News: Albania and Montenegro to Join SEPA by the End of 2025

By the end of 2025, Albania and Montenegro will become the first countries in the Western Balkans to join the Single Euro Payments Area (SEPA). This was established by the European Payments Council (EPC), the representative body of the European banking industry, which brings together 79 banks and financial intermediaries from 36 countries, including EU Member States.
The SEPA system will allow Albanian and Montenegrin citizens to transfer money to and from abroad, reducing the costs of euro transactions and ensuring security and uniformity standards through the use of IBAN and BIC codes. According to World Bank data, 23% of households in Albania depend on remittances from abroad, which contribute to 18% of their income. Finally, for Albania and Montenegro, joining the SEPA system represents an important step forward in the economic integration process with the EU.