Ready for a payment revolution? The Central Bank of Montenegro (CBCG) just dropped a financial bombshell! They capped fees for SEPA payments, meaning citizens and businesses can save a whopping 13.9 million euros annually, with expected savings soaring to a staggering 50 million euros by the time Montenegro joins the EU! Yes, you read that right – MILLIONS!
What’s going on?
Starting October 6th, banks in Montenegro cannot charge more than 0.02 euros for the first daily SEPA credit transfer by an individual. Electronic transactions up to 20,000 euros can cost a maximum of 1.99 euros, while branch deposits up to the same amount cannot exceed 3.99 euros. Receiving SEPA transfers up to 20,000 euros can cost up to 1.99 euros, and for larger amounts, fees are capped at 25 euros.
Why does this matter?
These measures not only save money for citizens and businesses but also open the door to a modern, transparent, and inclusive payment system aligned with the best European practices. CBCG isn’t waiting for Montenegro’s EU entry to integrate European standards – they’re doing it now!
Even better news – extended payment system hours
From August 18th, the RTGS system for transactions above 1,000 euros will operate 20 hours a day, while the DNS system for smaller amounts will run 19 hours and 30 minutes, with six clearing cycles daily. From mid-October, systems will operate on weekends, and from July next year, payments will be available 24/7 thanks to the introduction of the TIPS clone platform.
No more expensive afternoon payments
CBCG scrapped the fee that was 30% higher for transactions after 2 PM. Now, a single, lower tariff applies from 8 AM to 8 PM, ensuring fair and transparent conditions for all users.
What does the CBCG governor say?
Irena Radović says these decisions free up money movement and open space for economic growth. This is new capital staying in the domestic economy, bringing lower prices, higher liquidity, and competitiveness.
Who’s in the SEPA zone?
The SEPA zone covers 41 countries, including all EU members, plus Iceland, Norway, Liechtenstein, Switzerland, Monaco, San Marino, Andorra, Vatican, the United Kingdom, Montenegro, Albania, Moldova, and North Macedonia. Serbia plans to join in May next year.
Bottom line
CBCG has shown it can and will modernize the financial system to meet the needs of citizens and businesses. These reforms are a knockout blow to old, expensive banking practices and a real gift for all of us who use banking services daily.
Now it’s your turn – ready to cash in on these changes or still paying those hefty fees? Drop a comment, share your story, or just tell us what you think about these new rules. Let the people’s voice be heard!
