SEPA membership: €5 million saved in first year, faster and cheaper cross‑border euro payments

The National Bank of the Republic of North Macedonia says the country's participation in the Single Euro Payments Area (SEPA) is already delivering measurable benefits for households and businesses one year after joining.

Faster transfers, lower fees and notable savings

Vice Governor Igor Velichkovski presented results showing that sending €500 to a SEPA country is on average six times cheaper than under the correspondent-banking model, while costs to receive the same transfer have fallen by half. For businesses, sending €20,000 to a counterparty in SEPA now costs nine times less through the SEPA system, with recipients also seeing clear fee reductions.

Before SEPA membership, euro transactions typically required one to three business days to clear; Velichkovski said SEPA transfers are now processed the same business day or, at the latest, by the next business day.

Usage of SEPA channels has grown steadily and now covers nearly 70 percent of incoming and outgoing flows by number, the central bank reported. That shift has produced significant reductions in bank fees, estimated at about €5 million during the first year of participation — direct savings for households and firms that can free up resources for investment and local growth.

Velichkovski also highlighted stronger price competition among payment providers and a gradual increase in the number and variety of market participants. The National Bank has identified instant payments as the next priority in modernising the national payment system.

He argued that the move toward instant payments and alignment with European regulatory standards is not only a financial-sector reform but a strategic step that enables faster economic growth and deeper integration with European and global markets.

Photo: press material from the event