SEPA membership reduces commissions for money transfers

Albanians' remittances from Europe to Albania or vice versa will have low financial costs.

With our country's accession to the SEPA system, a system is already being set up to reduce commissions within this year.

Commissions for money transfers from Europe will be reduced this year, saving Albanian immigrants and businesses millions of Euros.

On June 13, 2024, Albania applied to the European Union to be accepted into the SEPA system, and was accepted on November 21, while banks are now working to set up the system that enables low-cost money transfers.

According to estimates made by the Bank of Albania, the benefits in terms of cost, time and security are significant. In value, they are expected to save over 20 million euros each year, which Albanians have paid in commissions.

SEPA, also known as the Single Euro Payments Area, is a European Union initiative that enables individuals and businesses to make electronic payments in Euros, following the same rules across member countries. However, today the geographical area of ??payments extends beyond the EU.

SEPA is also a prerequisite for our country's membership in the European Union.