The European Union has proposed that Turkey join its Single Euro Payments Area (SEPA) to deepen economic integration and cut the cost of euro transfers, Reuters reported, citing the EU’s envoy in Ankara.
Jurgis Vilcinskas, the bloc’s chargé d’affaires in Turkey, said European Commissioner for Enlargement Marta Kos discussed the idea with Foreign Minister Hakan Fidan during her visit to Ankara on February 6.
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SEPA, a 41-country scheme, is designed to make cross-border euro payments cheaper, faster and more secure.
The EU says candidates Albania, Moldova, Montenegro and North Macedonia, which joined last year, could save up to €500m ($575.7m).
“SEPA could present a valuable opportunity to strengthen Turkiye’s economic integration as a candidate country and a key trade and economic partner of the EU,” Vilcinskas said.
It could generate “significant savings annually for Turkish businesses, consumers and diaspora by making cross-border transfers in Euros as fast and as cheap as domestic ones,” he added.
A Turkish diplomatic source confirmed an offer had been conveyed and said the issue falls under the Finance Ministry, which has not commented.
Ankara has not yet clarified its position on the proposal.
Under SEPA, Turkish banks could lose fee income. A Turkey-Europe transfer of €1,000 to 5,000 can cost €40, according to Western Union.
The EU is Turkey’s biggest trading partner, with trade exceeding €200bn.
While accession talks are stalled, both sides say they want to modernise their customs union and strengthen economic ties, highlighted the news agency.
Vilcinskas said Turkey would need to comply with the EU’s Payment Services Directive, including tougher anti-money laundering and data protection rules, and that the Commission is ready to support any SEPA bid.
A Turkish banking source said SEPA could bring “significant” savings, particularly for the large Turkish diaspora in Europe.
Odile Renaud Basso, president of the European Bank for Reconstruction and Development, said SEPA would “basically make transactions cost-free”.
