From SWIFT to SEPA: Moldova slashes transfer fees by 95%
The National Bank of Moldova (NBM) reports that the country’s integration into the Single Euro Payments Area (SEPA) has generated over €1.4 million (approx. 27.5 million MDL) in monthly savings for citizens and businesses.
Governor Anca Dragu announced these results during a recent broadcast on Moldova 1, highlighting a dramatic shift in the nation's financial landscape since becoming operational in the system on October 6, 2025.
Massive reduction in transaction costs
Prior to joining SEPA, monthly commissions for Euro transfers totaled over €1.5 million. Under the new system, these costs plummeted to less than €80,000 per month, leaving significant capital within the local economy.
"We are seeing a rapid migration from the SWIFT system to SEPA," stated Governor Dragu. She noted that transfer fees, which previously ranged from €10 to €200, have now dropped to between €0 and €5 per transaction.
Record-breaking adoption of MIA instant payments
Parallel to international integration, Moldova’s domestic "MIA" instant payment system has achieved unprecedented growth. Launched in March 2024, the system now counts 800,000 users, meaning one in every two bank account holders in the country actively uses the service.
The NBM reports that over €406.1 million (8 billion MDL) has been transacted through MIA since its inception. This 15-second transfer system, which uses only a phone number, is driving a nationwide transition toward a digital, cash-lite economy.
A regional model for financial innovation
Moldova’s success in implementing these systems has turned the country into a provider of technical expertise. According to Dragu, the NBM is currently in discussions with two neighboring countries to share the technical solutions and strategies used for the MIA rollout.
The SEPA zone now connects Moldova to 41 states, including all EU member nations, the UK, and Switzerland. This integration ensures that Moldovan businesses and individuals can operate within the European market with maximum efficiency and minimal costs.
Translation by Iurie Tataru
