Kalezić: From October we will pay significantly lower transaction fees

The Council of the Central Bank of Montenegro (CBCG) has adopted an ambitious and comprehensive reform set that brings concrete benefits to citizens and the economy - three acts that free up the movement of money, accelerate domestic and international transactions, and introduce European prices and standards.

This means that from October we will pay significantly lower transaction fees, said Zorica Kalezić, Vice Governor of the Central Bank of Montenegro, on Boje jutra on Vijesti Television.

Fees for international transfers from Montenegro to SEPA markets have been extremely high, averaging around €70 per transaction. The new regulations significantly reduce these costs and introduce clearly defined limits, thereby encouraging competition and digitalization of the payment system.

"With the fee limitation, for transfers up to 200 euros, the fee must not exceed two cents. For amounts up to 20.000 euros, the electronic fee must not exceed 1,99 euros, and for transfers over 20.000, the limit is 25 euros. Limits have also been introduced for incoming messages, which bring significant savings to the economy," adds Kalezić.

The Montenegrin economy and citizens of Montenegro will thus save around 13,9 million euros per year, or close to 50 million euros by the time of entry into the European Union (EU).

"The SEPA market is a single payment market in euros, it currently includes 41 countries, the majority of which are EU countries, as well as countries such as Great Britain, Norway, Iceland, Switzerland, Andorra, San Marino, the Vatican, and from October 5, in addition to Montenegro, our regional colleagues will join in operational terms. This means that Albania, North Macedonia, Moldova will join, and from May next year, Serbia will also join," explains Kalezić.

Another novelty is that payment transactions will have new working hours, so there will be no long waits for deposits and withdrawals.

"As part of the reform of the domestic payment system, the Central Bank is extending the operation of the payment system for small payments until 18:19 p.m., for large payments, payments over 30 euros, until 1000 p.m., meaning it is extending the operation by almost three hours. Specifically for citizens and the economy, this means increased liquidity in the sense that the execution of transactions will now be in an extended time and that transactions will simply not stand at four o'clock or 20:5 and wait for the next day," says Kalezić.