Republic of Serbia Joins the Single Euro Payments Area (SEPA)
In February 2025, the National Bank of Serbia (NBS) adopted a new set of decisions, including amendments to the Decision on the Conditions and Manner of Performing Foreign Payment Transactions.
As part of the project “Modernisation of Payments in the Western Balkans Region”, payment systems across the region have been modernised, resulting in the simplification of payment transaction processes.
Within the framework of this modernisation initiative, the Republic of Serbia became the 41st member of the Single Euro Payments Area (SEPA) on 22 May 2025. Brings us key developments:
- Payment transactions carried out within the SEPA zone — which includes EU member states and certain non-EU countries — will no longer be classified as foreign payment transactions.
- The Serbian dinar (RSD) remains the official currency of the Republic of Serbia. SEPA exclusively pertains to payments denominated in euros (EUR) — including the sending and receiving of euro-denominated payments, holding euro funds in foreign currency accounts in Serbian banks, etc.
- Membership in SEPA entails a number of benefits, such as: a simplified payment system without the involvement of intermediary banks; reduced costs of euro-denominated transactions; and increased security and transparency in payment processing.
- Although the Republic of Serbia has formally acceded to SEPA, a transitional adjustment period is underway. Serbian banks and other financial institutions are expected to gain effective access to the SEPA system in November 2025, while the first operational payment service provider activities are anticipated to commence by the end of May 2026.
- By acceding to SEPA, the Republic of Serbia has made further progress toward the harmonisation of its national payment systems with the supranational framework of the European Union in the domain of payment transactions.
For additional information or consultations, the Tasić & Partners team is at your disposal.