Ukraine’s Cabinet of Ministers approved a package of draft laws on 17 December that would allow the country to join the Single Euro Payments Area (SEPA)—a network that has unified euro transfers across 42 European countries since 2008, treating payments the same whether the money moves across the street or across the continent.
The Finance Ministry describes the move as “financial visa-free” integration with Europe.
If parliament passes the bills, Ukrainian citizens and businesses could transfer euros as quickly and cheaply as sending money from Spain to Sweden.
How much will you save on euro transfers?
SEPA eliminates the distinction between “domestic” and “international” euro payments. A bank transfer from Kyiv to Berlin would cost the same and arrive just as fast as one from Munich to Hamburg.
The Finance Ministry estimates the change would save Ukraine €70-100 million ($82-117 million) annually on international transfers.
For the roughly 120,000 small and medium-sized enterprises that regularly export to the EU, annual savings could reach €4,000 ($4,700) per company — money currently lost to cross-border fees and slower processing.
The Ministry projects SEPA membership could add up to 0.3% to GDP in the first year through reduced transaction costs and boosted IT services exports.
Moldova shows the way
Ukraine’s neighbor, Moldova, beat it to the finish line. Moldova joined SEPA on 6 October 2025—a move National Bank Governor Anca Dragu called “a historic step on the path to Europe.”
Within one month, Moldovan citizens and businesses had saved € 1.4 million in transfer fees. Transaction volumes jumped 25% compared to the same period last year, with more than half coming from individuals—likely diaspora remittances arriving faster and cheaper.
Before SEPA, a single international transfer from Moldova could cost €20-200 ($23-234). Now it costs a few euros or nothing.
Ukraine’s National Bank has been working toward SEPA accession since 2022. But unlike Moldova, Ukraine must first pass the legislative package through the Verkhovna Rada. When Ukraine might actually join remains unclear—previous accession processes for Balkan countries took six to twelve months after application, but no official timeline exists.
The registry issue
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Beyond the payment integration, the legislation includes a centralized Registry of Bank Accounts and Safe Deposit Boxes, which sparked concern earlier this year. The European Business Association called for balancing “effective financial monitoring and the protection of financial privacy,” while earlier draft versions were withdrawn following criticism from civil society.
The revised package limits the registry to basic data—IBANs, account holder names, and bank names—with no balances or transaction histories.
The Ministry emphasizes this represents just 1/13th of the information protected under banking secrecy laws. Access would be restricted to bodies like NABU, the SBU, and prosecutors during serious crime investigations. The registry only activates after Ukraine joins the EU—a compromise to ease domestic concerns while meeting Brussels’ requirements.
What comes next
The legislation now heads to the Verkhovna Rada. Ukraine’s parliament has a mixed record on EU-required reforms—it has missed deadlines in the past, and the EU has withheld funding due to unmet reform commitments.
However, SEPA membership offers tangible benefits that voters can feel directly: cheaper remittances from family abroad, faster payments for exporters, and one more step toward the Europe that Ukraine is fighting to join.
