SEPA
Thanks to SEPA, it is now easier and faster for you to electronically transfer and receive funds in and out of your credit union account.
From January 2025, Cara Credit Union members will be able to receive SEPA instant payments into their accounts. These payments will be received within 10 seconds and will be available
24/7, 365 days a year.
From October 2025, members will also be able to send SEPA instant payments. This update will necessitate changes to the terms and conditions, and further details will be provided before the service goes live.
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SEPA stands for the Single Euro Payments Area set up to standardise the way all electronic payments are processed in the Euro area by introducing an IBAN on every account and BIC for every financial institution.
There are 36 countries in the SEPA zone, they are the 27 EU member states together with Iceland, Liechtenstein, Norway, Monaco, San Marino, Switzerland, Andorra, Vatican City and the UK.
In other words, doing electronic banking transactions in any of these 36 countries is now the same as if you were doing it domestically within Ireland.
You now have a 16 digit IBAN (International Bank Account Number) allocated to your credit union account and Cara Credit Union has a BIC (Bank Identifier Code).
Your IBAN uniquely identifies your credit union account. Cara Credit Union’s BIC uniquely identifies the name of our institution and Ireland as a country.
It is important to remember that IBAN is not a new account number but simply a new format for an existing account number which is recognised internationally.
Your IBAN is available on your Member Receipt, Statement, Online within CU Online Banking and by contacting Cara Credit Union.
Cara Credit Union BIC (Bank Identifier Code) is TRRIIE21
The BIC is the same code for every member.
Within Ireland: domestically most service providers and banking institutions can generate your IBAN and BIC from your credit union 8 digit Account Number and Sort Code 99 10 16 so you should be able to continue as normal.
As time goes on more and more service providers will ask for your IBAN and our BIC details so please familiarise yourself with these details.
Within Cara Credit Union: when dealing directly with us in house or on the phone, please continue to use your existing Account Number.
Internationally: Within the 34 SEPA zone countries and overseas, please use your IBAN and Cara Credit Union BIC.
The Irish Payment Services Organisation (IPSO) website provides a BIC & IBAN conversion tool which will convert any domestic National Sort Code and Account Number to its equivalent BIC & IBAN.
To use this service, please visit IPSO’s website: