Prime Minister of North Macedonia Hristijan Mickoski announced membership benefits, stating that joining the Single Euro Payments Area (SEPA), would save citizens between 50 and 60 million euros, as they would no longer need to pay fees for cross-border transactions.
Just over two months ago, North Macedonia became a member of the SEPA zone, an European Union initiative created to simplify bank money transfers within the region. Members of this zone can make cashless payments in euros more easily, not only within the European Union but also in several non-EU countries.
SEPA in North Macedonia is officially set to be implemented in October 2025. Most banks are expected to complete the accession process by 22 August at the latest so that the first cross-border euro transactions under the SEPA system can begin in October.
"Considering that payment costs from the EU to Western Balkan countries are currently 12 times higher than those between EU countries, SEPA should result in more efficient, cost-effective, and faster cross-border payments," said the National Bank of North Macedonia in a statement to our portal.
The benefits were echoed by Prime Minister Hristijan Mickoski, who stated that SEPA membership would bring citizens financial savings of between 50 and 60 million euros, as there would no longer be a need to pay costs and commissions for cross-border transactions.
"Joining what I would call the European payment zone brings major benefits. When someone from the diaspora, with an account in an EU bank, sends money to an individual in Macedonia who has an account in a local commercial bank, the transaction will be executed instantly, without days of waiting, and without extra costs or fees. If we consider that remittances may exceed one billion euros annually, citizens will save between 50 and 60 million euros," said Prime Minister Mickoski.
The Prime Minister highlighted that this amount is equal to what the state now has to return to the economy due to the annulled solidarity tax, which was introduced by the previous government and overturned by the Constitutional Court.
International payment transfers in euros are becoming faster and cheaper
The inclusion of North Macedonia in the Single Euro Payments Area (SEPA) represents an important step in modernising the domestic financial system and aligning it with contemporary European standards, both for the country and for the entire Western Balkans. This integration brings a range of concrete benefits that are directly visible through daily business operations, for citizens as well as for companies.
Thanks to SEPA membership, international payment transfers in euros are not only becoming faster but also significantly cheaper, as numerous intermediary costs, commissions and fees that previously burdened transactions between domestic and foreign accounts are eliminated.
For business entities in North Macedonia, this means that they can now conduct payments and receipts in euros far more efficiently – the currency most commonly used in international trade and business arrangements within the European Union.
Instead of complicated procedures, longer processing times, and high banking fees, companies can rely on a simpler and standardised system where the rules are clear, and transactions are executed within one working day, or even within a few minutes, depending on the specific bank.
In addition to financial savings, membership in SEPA also reduces administrative barriers that have often slowed down or hindered cross-border payments until now. This facilitates trade exchange, improves the competitiveness of domestic firms, and promotes economic integration with EU member states. In short, SEPA not only contributes to the efficiency of the financial sector but also creates a more stable and predictable environment for business development and international cooperation.
We received specific examples of benefits from the National Bank of North Macedonia, which reminded our portal that, according to World Bank estimates, remittance costs would decrease by about 3 percentage points.
"This will lead to savings of half a billion euros at the level of the Western Balkans region. Remittance costs are currently estimated at around 6.71 percent of the total transaction, and our economy is characterised by relatively high inflows of remittances from abroad, reaching up to 15 percent of GDP," they explained to us.
(EUpravo zato.rs)