Moldova appeals to join Single Euro Payments Area

Moldova has applied to join the Single Euro Payments Area (SEPA), which will reduce the cost of money transfers with EU countries, Report informs referring to TASS.

The corresponding appeal was signed by chairperson of the National Bank of Moldova, Anca Dragu, in the presence of journalists and heads of local banks.

She noted that the accession process will take more than a year, after which the republic will receive benefits. “With this system, payment can be made within 24 hours. And the cost of the transaction can be reduced, for example, from today’s 20-50 euros to 1-3 euros. I think this will be good news for all Moldovan citizens who work abroad and send remittances home,” Dragu said.