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Albanian remittances from Europe to Albania or vice versa will have low financial costs.
With the acceptance of our country in the SEPA system, the system is already being set up to lower the commissions within this year.
Commissions for money transfers from Europe will be reduced this year, saving Albanian emigrants and businesses millions of Euros.
On June 13, 2024, Albania applied to the European Union to be admitted to the SEPA system, and was accepted on November 21, while banks are already working to set up the system that enables low-cost money transfers.
According to the evaluations carried out by the Bank of Albania, the benefits in terms of cost, time and security are great. In value, they are expected to save over 20 million euros every year, which the Albanians have paid as commissions.
SEPA, otherwise known as the Single Euro Payments Area, is an initiative of the European Union, which enables individuals and businesses to make electronic payments in Euros, following the same rules between member countries. However, today the geographical area of payments also extends outside the EU countries.
SEPA is also a prerequisite for our country's membership in the European Union. / Euronews
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