For every 345 euros from emigrants, 5.9% are kept as commission - What is the cost of the remittances they bring home? SEPA, critical impact
Not only in Albania, but throughout the region, the money that migrants bring has a direct impact on increasing the economic well-being of their families back home. According to data from the Bank of Albania, migrants brought 531 million euros to their relatives in Albania during the first half of 2025.
However, a percentage of this money is kept as a commission by institutions and other transfer channels. But how much do remittances actually cost an immigrant?
Since the majority of Albanian emigrants live in Italy and Greece, remittances are also sent more from these two countries. Despite the increasing trend in the money that emigrants bring from abroad, the costs of sending them remain high. World Bank statistics show that in the first quarter of this year, for every 345 euros brought from Italy to Albania, 5.89% of this amount was kept in fees, commissions and exchange rates. So, for every €345 that an Albanian emigrant in Italy sent to Albania during the period January-March 2025, about €20 did not reach the family, but was lost due to the exchange rate, fees and commissions.
In 2023, the average cost of sending $200 from Italy and Greece to Albania was 5.6%.
Remittances are an important source of external financing. According to a report by the Organization for Economic Cooperation and Development (OECD), in Albania, Montenegro and Bosnia and Herzegovina, remittances exceeded 10% of Gross Domestic Product in 2023. This highlights their critical importance for the economy.
During this month, the Bank of Albania decided to reduce the applicable commissions and percentages by 10 times, offering significantly more favorable conditions for payments in euros within the country, but also creating a trajectory for the commissions applied to cross-border SEPA transfers.
Starting from October 7, Albanians will be able to make cross-border payments in euros with SEPA. The latter will eliminate the need to make money transfers through financial transfer institutions, a more expensive and slower process. Transfer fees will now be 5 times lower compared to transfers made through traditional financial institutions.
Apple launches the latest iPhone series/ How many months of work does it take an Albanian to buy it?
The iPhone is one of the most popular series worldwide, given all the advancements it has brought to smartphone technology. According to Global Stats......
Extreme summer, 43 billion euros in damage in Europe - Costs expected to reach 126 billion euros in 2029
The extreme weather that hit Europe this summer caused short-term economic losses of at least €43 billion, with the cost projected to reach €126 billion by......
The week starts negatively in the foreign exchange market – Dollar, Euro and Pound weaken!
The US dollar has started this week negatively, marking a decline from the week before, as it was bought this morning at 82.1 lek and sold at 83.4 lek......
US Democrats demand measures against China - Aim to limit Chinese overproduction to protect domestic industry
Democrats in the US have called for the Trump administration to pressure China to curb “structural overproduction.” Such a move would completely change......
Britain and the US, pact on nuclear energy - Cooperation aims to accelerate the construction of new plants
Britain and the United States will sign a deal to boost nuclear energy cooperation during US President Donald Trump's visit this week, the British government......
Greek pensions, on the decline - The average figure dropped to 783 euros gross in July 2025
Average main pensions in Greece in July were below 800 euros gross, while supplementary pensions also marked a significant decline, according to data from......
China, a car "factory" - Plans to sell over 32 million vehicles in 2025
China has set an ambitious target of selling about 32.3 million vehicles by 2025, as part of a new plan to stabilize and accelerate the growth of the auto......
Online pyramid schemes, police operation in 5 cities, 6 cryptocurrency accounts blocked
The Police and Prosecutor's Office of Fier have cracked down on online pyramid schemes in Albania, culminating in the arrest of 6 people and the announcement......
