Card payments and ATMs, new transparency rules - Banks to inform customers about the difference between the applied and official exchange rate
Albanian citizens are expected to have more information and transparency about the real costs of payments and foreign exchange. The Bank of Albania has issued for consultation a new draft decision, which provides for changes to the regulation on payment account fees and bank transfers.
The changes focus mainly on card payments, ATM withdrawals and online transfers in foreign currency. According to the draft, banks and financial institutions will have to tell customers, before the transaction is completed, how much the currency exchange actually costs.
This will be done by displaying the difference between the applied rate and the official rate published by the Bank of Albania, in the form of an additional percentage. Practically, customers will be able to immediately understand if the rate offered by the ATM, POS or bank is more expensive than the official market rate.
The draft decision aims to increase consumer protection, especially in cases of payments abroad or in currencies other than that of the bank account. ATMs and POS devices will be required to clearly display the amount that will be debited from the customer's account and the amount that the other party benefits from, before confirming the payment.
Another innovation is the obligation for banks to send electronic notifications to customers after payments or withdrawals in foreign currency. These notifications will be free of charge and customers will have the right to choose whether they want to receive them or not.
Changes are also foreseen for online transfers and SEPA payments. Banks will have to inform in advance about foreign exchange fees, the total costs of the transfer and the amount that the beneficiary will receive.
According to the Bank of Albania, these measures aim to increase transparency in the payments market and further align the Albanian system with European standards.
The draft decision is expected to enter into force in December 2027.
Energy crisis brings back lignite - Many countries are expected to use it after gas prices rise
The closure of the Strait of Hormuz, which has caused major problems in the transportation of natural gas and crude oil, which are also used to a large......
Global companies lost $25 billion from the war - Most are based in the UK and Europe
The US-Israeli war with Iran has already cost companies around the world at least $25 billion and the bill is rising, according to a Reuters analysis.......
Oil price at 2-week high as drone attack on UAE nuclear power plant hits
Oil prices continued to rise on Monday as efforts to end a war with Iran appeared to have stalled after a nuclear power plant in the United Arab Emirates was......
EU-US trade agreement/ Tuesday evening, crucial for approval
The European Parliament and EU countries are preparing for the final phase of negotiations on a trade deal with the US, in crucial talks amid growing......
China will buy 17 billion USD of American agricultural products - Decision, after the last meeting in Beijing Trump-Xi
China has pledged to buy at least $17 billion in U.S. agricultural products in 2026, 2027 and 2028, the White House said in a briefing document. The......
Prime Minister Rama: We will support Albanian businesses with loans with 2-3% interest rates
The Albanian government and the banking system have signed a partnership for the national financing program for small and medium-sized enterprises, a scheme......
"First in the region for public procurement", Prime Minister Edi Rama: The EU appreciates us
Prime Minister Edi Rama stated that Albania is being positively assessed by the European Union for its progress in the field of public procurement, one of......
Prime Minister Rama: Albania enters another level of cooperation in NATO
Prime Minister Edi Rama kicked off the "Flasim" podcast with his official visit to Germany and Estonia, focused on European integration, Euro-Atlantic......
