The European Union pitched to Turkey last month the idea that the candidate for bloc membership could join a cost-cutting payments system to boost integration efforts and benefit those sending money abroad, the EU envoy to Ankara told Reuters.
Jurgis Vilcinskas, the bloc’s chargé d’affaires in Turkey, said European Commissioner for Enlargement Marta Kos discussed the proposal with Foreign Minister Hakan Fidan, when the two met last month in Ankara.
The EU says its 41-country Single Euro Payments Area (SEPA) makes cross-border euro-currency payments cheaper, faster and more secure. Users in far smaller Balkan candidates Albania, Moldova, Montenegro and North Macedonia, which adopted the scheme last year, could save up to 500 million euros, it said.
Ankara’s view on the matter is unclear. A Turkish diplomatic source confirmed that during Kos’ February 6 visit an offer had been conveyed to Ankara, adding the SEPA issue was under the jurisdiction and coordination of the Finance Ministry, which did not comment on the matter.
Under SEPA, Turkish banks could stand to lose revenues on transfers, which vary widely based on size. A Turkey-Europe transfer of 1,000 euros to 5000 euros can cost 40 euros, according to Western Union.
Banking 4.0 – „how was the experience for you”
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