On 6 October, Moldova officially became a member of the Single Euro Payments Area (SEPA). Prime Minister Dorin Recean emphasised that this milestone represents a significant step toward comprehensive integration into the European economic landscape. The National Bank of Moldova (NBM) highlighted the benefits that Moldovan citizens and businesses will experience, including the ability to conduct fast, secure, and cost-effective euro transfers.
National Bank Governor Anca Dragu described this development as a “historic moment,” noting that SEPA membership will streamline everyday financial transactions and facilitate access to European standards. The Prime Minister stated that euro transfers for both citizens and enterprises will now be processed “under the same standards and rates as in the EU,” thus ensuring efficiency and affordability.
The NBM further explained that the SEPA format aligns international euro transfers with domestic payment practices, thereby eliminating barriers and significantly reducing costs compared to traditional methods such as SWIFT. Previously, international transfer fees ranged from €20 to €200; with SEPA integration, these costs are expected to be reduced to just a few euros or, in some cases, rendered free of charge.
“This achievement removes administrative hurdles and integrates European standards into the daily experiences of Moldovan citizens and businesses,” said Governor Dragu, reinforcing that Moldova’s integration into SEPA signifies a pivotal advancement for the national financial system.
This initiative will particularly benefit the Moldovan diaspora, as euro transfers will be expedited, secured, and offered at a lower cost. Moreover, for the business sector, the implementation of SEPA eliminates administrative barriers, thereby positioning Moldovan companies to compete fairly alongside their European counterparts. On a macroeconomic scale, SEPA integration is projected to generate approximately €20 million in savings.
Currently, eight Moldovan commercial banks have attained SEPA participant status and are now capable of processing euro payments in accordance with European standards.
