The government of Ukraine has approved the necessary bills for joining the Single Euro Payments Area (SEPA). This means that Ukrainians will have access to the European financial space, where more than 500 million individuals and companies already benefit from convenient money transfer rules.
International transfers in euros will become faster and more economical, without unnecessary fees. Uniform rules for all SEPA countries will provide greater transparency and security for both businesses and personal funds.
Importantly, the preservation of banking secrecy in the registry of accounts and safes is under reliable protection. A register of beneficial owners of trusts is also being created, which will promote transparency in financial transfers and reduce corruption risks.
SEPA could save Ukraine up to 100 million euros annually on transfers. For small and medium-sized companies, this will positively impact revenues. SEPA is a step towards new opportunities for citizens and support for businesses, adding confidence in the future.
Ukraine is getting closer to the European financial space SEPA, which promises favorable conditions for citizens and businesses, encouraging financial openness and transparency.