TIRANA, February 19 – Albania’s membership and operationalization of the Single Euro Payments Area brought a significant reduction in transfer costs. The change benefits Albania, Montenegro, and North Macedonia. It also makes cross-border payments in euros easier and cheaper.

According to a World Bank study, the average cost of a 5,000-euro transfer fell from 0.76% to 0.08%, a reduction of about 90%. For a 20,000-euro transfer, costs dropped from 0.47% to 0.02%, a decrease of over 95%.

This translates into direct financial benefits for citizens and businesses. In addition, the Albanian economy is expected to save around 70 million euros during the first year of implementation.

Experts highlighted that the results reflect the systematic work of the Bank of Albania. They credited efforts to align with European standards, modernize payment infrastructure, and ensure faster, safer, and cheaper transfers.

The benefits of the Single Euro Payments Area extend beyond lower costs. They strengthen Albania’s financial integration with the European Union and create new opportunities for cross-border trade and investment.

The Single Euro Payments Area covers 41 countries, including Albania. All member countries must execute and accept euro payments for all individuals, businesses, and institutions, both within and between member countries. They must apply the same conditions, rules, and procedures as for domestic euro payments.

Albania joined the Single Euro Payments Area in 2024 after a broad process of regulatory harmonization, infrastructure upgrades, technical testing, and decisions to reduce bank fees for euro payments.

Since October 7, 2025, an electronic euro transfer from Tirana to Brussels is processed and charged the same as a euro payment from Tirana to another city in the country.

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