Albania's membership in SEPA (Single Euro Payments Area) has brought a significant reduction in transfer costs for Albania, Montenegro and North Macedonia.
The Bank of Albania stated that the fee for transferring 5 thousand euros has decreased by 10 times compared to a year ago. If last year to transfer 5 thousand euros you had to pay 0.76 percent of the transferred amount or 38 euros, this year this figure has dropped to 0.08 percent or 4 euros.
For transfers of larger amounts, the reduction in costs is even stronger. According to the BoA, which refers to a World Bank report, for transfers of 20 thousand euros, the sending commission has decreased from 0.47 percent, which was a year ago, to 0.02 percent.
"This is a dramatic decrease in costs and a direct benefit for citizens and businesses that make cross-border payments in euros. It is estimated that during the first year the Albanian economy will save around 70 million euros from the reduction in transaction costs through SEPA," the BoA states.
What is SEPA?
SEPA, or the Single Euro Payments Area, includes 41 countries, including Albania. Member countries are obliged to make and receive payments in euros for individuals, businesses and institutions, within and between countries in the area, with the same conditions and rules as for a national payment in euros.
Albania became part of SEPA in 2024, following a process of regulatory harmonization, infrastructure updates and technical testing, as well as the decision to reduce bank commissions for euro payments.
With the entry into force of the agreement on October 7, 2025, an electronic transfer in euros from Tirana to Brussels is processed and costs the same as a payment in euros from Tirana to another city in the country.
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