SEPA: Europe’s unsung hero
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ECB blog post that uses the OeNB Euro Survey in six south-eastern European countries to show that many households still send remittances through costly channels despite SEPA's expansion. Fewer than 40% of consumers have heard of SEPA, and awareness rises with income, education and financial literacy.
Key points
- One-third of remittance recipients receive cash via relatives and another third through money transfer operators
- Cash-to-cash transfers cost 6% to 12%; digital non-bank transfers 1.5% to 4.5%
- A 5% fee equals around €140 million a year in Bulgaria and €130 million in Albania
- SEPA now connects 41 countries; Albania and North Macedonia joined in 2024 and Serbia in 2025
Who is affected
Households receiving remittances, banks and cross-border payment providers
Plain-language version
An ECB blog (the ECB is the euro area's central bank) shows that many families in south-east Europe still send money home through expensive channels: 6% to 12% in fees for cash-to-cash transfers. SEPA, the European bank transfer system that now links 41 countries, would be much cheaper, but fewer than 40% of people have heard of it.
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Summary produced with artificial intelligence from the official publication. It may contain errors: always check the original document.
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