The Republic of Moldova has joined the Single Euro Payments Area (SEPA) as of today, Prime Minister Dorin Recean announced.
“Moldova’s integration into SEPA is a historic moment for the national financial system and confirms the country’s European path,” said Anca Dragu, governor of the national bank.
“This means faster, safer, and more affordable money transfers in euros between all EU member states, as well as the United Kingdom, Switzerland, Andorra, Monaco, San Marino, and the Vatican. Funds can be transferred in less than 24 hours,” the country’s prime minister wrote.
Previously, the cost of an international transfer from Moldova ranged from € 20 to € 200. After joining SEPA, payments will be processed in accordance with domestic tariffs and EU standards, for a few euros or even free of charge.
