Moldova became a full member of the Single Euro Payments Area (SEPA) today on Monday, 6 October, allowing citizens and businesses to process euro transfers at the same rates and speeds as those in European Union (EU) member states.
The accession means Moldovan users can now send and receive euros with processing times of less than 24 hours and substantially lower fees than previously available. International transfers that formerly cost between €20 and €200 will now be processed at standard EU rates of a few euros or potentially free of charge, according to the National Bank of Moldova.
“This achievement removes administrative barriers and brings direct European standards into the daily lives of people and businesses in Moldova,” said Anca Dragu, governor of the National Bank of Moldova.
SEPA encompasses all 27 EU member states plus the UK, Switzerland, Norway, Iceland, Liechtenstein and several microstates. The framework eliminates distinctions between domestic and cross-border euro payments within participating countries.
In 2024, approximately 830,000 euro transactions worth €11.8 billion were conducted between Moldova and SEPA countries – averaging more than 3,200 payments daily valued at €45 million. The National Bank of Moldova estimates the integration will generate direct savings of around €20 million annually, funds that would otherwise have been spent on transfer fees.
Eight Moldovan commercial banks have obtained SEPA participant status and can now process euro payments at European standards. The National Bank said additional payment service providers, including non-bank operators, may join in the coming period.
Prime Minister Dorin Recean said the connection would allow money transfers between Moldova and EU states to be made without high fees.
The change affects Moldova’s large diaspora community, with hundreds of thousands of citizens working in EU countries. Remittances represent a significant source of income for many Moldovan households.
More than 60% of Moldova’s exports are destined for the EU market; as such, reduced transaction costs are expected to benefit exporters trading with European partners.
Moldova formally applied to join SEPA in January 2024 and received approval from the European Payments Council in March 2025. The country began EU accession negotiations in June.
