In February 2026, the European Union proposed that Turkey join the Single Euro Payments Area (SEPA), as reported by Jurgis Vilcinskas, the EU’s chargé d’affaires in Ankara.

This proposal was communicated to Turkish Foreign Minister Hakan Fidan during a visit by Marta Kos, who serves as the EU Commissioner for Enlargement.

Currently encompassing 41 countries, SEPA is designed to facilitate cheaper, faster, and more secure cross-border euro payments. Last year, four smaller Balkan EU candidate nations—Albania, Moldova, Montenegro, and North Macedonia—joined the scheme, estimated to save users in those markets up to EUR 500 million.

Economic Benefits and Regulatory Requirements

Turkey’s largest trading partner is Europe, with bilateral trade exceeding EUR 200 billion. SEPA membership would enable Turkish businesses, consumers, and the Turkish diaspora in Europe to conduct cross-border euro transfers akin to domestic transactions.

The cost of a transfer from EUR 1,000 to EUR 5,000 to Europe currently stands at approximately EUR 40 using services like Western Union. SEPA could significantly reduce these costs and processing times.

Turkey would need to align with the EU’s Payment Services Directive, which includes enhancing anti-money laundering and data protection measures as prerequisites for joining. Vilcinskas assured that the European Commission is ready to support Turkey in fulfilling these requirements.

While the proposal has commercial implications for Turkish banks currently relying on cross-border transfer fees, the response from Turkey remains unclear. A Turkish diplomatic source confirmed the offer and noted that the Finance Ministry declined to comment, noting the matter falls under its jurisdiction.

This development occurs amid stalled EU-Turkey membership negotiations, with both sides aiming to modernize their customs union and bolster economic ties via alternative channels. The SEPA proposal is seen as one way to promote deeper integration without full accession progress.