Serbia Joins SEPA Euro Payments Area

Money (Pixabay)

Payments within the Single Euro Payments Area  (SEPA) will be possible to execute in Serbia as of May 6, enabling transfers under the SEPA scheme and reducing current fees for money transactions to and from the European Union (EU).

SEPA membership allows both senders and recipients of funds to benefit from lower costs and quicker transactions. It is expected to bring Serbia annual savings of between 50 million and 60 million euros. For now, the system will apply only to SEPA Credit Transfer, while Instant Credit Transfer and SEPA Direct Debit are expected to be introduced within a year.

Serbia’s accession to SEPA will reduce transfer times from several days, required so far due to the involvement of multiple intermediary banks, to one business day.

For companies in Serbia, this will mean simpler payments to suppliers and faster receipt of funds from clients within the SEPA area. Transaction fees will be set individually by each bank, in line with applicable national legislation and their respective pricing policies. The National Bank of Serbia has previously said that neither citizens nor businesses will face additional obligations, nor will any special adjustments be required.

SEPA will enable euro payments with all 27 EU member states, as well as countries of the European Economic Area - Iceland, Norway and Liechtenstein - along with Switzerland, United Kingdom, Andorra, Monaco, San Marino, Vatican City, Albania, Montenegro, Moldova and North Macedonia.