EXCLUSIVE/ 600 million euros in SEPA transfers in October - Expectations exceeded. Brumbulli: Savings for citizens could reach up to 70 million euros
In just one month, from October 7, when the implementation of SEPA officially began, until October 31, there has been a "boom" in money sent to Albania through this system, but also in transactions in euros from our country to countries in the Single Euro Payments Area.
In an interview with Scan Television, the Secretary of the Albanian Banking Association, Spiro Brumbulli, stated that the amount of incoming and outgoing transfers reached a value of approximately 600 million euros in October alone.
"The data is preliminary, let's say operational, and according to my knowledge for October there are around 25 million outgoing transfers, with a value of around 400 million euros. Meanwhile, there are around 22 million incoming transfers coming from SEPA countries to Albania, with a value of around 200 million euros. While in November there is almost a 7% increase in the number of transfers," said Brumbulli.
Compared to before, with SEPA, citizens pay lower fees for cross-border payments in euros.
“What is important for SEPA is not just measuring the number of transfers, but the fact that people now pay less. Because those who send money from Germany will continue to send it, but if before they had to pay 70–80 euros, today they only pay 2 or 5 euros. So the benefit is huge in terms of commissions.”
According to initial estimates, savings from SEPA were expected to reach up to 20 million euros in the first year, but the benefits will be greater.
"In a recent assessment we made of the benefits of SEPA, it turns out that they are not 20 million euros, as we said before, but could go up to 70 million euros. So, money that is no longer received by institutions that serve individuals and entities, but that remains directly in the pockets of individuals and entities," emphasized the Secretary of the Shqip[at5 Association.
For transactions up to 20 thousand euros originating from Albania to other countries, commissions are a maximum of 2 euros, for transactions up to 100 thousand euros they are 0.01% of the value, while for transactions over 100 thousand euros, commissions are a maximum of 25 euros.
For transactions originating from SEPA countries, commissions do not exceed the value of 3 euros. For example, if a relative of yours sends money from Italy to Albania via SEPA, Albanian banks keep a maximum of 3 euros in commission from this amount.
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