The European Union has proposed that Turkey join the Single Euro Payments Area (SEPA), according to the EU's chargé d'affaires in Ankara, Jurgis Vilcinskas.
The proposal was conveyed to Turkish Foreign Minister Hakan Fidan during a visit to Ankara by EU Commissioner for Enlargement Marta Kos on 6 February 2026.
SEPA currently covers 41 countries and is designed to make cross-border euro-denominated payments cheaper, faster, and more secure. Four smaller Balkan EU candidate countries, including Albania, Moldova, Montenegro, and North Macedonia, joined the scheme last year, with the EU estimating combined savings of up to EUR 500 million for users in those markets.
Economic rationale and regulatory requirements
Europe is Turkey's largest trading partner, with bilateral trade volume exceeding EUR 200 billion. SEPA membership would allow Turkish businesses, consumers, and the Turkish diaspora in Europe to conduct cross-border euro transfers at speeds and costs comparable to domestic transactions. A Turkey-to-Europe transfer of between EUR 1,000 and EUR 5,000 can currently cost approximately EUR 40 through services such as Western Union, illustrating the cost differential that SEPA integration could address.
Turkey would need to comply with the EU's Payment Services Directive, including strengthening its anti-money laundering and data protection frameworks, as a prerequisite for joining. Vilcinskas confirmed the European Commission is prepared to support Turkey in meeting those requirements.
The proposal carries commercial implications for Turkish banks, which currently generate revenues on cross-border transfer fees that SEPA membership would reduce. Turkey's response to the proposal remains unclear. A Turkish diplomatic source confirmed the offer was made but indicated the matter falls under the jurisdiction of the Finance Ministry, which declined to comment.
The development comes as EU-Turkey membership talks remain effectively stalled, with both sides seeking to modernise their customs union and strengthen economic ties through alternative channels. The SEPA proposal represents one such avenue for deeper integration short of full accession progress.
