fees, no minimum amount, and 90% of transfers arrive in under 20 minutes. SEPA covers 41 countries, including every EU member state, the UK, Switzerland, Norway, and Iceland, so virtually any European bank account works.

Once your deposit lands, your balance is held in digital dollars. From there you can pay at over a million merchants in Argentina via Mercado Pago QR, send Pix in Brazil, transfer money to friends and family, or withdraw to any bank account in 40+ countries.

Before You Start

Info

SEPA transfers are denominated in EUR only. If your bank account holds a different currency (GBP, SEK, PLN, CHF), your bank will convert to euros before sending. That conversion rate and any associated fee are set by your bank — Peanut receives EUR and charges nothing.

Make sure you have the following before initiating your deposit:

  • A verified Peanut account. Bank deposits require identity verification — a photo ID (passport or national ID card) plus a selfie. The process takes under 2 minutes for most users. See the verification guide for details.

  • A bank account that supports SEPA transfers. This includes banks in all 27 EU member states, the UK, Switzerland, Norway, Iceland, Liechtenstein, Andorra, Monaco, San Marino, Vatican City, and several EU candidate countries — 41 countries in total.

  • Euros (EUR) or a bank that can convert to EUR. Your bank must be able to send a euro-denominated transfer. Non-eurozone banks (e.g., in the UK or Sweden) can still initiate SEPA transfers — they simply convert your local currency to EUR first.

How to Deposit via SEPA

  1. 1

    Open the Peanut app

    Tap "Deposit" from your home screen to reach the deposit options.

  2. 2

    Select bank transfer

    Choose the bank transfer option. The app will display SEPA bank details for your deposit: an IBAN, a BIC/SWIFT code, and a unique reference number tied to your account.

  3. 3

    Copy the reference number and bank details

    The reference number is what connects the incoming transfer to your Peanut account. Copy it exactly as shown — do not retype it manually.

  4. 4

    Log into your bank

    Open your banking app or online banking portal and start a new SEPA payment.

  5. 5

    Enter the payment details

    Paste the IBAN and BIC from Peanut. Enter the amount in EUR. Paste the reference number into the payment reference or description field.

  6. 6

    Confirm and send

    Double-check the reference number before confirming. If your bank supports SEPA Instant, select it for near-instant arrival. Otherwise, standard SEPA is fine — most transfers arrive within 20 minutes.

Your Peanut balance updates automatically once the transfer is received. No action needed on your end after sending.

Confirmation Times

How quickly your deposit arrives depends on which SEPA scheme your bank uses:

  • Most deposits: under 20 minutes. 90% of SEPA deposits to Peanut are credited in under 20 minutes — well ahead of the regulatory maximum.

  • Standard SEPA (SCT): up to 1 business day. EU regulation requires funds to arrive by the end of the next business day. In practice, it almost always happens much faster.

  • SEPA Instant (SCT Inst): under 10 seconds. Available 24/7/365, including weekends and public holidays. As of October 2025, all eurozone banks must support both sending and receiving SEPA Instant, with fees no higher than standard SEPA.

  • Weekend and holiday timing. Standard SEPA transfers initiated on Friday evening, Saturday, or Sunday will not begin processing until Monday. SEPA Instant is unaffected — it works around the clock, every day of the year.

If your deposit has not appeared after 1 business day, check the deposit troubleshooting guide for next steps.

Fees

  • Peanut deposit fee: free. Peanut charges nothing for SEPA deposits — no flat fee, no percentage.

  • Your bank's fee: typically EUR 0–1. Many European banks offer free SEPA transfers, especially within the eurozone. Some banks charge a small fee, usually under EUR 1. Check your bank's fee schedule.

  • Currency conversion (if applicable). Sending from a non-EUR account? Your bank handles the conversion to euros before the SEPA transfer leaves. The exchange rate and any conversion charge are between you and your bank — Peanut is not involved in that step.

For a complete overview of fees across all deposit and withdrawal methods, visit the pricing page.

Tips for a Smooth Deposit

Getting your deposit right the first time saves time. Here are the most common things to watch for:

  • Copy-paste the reference number. This is the single most important step. A missing or incorrect reference is the leading cause of delayed deposits. Always copy directly from the app instead of typing it out.

  • Name on your bank account must match Peanut. The sender name on the SEPA transfer must match the name on your verified Peanut account. Sending from a joint account or a business account with a different name may trigger a manual review or a return.

  • Choose SEPA Instant if your bank offers it. It arrives in seconds rather than minutes and works on weekends and holidays. Since October 2025, eurozone banks cannot charge more for instant transfers than for standard ones.

  • Send in EUR. SEPA only processes euro transfers. If your bank account is in another currency, make sure the transfer is set up as a SEPA payment (your bank converts to EUR automatically).

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Free SEPA deposits from 41 countries. 90% arrive in under 20 minutes.