Albania has become part of Europe’s SEPA payment system, a move expected to eliminate fees for money transfers between Albania and European countries starting January 1, 2025.
Prime Minister Edi Rama announced the milestone on Thursday, describing it as a significant step in Albania’s EU integration efforts. “Millions of euros will be saved each year, bringing us closer to the standards and principles of the European Union,” he said on the social media platform X.
Albania now joins the geographical zone of the Single Euro Payments Area (SEPA), allowing seamless euro transactions across member countries. Albanian financial institutions will begin adhering to SEPA schemes in April 2025, enabling cross-border credit transfers, direct debits, and instant payments.
The Bank of Albania spearheaded this initiative in 2021 as part of a broader regional effort to modernize payment systems in the Western Balkans.
Experts estimate that SEPA membership could save Albania’s economy €20 million in its first year, with savings expected to grow in the years ahead. Reduced costs, faster payment processing, and increased competition in financial services are among the immediate benefits for citizens and businesses.
In addition to improving payment systems, the change is projected to boost trade, tourism, and investment, with Albania’s economy potentially reaping hundreds of millions of euros in the medium term.
