In a new blog post, the European Central Bank (ECB) examines survey evidence showing limited awareness of the Single Euro Payments Area (SEPA) alongside continued reliance on costly remittance channels. Fewer than 40% of consumers in the surveyed countries had heard of SEPA, which covers 41 European countries and is designed to make euro transfers across borders as straightforward and inexpensive as domestic payments. Across six southeastern European countries, around a third of remittance recipients receive money in cash through relatives or friends, while another third use physical money transfer operators. In selected European remittance corridors in the third quarter of 2025, transfers sent and received in cash typically incurred fees of 6% to 12%. Digital transfers through providers other than banks cost between 1.5% and 4.5%. SEPA can reduce transfer costs, particularly when recipients hold accounts denominated in euro and can avoid currency conversion charges. Access remains a constraint: inclusion in SEPA’s geographical scope does not immediately make payments operational, and consumers need participating payment service providers and typically a payment account. Around half of Albania’s population lacks a current account or similar product. Awareness is higher among consumers with greater income, education and financial literacy, but greater awareness alone may not change payment choices. The survey cannot establish whether better information would lead households to switch channels.

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