Montenegro has officially joined the Single Euro Payments Area (SEPA), enabling citizens and businesses to send and receive money across the SEPA zone faster, cheaper, and more securely in 40 European countries, including all EU member states.
Joining SEPA is a key priority of the first pillar of the Western Balkans Growth Plan – strengthening economic integration with the EU single market.
Minister of European Affairs Maida Gorčević emphasized that the SEPA system delivers tangible benefits as part of the EU accession process.
“By implementing European obligations, we are translating them into concrete benefits for our citizens and economy. Even though Montenegro is not yet an EU member, we are now using one of the most important financial mechanisms available to EU citizens – faster, simpler, and cheaper payments across Europe. This saves millions annually and strengthens the competitiveness of our economy,” Gorčević stated.
SEPA demonstrates that EU accession is not abstract but provides immediate, concrete advantages for citizens.
“This step shows that Montenegro does not wait for formal membership to implement EU standards. Citizens, companies, and banks are already living and operating according to European rules, which is the best preparation for full membership,” Gorčević added.
SEPA is an initiative supported by the European Commission and the European Central Bank, aiming to make payments within Europe simple, fast, and affordable. With SEPA, there is no difference between national and international payments – all function equally.
Minister of Finance Novica Vuković noted that Montenegro has worked for two years to join SEPA. To qualify, Montenegro had to meet all benchmarks of Chapter 4 – Free Movement of Capital. Minister Vuković conducted the first symbolic transaction, sending money to a friend in Austria.
“This will make our economy more competitive, enable faster and easier business operations, and attract domestic and foreign investments, enhancing the overall business environment. This also facilitates the closure of Chapter 4, which I am pleased to announce will be completed by the end of the year,” said Vuković.
The Central Bank of Montenegro highlighted that SEPA membership confirms that reforms and integration already provide tangible benefits for citizens and the economy, even before EU accession.
“This historic step, full formal and operational SEPA membership, is the result of joint efforts by the Government, Parliament, and Central Bank of Montenegro in aligning regulations with European standards, as well as the collaboration of the Central Bank and eleven commercial banks to modernize the payment infrastructure and meet European Payment Council standards across Montenegro’s financial sector, all achieved in record time with the support of the European Commission and World Bank,” the Central Bank noted.
From today, the first daily transfer for individuals up to €200 within the SEPA zone is free. Electronic transfers up to €20,000 carry a maximum fee of €1.99, while transfers over €20,000 are capped at €25.