How to open a bank account in Albania

Albania is a beautiful country with a lot to offer for travelers, expats, and emigrants. If you are planning to stay for long term one of the first things you’ll need to do is open a bank account in Albania to carry out your day to day financial transactions. The official currency in Albania is Albanian lek. You will require a local bank account to pay rent and to receive payment for your local services that your offer for your clients

So having a local account in Albania will ease the process of your financial transaction.

What are the Banks available in Albania ?

There are several banks in Albania, so choosing the right one for you will depend on your specific needs and preferences.

Some things you may want to consider include the location of the bank (are there branches near where you live or work?), the type of account you’re looking for (checking, savings, etc.), and whether or not the bank charges fees for things like withdrawals or transfers, and does the bank has good ATM coverage.

There are currently fourteen banks in Albania, each catering to a variety of customer needs. These include the Albania’s three largest commercial banks:

Raiffeisen Bank Albania

Banka Kombetare Tregtare (BKT)

Bank of Albania

Tirana Bank

The larger national state-owned bank, the National Commercial Bank of Albania (NAB), is also located here, as is the Development Bank of Albania.

In addition there are several smaller foreign-owned or trade consortium-owned banks like

Credit Suisse Albania and ProCredit Albania that operate strictly within Albania’s borders.

The Office of Financial Supervision of Albania also oversees several credit unions and other related financial institutions operating in Albania. With such a wide range of offerings available, it’s no wonder that Albania remains an attractive destination to do business for large investors and small local operators alike.

The  two biggest are BKT and Albank.  BKT has more ATMs and branches, while Albank has better rates and fees. Ultimately, it’s up to you to decide which bank is best for your needs.

If you are tourist or a traveler you can use a Wise multi currency account , which can be a better use when you travel abroad.

What are the documents required to open a bank account in Albania?

You should be 18 years old to open a bank account of your own and you need a citizen card. If you are less than 18 year old you must need a parent or a legal authority to be your guardian.

1. Valid Passport
2. Resident permit, if applicable .
3. Photographs.
4. Work Permit or Work Visa
5. Address proof – Rental or lease agreement, utility bills.
6. Proof of income – letter of employment or business registration.
7. Local phone number.
8. Local reference – optional, but will be good if you have any.
9. Tax returns from your home country if you are a non resident
10. FACTA Compliance form -if you are a US resident.

Once you have all of these documents, you’re ready to open a bank account in Albania.

Few banks ask for additional documents if you are non- resident in Albania, and you can expect a lot of paper work to be done.

If you are a expat working for any corporate organization they will help you to open a local bank account.

If you are a tourist with a long term visa , you can open a bank account subjective to your reason are valid to the bank .

Open an account

Once you’ve chosen a bank and gathered the required documents, you can open an account by visiting a branch or by completing the process online. When you open an account, you’ll be asked to deposit money into the account. The minimum deposit amount is typically 500 lek (about $5 USD).

If you are from other countries and trying to settle in Albania , I suggest you to visit the bank and talk to the manager of the bank.

Some banks accept and some banks dont , so it better to visit the bank personally or connect with other expats to know how they did it.

If you are a investor and like to invest in the country make sure you comply with all Albanian investor rules.

What are the banking hours in Albania ?

The banks work’s on Monday to Thursday from 8 AM to 5 PM and on Fridays 8 AM to 2PM . Some banks work’s on weekends , so kindly check with your bank for information or visit their website. The banks also follows the public holidays in the region.

Start using your account.

Once your account is open, you can start using it right away. You will receive your debit card approximately after 20 days of your application. You can use your debit card to make purchases, withdraw cash from ATMs, and transfer money between accounts. If you want to send money overseas, you’ll need to provide the recipient’s IBAN number.

There are charges for using your debit and credit card (1.5$ approx.) and for withdrawing cash.

How to transfer funds to your Albania bank account ?

Once you open a bank account in Albania, you have to transfer your funds from your home country, you can do this either by a SWIFT wire transfer or through a money exchange like Western Union. Both attracts heavy exchange rates and time consuming.

If you are transferring small amount you can use Wise or Remitly for your service , or you can compare the best exchange rates on Monito, if you have large amount to transfer .

Most common supported currency would be US $ or in EUROS. So you have to convert your home currency to any of the accepted tender before you transfer.

Can a freelancer open  a Bank account in Albania ?

Freelancers hoping to open a bank account in Albania should be able to do so with relative ease.

To open an account, freelancers will likely need to provide proof of identity, such as their passport or national ID card.

Depending on the freelancer’s employment status, they may also be asked to provide evidence of their freelancing activities and income.

Not all banks in Albania accept freelancers without proper documents.

Additionally, freelancers might need to pay a nominal fee when opening an account—typically this is between 3 Euros to 50 Euros.

Though it may appear daunting at first, opening a bank account as a freelancer in Albania generally isn’t too complicated as long as freelancers has all necessary documents.