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10/11/2013 09:00



Information notice about SEPA (Single Euro Payments Area)

Within the framework of this project, since 2008, 32 European countries (27 EU member states,
3 EEA countries and territories), which are already used for euro payments to other European countries and within the country. These are now also gradually being used for domestic transactions.

The advantages of the unification of the European payments area SEPA are as follows:

  • Simpler, safer, faster and consumer-friendly euro payments within Germany and Europe.
  • Uniform domestic and foreign payments in euros for unlimited amounts
  • Transparent prices for pan-European transactions
  • Uniform legal framework
  • Fixed deadlines and terms for the execution of payment orders
  • Cross-border direct debits

Until January 31, 2014, customers can continue to use account number and bank code for their domestic transactions as before.
For corporate customers, the self-employed and traders, as well as interbank transactions, the SEPA scheme will be mandatory from February 1, 2014.  From 01 February 2014, the German credit transfer will finally be replaced by the SEPA credit transfer (IBAN and BIC - details are mandatory). Customers can ask their bank for their IBAN and BIC.

From February 2014, when filling out payment orders (transfer and direct debit), the account number, bank code, or IBAN and, if applicable, the BIC code must be entered.
VietinBank Maestro Card can be used by our customers as usual.
Private customers can continue to submit individual orders to VietinBank using their previous account number and bank code until February 1, 2016.

SEPA Direct Debits:

Here, euro bills in Germany and other SEPA countries can be collected electronically by creditors using uniform standards. For this purpose, customers must issue a SEPA mandate with a due date to their creditor from the SEPA area with a creditor identification number.

For further questions please contact our staff (Hotline - No.:+69 255119 0)