Albania has become an increasingly attractive destination for expatriates and travelers alike.
For those considering an extended stay or investment in the country, understanding the banking system is a crucial aspect of settling in.
Here’s a detailed guide to address common questions about how to open a bank account in Albania as an expat.
Table of Contents
Can Foreigners Open a Bank Account in Albania?
Yes, foreign nationals can open a bank account in Albania. The process is relatively straightforward, requiring individuals to be 18 years or older and present a valid passport. If you are under 18 years old, a Legal Guardian must accompany you.
- Additional documentation may include a resident permit (if applicable)
- Photographs
- Work permit or work visa
- Address proof
- Proof of income
- Local phone number
- Local reference (optional but recommended)
Depending on the bank, it is likely that you are asked for proof of local address in Albania. Non-residents should provide tax returns from their home country, and US residents need to comply with FACTA (Foreign Account Tax Compliance Act) regulations. Debit cards are typically issued approximately 20 days after the account is opened.
Does Albania Use IBAN?
Yes, Albania uses the International Bank Account Number (IBAN) for international money transfers. If you plan to send or receive international transfers to a bank account in Albania, providing the IBAN or SWIFT code is essential for a smooth transaction.
Banks Available in Albania
Several reputable banks operate in Albania, catering to diverse financial needs.
Here’s a list of Albanian banks:
- Raiffeisen Bank Albania
- Banka Kombetare Tregtare (BKT)
- Intesa San Paolo Bank
- Tirana Bank
- Alpha Bank
- Credins Bank
- OTP
- Union Bank
- ProCredit Bank
- American Bank of Investments (ABI)
What are the Banking Hours in Albania?
Banks in Albania typically operate from Monday to Thursday, from 8 AM to 5 PM, and on Fridays from 8 AM to 2 PM. Some banks may also provide services during weekends, but it’s recommended to check with your specific bank or visit their website for accurate information. Additionally, banks observe public holidays in the region.
ATM Fees in Albania
Always remember to withdraw money in Albania, as digital payments and cards are limited compared with other countries. Huge fees are only applicable when using a foreign card at an Albanian ATM.
If you use an Albanian card to withdraw from a different Albanian bank, there are generally no fees associated, but not in all banks.
For example, if you open an OTP bank account and want to withdraw cash from an OTP ATM, there are no fees, but if you withdraw from other ATMs, you could pay fees. Always ask the bank consultants when opening a bank in Albania, or check the listed fees on their official website.
However, starting in 2023, all bank ATMs in Albania impose a €5-6 ATM usage fee and a currency conversion fee. Keep in mind that the conversion fees vary depending on the specific bank.
For foreign cardholders withdrawing from ATMs in Albania, fees typically range from 1% to 3% of the purchase amount. It’s advisable to check with your particular bank for detailed information, as many banks also apply this fee to ATM withdrawals.
ATM Availability in Albania
Major credit and debit cards are widely accepted in most banks, large supermarkets, and international hotels in Albania. Numerous ATMs are conveniently located in Tirana and major towns, ensuring easy access to cash.
Bank Service Fees
Bank service fees in Albania can vary between different banks. Common fees are outlined in documents provided by banks, and you should review these carefully to understand the cost structure associated with your accounts. For example, here are the bank service fees of Intesa San Paolo Bank Albania and BKT.
Can I use Revolut or Wise in Albania?
Your Revolut account and card are usable in Albania. Although maintaining a balance in Albanian lek within your Revolut account is not an option, you can make transactions in the local currency with your Revolut card.
It works at any location in Albania that accepts Visa and Mastercard, including shops, restaurants, bars, hotels, and ATMs. For more information check out the fees and exchange rates for Revolut here.
What about Wise?
You can use it for any purchases and ATM withdrawals in 150+ countries worldwide, including Albania. It automatically converts your money to the local currency (ALL) at the mid-market exchange rate whenever you spend.
Conclusion
Opening a bank account in Albania is hassle-free, catering to tourists, expats, and investors alike.
Whether you’re exploring the country for leisure, setting up a business, or considering investment opportunities, opening a bank account in Albania will make things simple providing a convenient way to manage your money while you’re here.
