Moldova has become a full member of the Single Euro Payments Area (SEPA) as of October 6. This was reported by the press service of the National Bank of Moldova.
Eight Moldovan commercial banks have already received SEPA participant status.
The Single Euro Payments Area is an initiative of the European Union aimed at integrating payments to simplify bank transfers denominated in euros.
It currently has 41 members: 27 European Union Member States, four European Free Trade Association member states (Iceland, Liechtenstein, Norway, and Switzerland), the United Kingdom, five EU candidate countries, and four microstates that have currency agreements with the EU (Andorra, Monaco, San Marino, Vatican City).
As explained by the National Bank of Moldova, previously, an international transfer could cost between €20 and €200; now, it will be processed according to the same standards and tariffs as in the European Union, for just a few euros or even free of charge.
Thanks to the country’s integration into SEPA, Moldovan exporters will be able to save about €20 million per year.