The European Union last month proposed that Türkiye join the Single Euro Payments Area (SEPA), a system that would make euro transfers faster and cheaper and strengthen economic integration, announces the bloc's chargé d’affaires in Türkiye, Jurgis Vilcinskas.
Speaking to Reuters, Vilcinskas noted that European Commissioner for Enlargement Marta Kos raised the proposal during a meeting with Turkish Foreign Minister Hakan Fidan in Ankara last month.
The EU says the SEPA system, which covers 41 countries, makes cross-border euro payments cheaper, faster and more secure. It added that users in smaller Balkan countries such as Albania, Moldova, Montenegro and North Macedonia, which joined the system last year, saved up to 500 million euros in total.
“SEPA could offer a valuable opportunity to strengthen the economic integration of Türkiye, a candidate country and a key trade and economic partner of the EU,” Vilcinskas said.
“By making cross-border euro transfers as fast and inexpensive as domestic transactions, it could generate significant annual savings for Turkish companies, consumers and the diaspora,” he added.
A Turkish diplomatic source confirmed that the offer was conveyed during Marta Kos’s visit on Feb. 6. The source added that the issue falls under the authority and coordination of the Treasury and Finance Ministry.
Under SEPA, Turkish banks could lose part of the income they earn from transfer fees, which vary significantly depending on the transaction amount. According to Western Union, the cost of transferring between 1,000 and 5,000 euros between Türkiye and Europe can reach up to 40 euros.
Europe remains Türkiye’s largest trading partner, with a trade volume exceeding 200 billion euros.
Trade Minister Ömer Bolat recently reaffirmed Türkiye’s aim to modernize the decades-old customs union to align it with current economic needs. Ankara has also joined the new “Made in Europe” industrial policy, a step viewed as strengthening trade and economic ties with the bloc.
