Montenegro launches SEPA payments - Citizens can transfer up to 200 euros without any fees
All eleven commercial banks in Montenegro became part of the Single Euro Payments Area (SEPA) schemes, enabling citizens and businesses to send and receive money faster, cheaper and more securely to and from 40 other European countries that are part of this area.
This development marks a new chapter in Montenegro's European integration process and the modernization of the national payments system.
The ceremony, which was held under the slogan "European Finance for New Generations: SEPA as an Integration Instrument", symbolized the country's operational entry into the European Union's payment infrastructure, less than a year after it became the first country in the Western Balkans to officially join the SEPA Area.
According to the announcement of the Central Bank of Montenegro, individuals will have the opportunity to make the first daily transfer of up to 200 euros to SEPA countries without any fees. For electronic transfers up to 20,000 euros, the maximum fee will be 1.99 euros, while for amounts exceeding this value, a fee of 25 euros will be applied.
“Lower fees and faster transactions will bring direct benefits to citizens and businesses, from saving money to creating more opportunities for trade and investment in the European market,” the Central Bank stressed. According to the institution, reforms and integration processes are delivering tangible and practical benefits even before Montenegro's accession to the European Union.
"The launch of the first transactions through SEPA is an important step towards economic convergence with EU per capita income levels, towards sustainable growth and financial integration of Montenegro into the European market," the statement said.
A day ago, commercial banks in Albania also became part of the Single Euro Payments Area (SEPA).
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