Ukraine integrates with the Eurozone, international transfers will become cheaper and more convenient
Ukraine is actively moving towards European integration, gradually approaching joining the Single Euro Payments Area (SEPA). About this reported Chairman of the National Bank of Ukraine Andriy Pishnyi.
SEPA (Single Euro Payments Area) is an area where domestic and international payments in euros are unified, and financial transactions for citizens and businesses are carried out on the same terms. It covers 36 countries, including EU members and a number of other European states. Ukraine’s integration into SEPA will provide significant benefits for business, citizens and the financial sector.
For Ukrainian companies, technical barriers in working with EU banks will disappear, which will simplify access to the European market. Transaction costs are also expected to decrease, which will be an important relief for migrant workers and entrepreneurs.
In addition, fintech companies of Ukraine will be able to provide services in EU countries without additional legal obstacles. Thanks to the SEPA Instant scheme, Ukrainians will have access to instant transfers, which are already common in Europe.
Andriy Pishnyi emphasized the European Commission’s support for Ukraine’s European integration efforts. During the meeting in Vilnius, European Commissioner Valdis Dobrovskis noted the positive results of Ukraine on this path. Joining SEPA will be an important step in financial integration with Europe, contributing to attracting foreign investments and stabilizing the country’s economy.
Although a specific date for full integration into SEPA has not yet been announced, Ukraine is expected to complete this process in the coming years.
