SEPA integration saves Moldovans €16m in cross-border fees
Moldovan citizens and businesses saved more than €16.4 million (approx. 330 million MDL) in bank transfer fees during the country’s first year of operational integration into the Single Euro Payments Area.
Nearly eight out of every ten euro transactions across the banking sector now run through SEPA. The system has lowered cross-border fees from former charges of €20 to €150 down to approximately €1 per transaction.
Massive fee reductions
Under traditional correspondent banking channels such as SWIFT, the 1.2 million transactions processed over the past twelve months would have cost the domestic economy an estimated €17.7 million. Under SEPA rules, total processing costs stood at just €1.3 million.
Daily transactions processed across the national banking system expanded by 1,877 transfers per day. Officials note that this surge reflects deeper economic integration with the European Union, which absorbs over 60% of Moldova's exports.
“During this first year, we demonstrated that the Republic of Moldova can swiftly and successfully adopt European financial standards, translating European integration into concrete benefits for citizens and businesses,” said National Bank of Moldova Governor Anca Dragu.
“Whether we refer to diaspora citizens sending money home or local companies trading with EU partners, SEPA delivers a secure, fast, and accessible channel for euro transfers,” Dragu said. She added that the retained funds directly strengthen household budgets and enterprise investments.
Domestic payment modernisation
Moldova’s central bank submitted its accession application to the European Payments Council on 30 January 2024. The EPC approved the country's inclusion into the SEPA geographical area on 6 March 2024, followed by full operational interconnection on 6 October 2025. Ten commercial banks currently operate within the network.
The cross-border system forms part of a broader overhaul of Moldova’s financial infrastructure. This process also includes the MIA Instant Payments system, a national platform that enables real-time interbank transfers using only mobile phone numbers.
Translation by Iurie Tataru
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