Moldova has officially become part of the Single Euro Payments Area (SEPA), which will significantly reduce fees for money transfers from the European Union, announced the country’s Prime Minister, Dorin Recean.
This move will ensure faster, safer, and more affordable euro transfers between SEPA countries, which is especially beneficial for citizens of the diaspora sending money back home, as well as for entrepreneurs who will be able to make international payments with minimal transaction costs and without currency fluctuations.
The Governor of the National Bank of Moldova, Octavian Armașu, had previously stated that the country had applied to join SEPA, which would speed up the transfer process and provide savings for businesses and the population. Recean emphasized that in the coming months, banks will adapt to the new system, and Moldova will take another step toward integration with the European Union.
In December 2022, the EU began negotiations on potential membership for Ukraine and Moldova, granting these countries candidate status. While this process does not guarantee immediate accession to the Union, it marks an important stage in the path toward closer economic integration with the EU.
