TIRANA, Feb 19 /ATA/ The membership and operationalization of SEPA (Single Euro Payments Area) has led to a significant reduction in transfer costs for Albania, Montenegro, and North Macedonia, making cross-border payments in euros easier and more affordable.

According to a World Bank study, for transfers of 5,000 euros, the average transaction cost has decreased from 0.76% to 0.08%, marking a reduction of around 90%. For transfers of 20,000 euros, the decrease exceeds 95%, from 0.47% to 0.02%.

This translates into a direct financial benefit for citizens and businesses, with the Albanian economy expected to save approximately 70 million euros in the first year of implementation.

Experts highlight that these results are the outcome of the Bank of Albania's systematic efforts to align with European standards, modernize payment infrastructure, and ensure faster, safer, and more affordable transfers.

The benefits of SEPA extend beyond cost reductions, strengthening Albania's financial integration with the European Union and creating new opportunities for cross-border trade and investment.

The Single Euro Payments Area (SEPA) encompasses a geographical area of 41 countries, including Albania.

All SEPA member countries are required to conduct and accept payments in euros for individuals, businesses, and institutions, both within and between SEPA member states, under the same conditions, rules, and procedures as for domestic payments in euros.

Albania joined SEPA in 2024, following an extensive regulatory harmonization process, infrastructure updates, technical testing, and decisions to reduce bank fees for euro payments.

As of October 7, 2025, an electronic transfer in euros from Tirana to Brussels will be processed and incur the same cost as a euro payment from Tirana to another city within the country.

/sm/