Zero commission for electronic payments up to 40 thousand lekë - BoA approves new regulations for AIPS and AECH payment systems
Electronic payments up to 40,000 lek will be commission-free for citizens. The Bank of Albania has just approved new regulations for the AIPS, AIPS EURO and AECH payment systems, as well as the functioning of the SWIFT system.
Thus, for payments made through the AECH system worth up to 40 thousand lek, no commissions will be applied. For electronic payments in the amount of up to 10 million lek, commissions have been reduced by almost 10 times, making the use of the AECH system more profitable. Meanwhile, for transfers from 40 thousand to 1 million lek, the maximum commission that the bank can apply is 100 lek.
For payments in Euro, the minimum commissions and applicable percentages have also been reduced by about 10 times, offering significantly more favorable conditions for payments in Euro within the country, but the trajectory of commissions applied to cross-border SEPA transfers also appears to have been established.
Specifically, for transfers in the AIPS EURO system, the minimum commission that will be applied by commercial banks is 4 euros. This minimum commission level was previously 6 euros.
On the other hand, it has also been determined that fees for incoming SEPA payments should not exceed the value of 3 euros.
These changes are estimated to save Albanian citizens and the economy approximately 40 million euros per year and at the same time create the necessary basis for the country's further integration into SEPA and for the implementation of the TIPS Clone project for fast payments, the Bank of Albania states.
Payments made through the AECH system are small and medium-sized, such as salaries for employees who have an account different from that of the employer, rent payments, electricity, water, telephone bills and others that involve transferring money from one bank to another. Meanwhile, through the AIPS system, payments in very large and immediate amounts can be made, such as for the purchase of an apartment and others.
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