Albania has officially applied to join the European bank transfer system known as SEPA (Single Euro Payments Area), a move expected to improve financial transactions for its citizens. The application was signed by the Governor of the Bank of Albania, Gent Sejko, positioning Albania as the first country in the region to seek formal alignment with this unified banking system.
SEPA aims to provide safer, quicker, and more affordable euro transactions, making financial operations easier for residents. The head of the central bank has highlighted the significance of this development, stating, “Union, integration, and the application of practices that are for the European Union are the solution for the citizens of this region.”
The SEPA system will allow bank transfers to be completed in a maximum of three days, in stark contrast to the current SWIFT system, where transfers can take up to five days and incur higher costs. According to Sejko, this change will streamline processes and enhance the convenience of using bank cards for daily transactions.
Experts emphasized the economic benefits of SEPA, suggesting that a formalized market could lead to greater financial stability. They say that the current informal transfer methods are causing chaos in the economy, urging citizens to open bank accounts for better management of their finances.
Moreover, the SEPA system will benefit immigrants sending remittances to families back home. Experts indicated that costs for sending money will significantly decrease, making it easier for families to receive financial support. “If Albanian immigrants want to send their families 300 euros a month, until now they have paid 10 euros in fees. With SEPA, that cost will drop to just 1.2 euros,” they explained.
