Who can use this feature?
EEA-based customers with a verified EUR Virtual Account
Sending from a bank account in the EEA
Sending from an account in your own legal name
Overview
SEPA (Single Euro Payments Area) is the standard for EUR bank transfers across the EEA. If you have a EUR Iron Virtual Account, you can receive deposits via SEPA from any EEA bank account.
This article covers what you need to do before depositing, what to expect during processing, and the most common reasons EUR deposits get rejected.
Supported SEPA types
Iron supports both major SEPA transfer types:
SEPA Instant — for transactions up to €100,000. Arrives within minutes, 24/7
SEPA Credit Transfer (SCT) — for any amount, including over €100,000. Typically arrives within 1 business day, though larger transactions can take up to 3
Most banks will route your transfer via SEPA Instant by default if both your bank and Iron's banking partner support it.
Before you deposit — checklist
To avoid the most common rejection reasons, confirm all of these before sending:
Your verification is complete — KYC approved and any required documents signed. See Verification requirements for Iron Virtual Accounts
Your Virtual Account is active — you should be able to view your IBAN and BIC in your partner app
You're sending from your own bank account — not a friend's, family member's, joint account, or company account where you're not the named holder
The name on your sending bank account matches your Virtual Account name exactly — partial matches (missing middle name, different spelling) can also be rejected
You're using a bank, not a money-transfer service — even when sending from your own account, some money-transfer services don't include your name in the transfer details Iron receives. Without a clear sender match, your deposit can be flagged as third-party and refunded
You're sending at least €1 — deposits below that won't be processed or refunded
Note: If you need to deposit from an account that isn't in your own name, ask your partner first — third-party payments are supported in some setups but aren't the default and depend on banking-partner configuration.
Where to find your IBAN and account details
Your EUR Virtual Account details appear in your partner app. The exact location varies by partner, but you're typically looking for a "Top up Virtual Account" or "Add funds" section that shows:
IBAN — your unique account number
BIC / SWIFT code — the bank identifier
Beneficiary name — this should be your name as registered
Reference — some partners include a reference code; include this in your transfer if requested
Tip: Save your Virtual Account as a payee in your banking app for faster future top-ups. Double-check that the saved payee name matches exactly — banks sometimes auto-shorten longer names.
Processing times
Transfer type | Amount | Typical processing time |
SEPA Instant | Up to €100,000 | Within minutes |
SEPA Credit Transfer | Any amount | Within 1 business day (up to 3 for larger amounts) |
Once received and processed, your funds are automatically converted to your chosen stablecoin and sent to your destination wallet. The conversion is near-instant — you'll typically see the stablecoin land within a few minutes of the EUR deposit being credited.
What happens after your deposit arrives
The EUR transfer reaches Iron's banking partner
Iron verifies the sender details against your Virtual Account
If everything matches, the EUR is converted into your selected stablecoin at the current rate
The stablecoin is sent to your destination wallet on the chain you selected
You can usually track each step in your partner app.
Common rejection reasons
If your SEPA deposit is rejected and refunded, the most likely causes are:
Name mismatch — sender's name doesn't match the Virtual Account name exactly
Third-party payment — sent from someone else's account
Wise transfer — flagged as third-party because Wise doesn't include the named beneficiary
Compliance hold — additional review required (often resolves within 24–48 hours without action)
Missing or expired POA — your address documentation needs to be updated before deposits can be accepted
Below the minimum — under €1 isn't processed or refunded
Tip: For more detail on what to do when a deposit doesn't arrive, see My Virtual Account deposit hasn't arrived.
FAQs
Can I deposit from outside the EEA via SEPA?
Can I deposit from outside the EEA via SEPA?
SEPA is an EEA-only network. If your bank is outside the EEA, you'll need to use a different rail (SWIFT support is coming soon).
Will my bank charge me for a SEPA Instant transfer?
Will my bank charge me for a SEPA Instant transfer?
Most EEA banks now offer SEPA Instant for free or at low cost. Some still charge a small fee. Check with your bank — Iron doesn't add an additional rail fee on top.
What's the maximum I can deposit?
What's the maximum I can deposit?
Iron does not impose a hard cap, but your verification tier sets your transaction limits. Standard tier customers have lower limits than EDD customers. SEPA Instant is capped at €100k per transfer; above that, your bank will route via SEPA Credit Transfer.
Can I deposit in EUR if my Virtual Account is set up in USD or GBP?
Can I deposit in EUR if my Virtual Account is set up in USD or GBP?
No — each Virtual Account is denominated in one specific currency. If you need to receive EUR, you'll need a EUR Virtual Account.
Why does my bank ask if I'm sending to a personal or business account?
Why does my bank ask if I'm sending to a personal or business account?
Some EEA banks ask this for AML purposes. Iron's Virtual Accounts are personal accounts in your name — answer accordingly.
I sent a deposit but my bank says it was "returned by beneficiary bank" — what does that mean?
I sent a deposit but my bank says it was "returned by beneficiary bank" — what does that mean?
This means the deposit reached Iron's banking partner but was rejected (usually for one of the reasons above) and sent back. The funds should appear in your sending account within 1 business day. If they don't, contact support with your bank's reference number.