If you need to transfer money from any part of the world to Albania, there are a wide range of agencies that can help you do that. There are also a number of things you need to know in order to ease the transaction.
Bringing Money into the Country
In order to transfer money to Albania, it will most often be necessary for both you and the receiving party to have valid bank accounts. The advantage with this method is that you are charged a relatively small fee for the money transfer and also, the transaction is simple. The bank will simply withdraw the money from your account, convert it into the required currency and then deposit it in the receiving partyâ€™s account. The drawback is that for anyone who has not lived in Albania long enough, opening a bank account may be a tedious process. If this is the case, then you will need the services of a money transfer agency, which will be more expensive than those of a bank, but easier.
Issues & Restrictions
According to the Foreign Exchange regulation, money can be transferred into and out of Albania with no restrictions. Any sum of money can be transferred to Albania, subject to the legislation and procedures of the country from which the money is transferred. So, apart from red tape, there are no issues or restrictions associated with money transfer to Albania.
Substitutes Currencies and why
Though the Albania Lek is the official currency of Albania, only few banks or Money Transfer Operators stock it. So the best currency to transfer to the country is the Euro. Sending the money in US dollars or in British pounds is equally a good option. In case the money is transferred to a bank account, it will automatically be converted to Albanian Leks. All the same, certain banks permit the receiving party to receive the money in the initial currency in which it was sent.
Brief Economic Trend
The Gross Domestic Product in Albania increased 0.74 percent in the first quarter of 2017 as compared to the previous quarter. The GDP Growth Rate in Albania averaged 0.78 percent from 2005 until 2017, peaking at 6 percent in the second quarter of 2005 and reaching a trough of -2.60 percent in the third quarter of 2009.
Main Country Banks
Be sure to go through the list of the main banks in Albania and carefully study the exchange rates used by each of them, so as to make the best choice for your money transfer transaction. Some of the top banks in Albania are : Alpha bank, America Bank of Investments, Banka Combetare TrÃ«gtare and Credins bank.
Bank transfers and money transfer operators in Albania
Most of the methods to transfer money to Albania require you and the receiving party to have a valid bank account. Bank accounts enable you to wire money at a small fee. The transaction is simple. The money is simple taken from your account, converted into the appropriate currency and then transferred to the recipient’s account. However, opening a bank account can difficult if you haven’t spent long enough in the country. In a situation like this you can always register with a money transfer operator or an MTO. Transferring money in this case is a bit more expensive, but it is easier.
Availability of currency transfers to Albania
The official currency of Albania is Albanian Leks, however not many MTOs or banks stock it. Therefore the best way to do a currency transfer to Albania is to use Euros. You can also use US Dollars or British Pounds. If you are transferring the money to a bank account, it will automatically be converted to Albanian Leks. Some banks however allow the recipient to pick up the money in the original currency that it was sent in.
Exchange rates and fees to Albania
Money transfer to Albania involves currency exchange rates and other fees. Before you choose the method that you would like to go with, make sure that you have found out what the figures associated with these are. Exchange rates vary everyday so it is best to keep yourself updated before you actually go to make the transfer.
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