The commission for euro transfers from the Republic of Moldova has significantly decreased, from over 20 euros to 1.26 euros per transaction, following the country’s accession to the Single Euro Payments Area (SEPA). Currently, the banking system processes, on average, 1,300 more transactions per day. The data is presented by the National Bank of Moldova one year after joining SEPA, reports IPN.
According to BNM, in less than a year since its acceptance and just a few months after operational interconnection, SEPA has become the main channel for cross-border euro payments of the Republic of Moldova, radically changing the way money flows to and from Europe.
The transfers made to European standards, available from October 6, have already generated concrete benefits for citizens, the diaspora, and the business environment, confirming the rapid adoption of the new payment infrastructure.
BNM specifies that, to date, over 377 thousand transfers have been made through SEPA. If these operations had been carried out through the traditional SWIFT system, the total costs would have reached approximately 6.6 million euros, compared to just 474 thousand euros through SEPA.
The Governor of the NBM, Anca Dragu, stated that integration into SEPA confirms the Republic of Moldova’s ability to adopt European financial standards and contributes to strengthening economic ties with the European Union. “Every saved euro turns into a resource for education, for the well-being of families, or for the capitalization of a local business”, mentioned the Governor of the NBM.
At present, approximately 81% of euro transfers made by Moldovans are processed through SEPA, compared to 73% in the first months of operation. Also, the business environment actively uses the system for commercial transactions, with companies making imports of over 1.7 billion euros through SEPA.
