19.03.2026 19:20
The European Union proposed to Turkey to join the SEPA payment system, which aims to simplify euro-denominated bank transfers.
The EU has offered Turkey to join the SEPA payment system.
EU'S OFFER TO ANKARA: "JOIN SEPA"
The European Union has presented a proposal for Turkey to join the SEPA (Single Euro Payments Area) system, which enables euro-based bank transfers across Europe to be completed in seconds and at very low costs. Currently involving 41 countries, this system eliminates the high bank commissions paid for cross-border money transfers, making transactions as easy as domestic remittances.
ADVANTAGEOUS FOR EXPATRIATES AND EXPORTERS
If Turkey joins this system, Turkish citizens living in Europe and exporters will gain a significant cost advantage. While transaction fees that reach high amounts in the current system will drop to symbolic levels, transfer times will also fall to within minutes.
The proposal, evaluated under the coordination of the Ministry of Treasury and Finance, is seen as a critical step towards the full integration of Turkey's financial infrastructure with European standards.
WHAT IS THE SEPA SYSTEM?
SEPA (Single Euro Payments Area) is a payment system that makes euro-denominated bank transfers across Europe as fast, secure, and low-cost as domestic local transactions. Currently covering 36 countries, this system eliminates high commissions and days-long processing times for cross-border payments, consolidating transactions such as remittances, EFT, and direct debits under a single standard. In short, SEPA is a financial bus that unites the digital money traffic between European countries in a single pool without "invisible borders."