European Economic Area, SEPA Countries and Eurozone

SEPA, the Single Euro Payments Area, is the area where SEPA payment instruments like the SEPA Credit Transfer and SEPA Direct Debit can be used. SEPA countries amount to 34 member states out of which certain states belong to other areas like the Eurozone and the European Economic Area (EEA). This article should help you understand what these areas are and what are the differences.

European Economic Area


Image of European Economic Area members
European Economic Area members – Source: Wikipedia


The European Economic Area includes:

  • the 28 Member States of the European Union: Austria, Belgium, Bulgaria, Cyprus, Croatia (provisional member), Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Spain, Spain, Netherlands, Poland, Portugal, Czech Republic, Romania, United Kingdom, Slovakia, Slovenia, Sweden.
  • and additionally the following three states: Iceland, Liechtenstein, Norway. They are green on the map. Liechtenstein is located between Switzerland (red on the map) and Austria.

Switzerland is not part of the European Economic Area.



The Eurozone

Image of Eurozone
Eurozone – Source: Wikipedia

The Eurozone is a monetary union composed of all the countries of the European Union that have adopted the euro as common currency. It is important to note that these countries did not adopt the euro at the same time. Other countries may therefore decide to join the Eurozone in the coming years. At the moment this article is written, the eurozone consists of 19 countries (the year corresponds to the year of adoption of the euro by the country):

  • Germany (1999)
  • Austria (1999)
  • Belgium (1999)
  • Cyprus (2008)
  • Spain (1999)
  • Estonia (2011)
  • Finland (1999)
  • France (1999)
  • Greece (2001)
  • Ireland (1999)
  • Italy (1999)
  • Latvia (2014)
  • Lithuania (2015)
  • Luxembourg (1999)
  • Malta (2008)
  • Netherlands (1999)
  • Portugal (1999)
  • Slovakia (2009)
  • Slovenia (2007)

All countries in the Eurozone are part of the SEPA area. But the opposite is not true. Several SEPA countries are not part of the Eurozone as you can see on the list of SEPA countries below.

The countries of the European Union that remain outside the Eurozone are: Bulgaria, Croatia, Denmark, Hungary, Poland, the Czech Republic, Romania, the United Kingdom and Sweden.


The SEPA Countries or SEPA Area

The SEPA countries (SEPA area) consist of the following 34 member states:

  • The 28 Member States of the European Union: Austria, Belgium, Bulgaria, Cyprus, Croatia, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Spain, Low, Poland, Portugal, Czech Republic, Romania, United Kingdom, Slovakia, Slovenia, Sweden;
  • The 4 Member States of the European Free Trade Association: Iceland, Liechtenstein, Norway, Switzerland;
  • The Principality of Monaco since March 31, 2009
  • San Marino since the 1st of February 2014

France includes metropolitan France and the overseas departments and regions (Guadeloupe, Martinique, French Guiana, Réunion and Mayotte), as well as the territories of Saint-Pierre-and-Miquelon, Saint-Barthélemy and the French part of Saint Martin.


Image of SEPA Area
SEPA Area – Source: Wikipedia

List of SEPA countries

The table below contains the list of SEPA countries with the country codes to be used in the BIC and IBAN for these countries, as well as the code of their national currencies. List is available on the EPC website.

Country BIC IBAN Currency code
Åland Islands FI FI EUR
Austria AT
Azores PT PT EUR
Belgium BE BE EUR
Bulgaria BG BG BGN
Cyprus CY CY EUR
Czech Republic CZ CZ CZK
Denmark DK DK DKK
Estonia EE EE EEK
Finland FI FI EUR
France FR FR EUR
French Guyana GF / FR GF / FR EUR
Germany DE DE EUR
Gibraltar GI GI GIP
Greece GR GR EUR
Guadeloupe GP GP / FR EUR
Hungary HU HU HUF
Iceland IS IS ISK
Ireland IE IE EUR
Isle of Man
Jersey JE GB GBP
Liechtenstein LI LI CHF
Lithuania LT LT EUR
Luxembourg LU LU EUR
Martinique MQ / FR MQ / FR EUR
Mayotte YT / FR YT / FR EUR
Monaco MC MC EUR
Netherlands NL NL EUR
Norway NO NO NOK
Poland PL PL PLN
Portugal PT PT EUR
Réunion RE / FR RE / FR EUR
Romania RO RO RON
Saint Barthelemy BL / FR BL / FR EUR
Saint Martin (French part) MF / FR MF / FR EUR
Saint Pierre and Miquelon PM / FR PM / FR EUR
Slovakia SK SK EUR
Slovenia SI SI EUR
Sweden SE SE SEK
Switzerland CH CH CHF
United Kingdom GB GB GBP

 Remark: For France, it is necessary to take into account the French overseas administrative departments and territories:

Banking domiciliation Country code to be used in the IBAN
Monaco MC or FR
Metropolitan France FR
Guyana GF or FR
Guadeloupe GP or FR
Martinique MQ or FR
Réunion RE or FR
Mayotte FR or YT
St. Pierre and Miquelon FR or PM
N. Caledonia FR or NC
W and Futuna FR or WF
Polynesia FR or PF

Pacific communities (New Caledonia, French Polynesia and Wallis and Futuna) are not part of the SEPA area.


  1. Dear Sir,

    Thank you for your page in regards to the dif between EEA; EU; SEPA…

    I d like to call your attention to the follwing points…
    If you can read French, I would like you to check two points here all referering to the some old French territories.
    I can not always provide official source for the folowing URL that you may be more aware of…

    Point 1:
    it seems that the designations : “DOM / TOM” are no being in use anymore for several years, now
    Instead you might want to refer to them as mentioned in this article :

    Point 2:
    According to one of the local Bank located in French Polynesia *see link under:
    Tahiti (POM) would indeed be included in the SEPA list of territories/countries.

    again, I m not an expert in new regulations but I’d like to make sure if this is valid or..not anymore dut to some newest regulation…

    You may use the Google Chrome Translating option if helpfull.



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