How SEPA Has Transformed Payments in the Republic of Moldova During First Nine Months of Implementation

The Republic of Moldova’s accession to the Single Euro Payments Area (SEPA) marked a major step in aligning the country’s financial system with European economic standards. Nine months after the system’s official launch (October 2025–June 2026), the figures show a profound impact on the daily lives of citizens and the operations of local businesses: lower transfer fees, substantial savings for households and companies, and stronger financial ties with European partners.

From Fees of Hundreds of Euros to Just €1.11

Before Moldova joined SEPA, sending or receiving money internationally through the traditional SWIFT network was expensive. Regardless of the amount—even a modest €50 transfer—mandatory fees typically ranged from €20 to €200.

With the introduction of SEPA, this barrier has effectively disappeared, making euro transfers significantly more affordable for Moldovans.

• Between October 2025 and June 2026, approximately 829,000 SEPA transactions were processed. Had these transfers been made through SWIFT, the total cost to Moldova’s economy would have reached around €12.5 million.
• Thanks to SEPA, total transfer fees amounted to just €917,000.
• The average cost per transaction fell from a mandatory minimum of €20 to just €1.11.
• As a result, Moldovan households and businesses saved an estimated €11.6 million—money that stayed in the country’s economy instead of being spent on international banking fees. Today, SEPA transfer costs are more than 14 times lower than the previous SWIFT fees.

Eight Out of Ten Euro Payments Now Go Through SEPA

Moldova’s transition to the new payment system has been remarkably swift. During the first nine months, the total number of cross-border euro payments reached approximately one million transactions, with SEPA accounting for 79.2% of them (around 829,300 transactions). In other words, nearly eight out of every ten international euro payments are now processed through SEPA.

The shift away from the legacy system has continued at a rapid pace. Monthly SWIFT transaction volumes declined steadily—from 51,011 transactions in October 2025 to 22,240 in December 2025, and 20,370 by June 2026. Meanwhile, SEPA reached a new milestone in June 2026, processing 86% of all monthly euro transfers—123,000 out of 144,000 transactions.

Although SWIFT remains the preferred channel for very large commercial payments—with an average transaction value of €32,439—SEPA has already captured 45.8% of the total value of euro payments, processing €6 billion in transactions during its first nine months.

Direct Benefits for Families and Greater Competitiveness for Businesses

Financial data clearly illustrates how different user groups are benefiting from SEPA.

Individuals

Private individuals primarily use SEPA to receive funds, including remittances, salaries, and financial support from family members abroad.

• Around 75% of all SEPA transactions (approximately 625,200 transfers) were incoming payments.
• Nearly 516,800 incoming transfers were made to individuals, with a combined value of more than €533.4 million, allowing families across Moldova to receive money more quickly and at a much lower cost.

Businesses

Companies mainly use SEPA to make international payments and pay for imports.

• Businesses carried out approximately 126,800 outgoing payments worth €3.3 billion.
• Dramatically lower transaction fees help companies protect their profit margins while making them significantly more competitive in the European market.

Boosting the National Economy

Beyond the immediate savings, SEPA has contributed to stronger economic activity across Moldova. Lower costs and faster transfers have encouraged trade and increased financial flows.

Compared with the same period a year earlier—when international euro payments were made exclusively through SWIFT:

• the total number of transactions increased by 77%, rising from 591,500 to more than one million;
• the total value of euro payments grew by 59%, increasing from €8.19 billion to €13.04 billion.

Daily banking activity has also accelerated significantly. Whereas banks previously processed an average of 2,191 euro transactions per day, that figure has now risen to 3,879 transactions daily—an increase of 1,688 additional operations every day.

Comparing June 2025 with June 2026, the euro payments market more than doubled, recording 109% growth.

European Integration Delivers Tangible Benefits

The first nine months of SEPA operations clearly demonstrate that closer integration with the European Union delivers tangible economic benefits for both citizens and businesses in the Republic of Moldova.

Removing barriers and reducing the cost of cross-border euro payments means more money stays in people’s pockets, businesses become more competitive, and commercial relations with European partners become faster, simpler, and more efficient.