SEPA and TARGET holidays 2027
In 2027, TARGET is closed for euro payments at weekends and on 1 January, 26 March (Good Friday), 29 March (Easter Monday), 1 May, 25 December and 26 December. Standard SEPA transfers and T2 payments sent on a closing day move on the next TARGET business day, while SEPA Instant runs every day of the year.
When will it arrive?
Pick the payment, then the day and time you send it. The calculator applies that system's closing days and cut-off, and gives the business day the payment settles, with every day it waits through and why.
Your bank can stop taking payments before the system does. If you know its cut-off, add it and the calculator counts from there.
It all runs in your browser; nothing you enter is sent anywhere.
Holyheld Business sends and receives ACH, SEPA, wires and Faster Payments. The pricing page lists the fees, and the off-ramp converts supported stablecoins to fiat for company payments.
Result
Arrives by Tuesday 30 March 2027 at the latest
Taken on Thursday 25 March, a standard SEPA transfer must reach the recipient's bank by the next TARGET business day.
Sent Thursday 25 March 2027 at 16:00 CET
Why this day
- Friday 26 March: TARGET closing day (Good Friday)
- Saturday 27 March: weekend
- Sunday 28 March: weekend
- Monday 29 March: TARGET closing day (Easter Monday)
These are the system's own times. Your bank can stop taking payments earlier; add its cut-off to count from it.
TARGET closing days 2027
These are the days the ECB marks as TARGET closing days for 2027. T2 settles no euro payments on them or at weekends, and standard SEPA transfers wait too: the Bundesbank's SEPA clearing, for one, follows the TARGET calendar rather than German public holidays.
TARGET has no substitute days, so a closing day that falls on a weekend closes nothing extra. Friday 24 December and Friday 31 December are TARGET business days, although the ECB's own offices close on them.
| Holiday | Date | Payments |
|---|---|---|
| New Year's Day | Friday 1 January 2027 | No settlement |
| Good Friday | Friday 26 March 2027 | No settlement |
| Easter Monday | Monday 29 March 2027 | No settlement |
| Labour Day | Saturday 1 May 2027 | Falls on a weekend; no substitute day |
| Christmas Day | Saturday 25 December 2027 | Falls on a weekend; no substitute day |
| Boxing Day | Sunday 26 December 2027 | Falls on a weekend; no substitute day |
Source: European Central Bank, as published on 27 October 2026.
SEPA and T2 hours and cut-offs
SEPA Instant runs around the clock. Standard SEPA transfers and T2 payments run on TARGET business days, and T2 takes customer payments until its cut-off.
Banks set their own cut-offs for standard SEPA transfers, so the scheme has no single time; ask your bank for its.
| System | Hours and cut-offs |
|---|---|
| SEPA Instant | Every day, 24 hours. The recipient's bank must make the money available within ten seconds. Source: European Central Bank |
| SEPA credit transfer | Must reach the recipient's bank by the next business day after your bank takes it. Your bank sets its own cut-off. Source: European Central Bank |
| SEPA credit transfer days | TARGET business days. The Bundesbank's SEPA clearing, for one, follows the TARGET calendar and runs on German public holidays that are not TARGET closing days. Source: Deutsche Bundesbank |
| T2 customer payments | Cut-off 17:00 CET Source: European Central Bank |
| T2 interbank payments | Cut-off 18:00 CET Source: European Central Bank |
| T2 business day | The next business day begins at 18:45 CET. Source: European Central Bank |
| T2 days | Monday to Friday, except the TARGET closing days Source: European Central Bank |
| Clock changes 2027 | Times are Frankfurt time, as the ECB gives them: CET, and CEST from 28 March to 31 October. From 14 to 27 March and 31 October to 6 November 2027, New York is an hour closer to Frankfurt and London than usual, because the US and Europe change their clocks on different Sundays. The calculator allows for it. |
Questions about SEPA and TARGET in 2027
TARGET is closed for euro payments on Friday 1 January (New Year's Day), Friday 26 March (Good Friday), Monday 29 March (Easter Monday), Saturday 1 May (Labour Day), Saturday 25 December (Christmas Day) and Sunday 26 December (Boxing Day), and every Saturday and Sunday. Labour Day (Saturday 1 May), Christmas Day (Saturday 25 December) and Boxing Day (Sunday 26 December) fall on a weekend in 2027 and close no weekday, because TARGET has no substitute days.
Yes. SEPA Instant runs 24 hours a day, 365 days a year, and the recipient's bank must make the money available within ten seconds. A standard SEPA transfer sent at the weekend or on a closing day moves on the next TARGET business day.
It must reach the recipient's bank no later than the next business day after your bank takes it. In a week without closing days, a transfer sent on Friday before your bank's cut-off arrives by Monday, and one sent after it by Tuesday.
There is no SEPA scheme called urgent. For a euro payment that has to arrive the same day, banks can use SEPA Instant, which runs every day, or T2, the Eurosystem's real-time gross settlement system, which takes customer payments until 17:00 CET on TARGET business days.
Yes. Friday 24 December and Friday 31 December are TARGET business days; only 25 and 26 December are closing days. The ECB's own offices close on 24 and 31 December, so check that your bank is open too.
Payment calendars
Sources
Every date and time on this page comes from these official pages, as published on 27 October 2026.
- European Central Bank: ECB public holidays (TARGET closing days are marked)
- European Central Bank: What is T2? (T2 opening hours)
- European Central Bank: Benefits of SEPA Instant Credit Transfer (SCT Inst)
- Deutsche Bundesbank: Procedural rules for SEPA credit transfers via the RPS SEPA-Clearer, 2026
- European Central Bank: What are instant payments?
- European Central Bank: TARGET Systems operating schedule – euro