Ukraine will join the euro payment area

Ukraine will join the euro payment area

Ukraine’s accession to the Single Euro Payments Area (SEPA) will not happen instantly – it will take some time. The thing is that the country is currently in the process of implementing legislation that aligns with European norms regulating the banking sector, including cross-border transfers. However, in any case, there is no talk of Ukraine switching to the euro – only about banking payments.

Meanwhile, the banking sector has shared whether joining SEPA will affect transfer fees to the EU. Especially for banks that do not have correspondent accounts with international banks.

Moreover, the speed of transfers will change – they will be conducted faster. According to an optimistic forecast, instead of 1-2 days, transferring funds may take a few hours.

"Additionally, the speed of settlements under contracts will become a very attractive argument for European counterparts: money from Ukrainian companies will arrive significantly faster," explained Svitlana Strutynska, head of the financial institutions department at Globus Bank.

At the same time, she emphasized: the importance of Ukraine’s accession to SEPA lies in the fact that it is another "link on the path to unifying the Ukrainian banking system with EU standards." According to her, the country’s vector towards joining the EU is clearly evident in this.