National Bank of Moldova announces Moldova has been accepted into the Single Euro Payments Area

The National Bank of Moldova announced that the Republic of Moldova has been accepted into the Single Euro Payments Area (SEPA), bringing the country into the European framework for euro payments. The move is intended to enable faster, safer and cheaper cross-border euro transfers for Moldovan citizens and businesses. The National Bank of Moldova highlighted that SEPA membership should materially reduce the cost of international euro transfers, including remittances from the diaspora, citing an example where fees that currently range from EUR 20 to EUR 200 could fall to around EUR 1 to EUR 2 or even EUR 0.50. For companies, the bank pointed to the facilitation of euro payments linked to trade with the European Union, noting that over 60% of Moldova’s exports go to the EU and estimating savings of around EUR 12 million per year immediately and up to EUR 20 million in the medium term. The announcement also set out preparatory steps taken for accession, including aligning legislation with EU standards such as the Payment Services Directive (PSD2) and anti-money laundering and counter-terrorist financing requirements, and strengthening financial supervision; the application was filed on 30 January 2024. Over the next few months, commercial banks are expected to carry out the technical adjustments needed to operationalise SEPA euro payments, with the National Bank of Moldova supervising the transition and providing technical and regulatory support.