Following Thursday’s decision in Brussels, fees for euro transfers will decrease, benefiting Moldovan migrant workers who send money home, according to Moldova’s National Bank Governor, Anca Dragu.
Dragu estimates that SEPA membership will save Moldova around €12 million annually, with potential savings reaching €20 million in the medium term.
For businesses, the integration will eliminate extra fees and delays in euro transactions, boosting the competitiveness of Moldovan exports. Notably, 60% of Moldova’s exports are directed to the EU.
Moldovan banks will now undergo technical upgrades to fully integrate into SEPA, a process that could take several months.
SEPA is a European system that standardizes euro payments across EU member states and other participating countries, removing distinctions between domestic and cross-border transactions.
Moldova applied for SEPA membership in January 2024.
