Montenegro joins SEPA
07 December 2024
Imagine you're a Montenegrin working in Sweden and you want to transfer money to your family in Podgorica. Beside the amount you want to send, you would have to pay very high transaction fees both to the sending and the receiving bank, while payment processing would take several days.
But from 2025, Montenegro will join the Single Euro Payments Area (SEPA) which enables non-cash payments in euros – via credit transfer and direct debit – anywhere in the EU, as well as in some non-EU countries, in a significantly faster (one day), safer, and cheaper way (up to six times cheaper).
 | Milica Lipovac For both Montenegrin and international businesses, this means greater flexibility, lower costs, faster transactions, and broader business opportunities. For citizens, it means simplification of everyday payment operations and greater security in international transactions. Montenegro's integration into the SEPA system brings tangible advantages to its path to the EU, particularly in the field of cross-border financial operations. |
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