SEPA accession's first balance sheet: Moldova's average transfer cost fell from €20 to €1.11
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Author: SEPA.tr — Editorial
Data period: October 2025 – June 2026 · Confidence level: B (EU “EU Neighbours East” publication, 27.07.2026) / A-B (World Bank report, 25.03.2026)
The first concrete cost data has arrived from the countries that joined SEPA in 2025 — and the numbers give the clearest answer yet to the question “what does joining SEPA actually deliver?”
Moldova: the first 9 months in numbers
According to the EU’s EU Neighbours East publication (27 July 2026):
- Approximately 829,000 SEPA transactions were processed between October 2025 and June 2026.
- Total transfer fees amounted to ~€917,000; the same volume via SWIFT would have cost ~€12.5 million (estimated savings ~€11.6 million).
- The average cost per transaction fell from ~€20 to ~€1.11.
- Around 75% of transactions were incoming payments (remittances, salaries, family support) — ~516,800 transfers to individuals totalled more than €533 million.
Western Balkans: the World Bank report
According to the World Bank’s analysis of 25 March 2026 (data: October 2025 – January 2026), cross-border payment costs fell sharply after accession in Albania, Montenegro and North Macedonia; in Montenegro the average transaction cost dropped from €73.40 to €6.15 (~12x). The Commission projects the four countries (including Moldova) could save a combined ~€500 million per year.
What do these numbers say for Türkiye?
Türkiye is a SEPA candidate — not yet a member. This data reflects the effect observed in those countries; it is not a one-to-one guarantee for Türkiye. Still, the direction is clear: SEPA accession carries significant potential to reduce euro transfer costs compared with SWIFT. It does not mean fees drop to zero — as we explain in Is SEPA free?, pricing varies by bank and account package.
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