Commissions will be reduced from October, and in 2024, almost 11 million international bank transfers will be made

2025-09-08 07:26:00, Ekonomi CNA

Commissions will be reduced from October, and in 2024, almost 11 million

The Supervisory Council of the Bank of Albania approved on September 3 several changes to its regulatory framework, which provide for the reduction of commissions for national and international transfers in Euro.

Next month, Albanian banks are expected to start making transfers through the Single Euro Payments Area (SEPA) systems. This is expected to bring significant reductions in commissions for outgoing and incoming transfers in the European currency.

Bank of Albania data show that last year the number of incoming and outgoing international transfers carried out through the Albanian banking sector reached almost 11 million. The number of international transfers increased by 40% compared to the previous year, while in the space of a decade the number of these transfers has increased more than sevenfold.

In value, they amounted to approximately 1.71 trillion lekë, an increase of 28% compared to 2023.

The structure of international transfers carried out in the Albanian banking sector is dominated by incoming transfers, which in 2024 reached almost 8.1 million, an increase of 39.5% compared to 2023. They accounted for about 74% of total international transfers.

The number of incoming international transfers has reached an all-time high, increasing fivefold compared to 2019, before the pandemic. Even for 2024, the growth was quite high in both the business and individual segments.

In total, according to the Bank of Albania, incoming transfers from abroad to the bank accounts of businesses and individuals reached the value of 782.9 billion lek, an increase of 42.7% compared to a year earlier.

Unlike national transfers, international transfers are also charged with fees upon arrival. According to new rules approved by the Bank of Albania, after October, if the bank applies fees for incoming SEPA payments, they must reflect the relevant costs of the payment service provider and in no case can they exceed 3 euros per transaction.

Outgoing international transfers, according to the Bank of Albania, reached 2.91 million last year, up 43% compared to 2023. In value, they reached 924 billion lek, 17% more compared to the previous year.

Currently, international transfers are carried out through the network of correspondent banks of Albanian banks. This solution results in high commissions and several-day deadlines for making transfers. After October, international commissions that will be carried out through SEPA systems will also be subject to the maximum commission levels set by the Bank of Albania for national transfers in Euro.

According to the approved changes to the regulation, "On the functioning of the AIPS EURO system for the settlement of domestic transfers to clients in Euro", the minimum commission that banks can apply for transfers in the AIPS Euro system will be reduced from 6 euros to 4 euros.

Meanwhile, the total commissions for each transfer worth up to 150 thousand euros cannot be higher than 0.02% of the transferred value. As is the case with transfers in Lek, the regulation for transfers in Euro will also stimulate the use of electronic channels for making transfers, by providing for halved commissions for operations carried out through these channels.

The minimum commission that banks can apply for national transfers in European currency, carried out through e-banking, cannot be higher than 2 euros. While the total commissions for each transfer worth up to 150 thousand euros cannot be higher than 0.01% of the transferred value.

Meanwhile, the maximum commissions that banks can apply, regardless of the amount of the transfer, are proposed to be the same as in the current regulation, namely 50 euros for transfers made in branches and 25 euros for those initiated through electronic channels. These ceiling levels will also apply to transfers initiated in the SEPA area.

In addition to international transfers, the new commission levels also affect national transfers in Euros, which last year were more than 325 thousand./ Monitor.al