Montenegro, SEPA membership saves 38 million euros/ Faster and cheaper transfers for individuals, businesses
By joining the Single Euro Payments Area (SEPA), Montenegro has become part of the financial core of the European Union. This allows citizens and businesses to make cross-border payments in euros as easily and cheaply as within any EU member state.
The decision marks both an economic and political achievement, demonstrating the country's institutional readiness for deeper EU integration. According to the Ministry of Finance, SEPA membership will save the Montenegrin economy around 38 million euros per year, through lower bank fees, reduced costs for businesses and cheaper remittances, which account for approximately 0.5% of the country's GDP. Together with the Instant Payment System (TIPS), the total annual benefits could reach 160 million euros.
For individuals, SEPA brings faster, safer and cheaper transfers for tuition fees, family remittances and online shopping across Europe. For companies, especially small and medium-sized ones, it offers easier access to EU markets, lower operating costs and greater competitiveness. The decision by the Central Bank to cap SEPA transaction fees, supported by banks offering low-cost or free transfers, ensures that these benefits are tangible and immediate.
From a political point of view, Montenegro's inclusion in SEPA underlines its capacity to meet the EU's high standards in finance, digital infrastructure and consumer protection, strengthening trust and credibility in the accession process.
Next steps include further financial reforms, stronger regulatory oversight, and digital modernization through the implementation of the TIPS Clone platform in partnership with the Bank of Italy.
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