Every Albanian citizen who sends money to Europe, or receives funds from there, will now pay significantly lower bank transfer fees. This comes as commercial banks in Albania have begun offering transactions through the SEPA payment system (Single Euro Payments Area).

Bank fees for money transfers between Albania and 41 European countries will now be five times cheaper. With Albania’s accession to SEPA, Albanians are expected to save over 20 million euros each year, while the process is also expected to reduce informality in financial transactions.

“During the ceremony held at the Central Bank, Ambassador Gonzato praised the process involving the banks, adding that with the SEPA system, Albanians will feel like citizens of the European Union,”

said Gent Sejko, Governor of the Bank of Albania.

Sejko further emphasized that transfers will be both secure and efficient:

“With SEPA integration, banks will apply minimal commissions compared to the transferred amount, while transactions will remain completely secure,”

he stated.