European Commission welcomes 40 banks from Moldova, Albania, Montenegro, and North Macedonia joining SEPA
The European Commission announced on Thursday, October 16, that 40 banks from the Republic of Moldova, Albania, Montenegro, and North Macedonia have officially joined the Single Euro Payments Area (SEPA).
The EU executive says in a press release that this historic development will make euro transactions between these four partners and the European Union more reliable, faster, and cheaper, potentially saving up to 500 million euros for individuals and businesses.
For small and medium-sized enterprises, it will also simplify international transactions and strengthen cross-border trade, Agerpres reports.
"We celebrate on Thursday the tangible results that our continued efforts to gradually integrate the candidate countries are bringing to their citizens and businesses. Our work does not stop here. We will continue to work towards the full operationalization of the SEPA systems for our candidate countries, bringing their citizens and businesses even closer to the European Union," said Enlargement Commissioner Marta Kos.
This decision was taken by the European Payments Council after the four countries entered the geographical scope of SEPA – Albania and Montenegro in November 2024, and North Macedonia and the Republic of Moldova in March 2025.
This is a practical example of the impact of the Growth Plan for the Western Balkans and the Growth Plan for Moldova by aligning national rules with EU rules.
These EU initiatives aim to accelerate the socio-economic integration of these regions into the European Union by ensuring gradual access to certain areas of the EU single market, in accordance with EU standards and regulations, according to a statement from the European Commission.
We remind you that, starting from October 6, the Republic of Moldova has become an operational part of the Single Euro Payments Area (SEPA) – an infrastructure that brings together 41 European countries and allows for transfers in euros under the same conditions of cost, security and processing time, regardless of borders.
“This means faster, safer and more accessible money transfers in euros between all EU member states, as well as with the United Kingdom, Switzerland, Andorra, Monaco, San Marino and the Vatican. Practically, from now on, money transfers between Moldova and other countries in the European Union will be without high commissions, and the money could arrive in less than 24 hours”, Prime Minister Dorin Recean mentioned at the time.
According to Recean, joining SEPA will bring significant economic benefits, reducing costs for businesses and facilitating trade with European states.
*"If until now a bank transfer from Europe cost between 20 and 200 euros, now it will be made at the same rates as in EU countries – with only a few euros", said the moldovan president Maia Sandu.
At the same time, the governor of the National Bank of Moldova (BNM), Anca Dragu, qualified the integration of the Republic of Moldova into SEPA as "a historic moment for the national financial system and a confirmation of the European path of the Republic of Moldova".
