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Year 2023, national transfers in Euro grew at a higher rate than those in Lek

2024-01-27 12:35:30Biznes SHKRUAR NGA REDAKSIA VOX

Year 2023, national transfers in Euro grew at a higher rate than those in Lek

According to data from the Bank of Albania, until 2023, 249,000 transfers were made in the European currency in the national Euro payment system, AIPS Euro.

Transfers in Euros have increased by 60% compared to 2022. In value, transfers for the past year reached almost 3.3 billion euros, with an annual increase of 22%.

Although interbank transfers in Lek remain dominant (especially small value payments), their growth rate was lower last year.

Thus, the number of actions in the clearing system of payments of small value in Lek (AECH) last year increased by 12% compared to the previous year, while the number of transactions in the system of payments of large value in Lek (AIPS) ) suffered a slight decrease of 0.9% compared to 2022.

In terms of value, the volume of transactions in the AECH system increased by a little more than 5%, while in the AIPS system in Leka, the value of transactions also suffered a slight decrease, by 1.5%.

The AECH system processes interbank payments up to a value of 1.5 million ALL, while the AIPS Lek system processes large payments, worth over 1.5 million ALL.

The faster increase in the number and volume of transfers in Euros, compared to those in Leka, may be an effect of the increase in foreign exchange flows in the economy, and in particular, an increase in the number of transactions related to tourism. This is an indicator of a high euroization of payments in the Albanian economy.

The AIPS Euro payment system began operation in January 2022, with the aim of reducing the costs of bank transfers in the European currency.

Before the establishment of this system, national transfers in Euros could only be made through the use of accounts that Albanian banks have in correspondent banks abroad.

This route created time delays and, above all, much higher costs compared to transfers in Lek. The high commissions often caused the customers of the banking sector to move funds from one bank to another through withdrawals and cash transfers.

For initial payments ordered by clients of the participants and transferred through the AIPS Euro system, with a value less than or equal to 10 thousand euros, the total commissions applied by the originating participant for each payment order must not be higher than 0.2% of the transferred value and the commission floor cannot be higher than 6 euros.

For payments that are initiated electronically, the total commissions applied by the originating participant for each payment order must not be higher than 50% of the total commissions applied for each payment initiated non-electronically.

This means the implementation of total commissions floor higher than 3 euros, total commissions not higher than 0.1% of the transferred value for value less than or equal to 10 thousand euros.

In total, for the originating payments ordered by clients of the participants and transferred through the AIPS Euro system, the total maximum commissions applied by the originating participant for each payment order must not be higher than 50 euros, regardless of the amount. For the transfers made through this system, commissions are not applied for the funds on arrival.

Meanwhile, for transfers in Lek, transfer costs are still lower. for transfers up to 1.5 million ALL (which are processed through the AECH system), the maximum commission charged to the client is 500 ALL, while for large value payments, over 1.5 million ALL, the maximum commission is 1500 ALL.

However, in Lek, banks have the obligation to offer 50% lower fees for transfers initiated through digital channels (e-banking).


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