{"id":488643,"date":"2026-03-22T02:52:20","date_gmt":"2026-03-22T02:52:20","guid":{"rendered":"https:\/\/www.newsbeep.com\/uk\/488643\/"},"modified":"2026-03-22T02:52:20","modified_gmt":"2026-03-22T02:52:20","slug":"eu-proposes-turkiye-entry-into-its-payment-system","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/uk\/488643\/","title":{"rendered":"EU proposes T\u00fcrkiye entry into its payment system"},"content":{"rendered":"

ANKARA
\n\"EU<\/p>\n

The European Union last month proposed that T\u00fcrkiye<\/a> join the Single Euro Payments Area (SEPA), a system<\/a> that would make euro transfers faster and cheaper and strengthen economic integration, announces the bloc’s charg\u00e9 d\u2019affaires in T\u00fcrkiye, Jurgis Vilcinskas.<\/p>\n

\u00a0<\/p>\n

Speaking to Reuters, Vilcinskas noted that European Commissioner for Enlargement Marta Kos raised the proposal during a meeting with Turkish Foreign Minister Hakan Fidan in Ankara last month.<\/p>\n

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The EU<\/a> says the SEPA system, which covers 41 countries, makes cross-border euro payments cheaper, faster and more secure. It added that users in smaller Balkan countries such as Albania, Moldova, Montenegro and North Macedonia, which joined the system last year, saved up to 500 million euros in total.<\/p>\n

\u00a0<\/p>\n

\u201cSEPA could offer a valuable opportunity to strengthen the economic integration of T\u00fcrkiye, a candidate country and a key trade and economic partner of the EU,\u201d Vilcinskas said.<\/p>\n

\u00a0<\/p>\n

\u201cBy making cross-border euro transfers as fast and inexpensive as domestic transactions, it could generate significant annual savings for Turkish companies, consumers and the diaspora,\u201d he added.<\/p>\n

\u00a0<\/p>\n

A Turkish diplomatic source confirmed that the offer was conveyed during Marta Kos\u2019s visit on Feb. 6. The source added that the issue falls under the authority and coordination of the Treasury and Finance Ministry.<\/p>\n

\u00a0<\/p>\n

Under SEPA, Turkish banks could lose part of the income they earn from transfer fees, which vary significantly depending on the transaction amount. According to Western Union, the cost of transferring between 1,000 and 5,000 euros between T\u00fcrkiye and Europe can reach up to 40 euros.<\/p>\n

\u00a0<\/p>\n

Europe remains T\u00fcrkiye\u2019s largest trading partner, with a trade volume exceeding 200 billion euros.<\/p>\n

\u00a0<\/p>\n

Trade Minister \u00d6mer Bolat recently reaffirmed T\u00fcrkiye\u2019s aim to modernize the decades-old customs union to align it with current economic needs. Ankara has also joined the new \u201cMade in Europe\u201d industrial policy, a step viewed as strengthening trade and economic ties with the bloc.<\/p>\n","protected":false},"excerpt":{"rendered":"ANKARA The European Union last month proposed that T\u00fcrkiye join the Single Euro Payments Area (SEPA), a system…\n","protected":false},"author":2,"featured_media":488644,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[84,1294,4034,4854,40706,56,54,55],"class_list":["post-488643","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-economy","tag-eu","tag-system","tag-trkiye","tag-uk","tag-united-kingdom","tag-unitedkingdom"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/488643","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=488643"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/488643\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/488644"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=488643"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=488643"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=488643"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}