, a move aimed at lowering transfer costs and strengthening economic integration, Reuters reported, citing EU officials.){kind=link}
The European Union has proposed that Turkey join its Single Euro Payments Area (SEPA), a move aimed at lowering transfer costs and strengthening economic integration, Reuters reported, citing EU officials.
Jurgis Vilcinskas, the EU’s chargé d’affaires in Ankara, said the proposal was discussed last month when European Commissioner for Enlargement Marta Kos met with Turkish Foreign Minister Hakan Fidan in Ankara.
SEPA, which includes 41 countries, enables faster, cheaper and more secure euro-denominated cross-border payments. According to the European Commission, smaller candidate countries that joined the system last year — Albania, Moldova, Montenegro and North Macedonia — could collectively save up to 500 million euros.
Vilcinskas said participation in SEPA could help deepen Turkey’s economic ties with the bloc, noting that it could significantly reduce the cost of cross-border transfers for businesses, consumers and the Turkish diaspora.
Turkey’s position on the proposal remains unclear. A Turkish diplomatic source confirmed to Reuters that the offer was conveyed during Kos’s February 6 visit, adding that the issue falls under the responsibility of the Finance Ministry, which has not commented publicly.
Joining SEPA could also affect Turkish banks’ revenue from transfer fees, which vary depending on transaction size. Data cited by Reuters shows that transfers between Turkey and Europe can cost up to 40 euros for amounts between 1,000 and 5,000 euros.
The EU remains Turkey’s largest trading partner, with annual trade exceeding 200 billion euros. While accession talks have largely stalled in recent years, both sides have expressed interest in modernizing the customs union and expanding economic cooperation.
Vilcinskas said Turkey would need to align with EU regulations, including rules on payment services, anti-money laundering and data protection, adding that the European Commission is ready to support Ankara in the process.
A Turkish banking source told Reuters that SEPA could bring notable savings, particularly for the large Turkish diaspora in Europe.
Separately, Odile Renaud-Basso, president of the European Bank for Reconstruction and Development, said in an interview this month that the system could make transactions basically “cost-free.”