Ukraine could reduce the costs incurred by citizens and businesses for international transfers in euros by EUR70–100 million annually after joining the Single Euro Payments Area (SEPA). At the same time, to begin the integration process, the Verkhovna Rada must adopt a package of legislative amendments that will bring Ukrainian financial legislation into compliance with European requirements.
According to a special report by the Interfax-Ukraine news agency published on October 30, 2026, parliament has until mid-November to consider the necessary bills so that Ukraine can submit an application to the European Payments Council (EPC).
According to estimates by the Ministry of Finance of Ukraine, joining SEPA will reduce the cost of cross-border payments, speed up settlements with European counterparties, and lower financial costs for Ukrainian exporters.
The main bill is No. 14327-d, registered on April 6, 2026. Along with it, parliament must consider bills No. 15501 and No. 15503, which concern bringing legislation into compliance with European Union requirements and EPC criteria. As of early November, the main bill is awaiting consideration, Bill No. 15501 is being reviewed by a committee, and Bill No. 15503 is also awaiting consideration.
SEPA (Single Euro Payments Area) is a unified European payments area that provides standardized bank transfers in euros between participating countries. It allows cross-border payments to be made under rules similar to those for domestic banking transactions.
As of fall 2026, the SEPA area covers 41 countries and territories, including all EU member states, the United Kingdom, Switzerland, Norway, Iceland, Liechtenstein, as well as a number of Balkan countries and Moldova.
Businesses that regularly conduct transactions with European partners stand to benefit the most from Ukraine’s accession to SEPA. This primarily applies to IT companies, service exporters, logistics operators, e-commerce businesses, and small and medium-sized enterprises.
Currently, international transfers often pass through several correspondent banks, which increases fees and makes it difficult to predict when funds will be received. Using SEPA will reduce the number of intermediaries and make fees more predictable.
As noted by Olga Vasilevska-Smaglyuk, deputy chair of the parliamentary committee on finance, tax, and customs policy, even a fee of 20–50 euros per international payment represents a significant expense for companies that carry out dozens or hundreds of such transactions.
For individuals, SEPA can simplify money transfers between Ukraine and EU countries, as well as payments for tuition, rent, and services, and the receipt of income from foreign clients.
A telling example is Moldova, which joined the SEPA geographical area in March 2025, and whose banks began corresponding operations on October 6 of that same year. According to estimates by the National Bank of Moldova, the average cost of a cross-border transfer in euros fell from EUR20–150 to approximately EUR1. The total savings for citizens and businesses over 12 months are estimated at EUR16.4 million.
At the same time, for Ukraine, joining SEPA requires not only the technological modernization of banks but also strengthened financial monitoring, transparency regarding information on the ultimate beneficial owners of companies, and compliance with international standards for combating money laundering and terrorist financing.
Once the legislative changes are adopted, Ukraine must undergo an assessment by the European Payments Council. If the decision is positive, individual banks and payment institutions will be able to begin the technical integration process with the relevant payment schemes.
However, integration with SEPA will not mean Ukraine’s transition to the euro or the automatic lifting of currency restrictions imposed by the National Bank during martial law. Bank fees will also not necessarily be reduced to zero, although a significant reduction in the cost of international payments in euros is expected.
The National Bank of Ukraine has already implemented a series of technological changes in preparation for future integration. Specifically, in April 2023, the Electronic Payments System transitioned to the international ISO 20022 standard and began operating 24 hours a day, and since December 2024, it has supported instant credit transfers.
Further accession to SEPA will mark another stage in Ukraine’s financial integration with the European Union and may help boost the competitiveness of Ukrainian companies in the European market.
Source: “Interfax-Ukraine,” special report dated October 30, 2026.
bank transfer, BUSINESS, EUROPEAN UNION, financial integration, SEPA, UKRAINE
