Moldovan president welcomes Moldova's accession to Single Euro Payments Area

President Maia Sandu has welcomed Moldova's accession to the Single Euro Payments Area (SEPA), a step that confirms the country’s financial and banking sector's alignment with European standards. This achievement brings tangible benefits to citizens, who will have access to faster, safer and cheaper transactions with the European Union.

“This decision means that transfers to and from EU countries in Moldova will be cheaper and faster. Today, fees can reach tens and hundreds of euros. With Moldova's joining the Single Euro Payments Area, these transfers will cost only a few euros and will be simplified,” President Maia Sandu said.

According to the head of state, the citizens of Moldova will be able to benefit from this new provision starting from the next autumn. The president thanked the employees of the National Bank and the government, who took considerable efforts to make this achievement possible.

Moldova officially submitted the application to join SEPA on January 30, 2024. The Single Euro Payments Area is a system which simplifies and unifies euro payments across all member states, allowing quick, secure and efficient transfers between bank accounts in the 40 participating countries. Access to this single payment area will contribute to the modernization of the national financial sector and the creation of a competitive economic environment, conducive to investment and economic growth.