22. 10. 2024.
On January 1st, Montenegro will officially become part of the Single Euro Payments Area (SEPA). This is great news for all citizens, especially for companies that are operating or planning to operate in the European environment. SEPA currently includes 36 countries, including all EU member states, as well as the United Kingdom, Iceland, Liechtenstein, Norway, Switzerland, Monaco, San Marino, Andorra, and the Vatican.
WHAT DOES SEPA BRING TO MONTENEGRO AND ITS CITIZENS?
1. Faster and cheaper transactions By joining SEPA, Montenegro will eliminate differences in costs, speed, and processes between national and international transactions. This means that citizens and companies will be able to make payments within the SEPA zone at significantly lower costs – up to six times cheaper than now! Additionally, transactions will be completed in a much shorter time, often within one working day.
2. Easier access to the European market for companies For Montenegrin companies, SEPA membership is an important step towards facilitating business with European partners. SEPA standardizes payment transactions, allowing easier and more secure business operations within the European market. This brings more opportunities for business expansion, increased competitiveness, innovation, and better access to foreign direct investments.
3. Standardization and payment security SEPA introduces standardized procedures for payment transactions, making them easier to manage and more secure. By using IBAN (International Bank Account Number) and BIC (Bank Identifier Code) the risk of errors is reduced and the process of making cross-border transactions is simplified.
4. Benefits for key sectors Tourism and trade, as key branches of Montenegrin economy, will directly benefit from SEPA membership. Increased transaction speed and simplicity will make Montenegro a more attractive destination for tourists and investors. Additionally, easier cash flow management in the trade sectors will contribute to greater efficiency and a better business climate.
5. Attracting foreign investments Simpler and more transparent payment processes within SEPA will encourage a greater inflow of foreign investments into Montenegro. Investors from Europe will be able to conduct transactions as if they were operating within their own countries, without additional barriers and costs, positioning Montenegro as an attractive destination for business.
A new era of business and payments Montenegro's entry into SEPA brings many benefits and represents a significant step toward further integration with the European market. For businesses, this means greater flexibility, lower costs, faster transactions, and wider business opportunities. For citizens, SEPA will simplify daily payment operations and provide greater security in international transactions.
If you are an entrepreneur or investor in Montenegro, now is the right time to take advantage of the benefits SEPA offers and adapt your business to the new standards!
For additional information and advice on how to make the most of the opportunities SEPA brings, our team at Perfectum is at your disposal.
Perfectum – always a step ahead, for your business without borders!
