Moldova Joins SEPA, Saving Millions Annually

Moldova has been accepted into the Single Euro Payments Area (SEPA), a move expected to save the country around €12 million annually, with potential savings reaching €20 million in the medium term. These funds will remain in the national economy, fostering business growth, according to Anca Dragu, Governor of the National Bank of Moldova (BNM), CE Report quotes MOLDPRES

Dragu highlighted the benefits for citizens and businesses, including faster, more secure, and lower-cost international transactions. The decision will also make remittances from the Diaspora cheaper, allowing more money to stay with Moldovan families. Additionally, it enhances Moldova’s appeal as a competitive business environment for investors.

“Payments will be safer, faster, and much cheaper. Fees will drop from the current €20-50 to just a few euros,” Dragu stated.

Following this decision, Moldovan banks must now upgrade their infrastructure for full SEPA integration, a process expected to take several months before becoming fully operational.

SEPA facilitates seamless euro transactions across participating countries, removing distinctions between national and international payments. The National Bank of Moldova submitted its application on January 30, 2024, marking a significant step towards financial integration with Europe.