Bank fees for electronic transfers in the amount of up to 20,000 ALL are removed

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At the last meeting, the Supervisory Council of the Bank of Albania approved the regulations "On the functioning of the clearing system of small value payments - AECH" and "On the functioning of the interbank payment system with large value - AIPS".

The regulations provide for the abolition of fees for banks for ordering customer transfers in lek initiated electronically and transmitted in AIPS and AECH payment systems worth up to 20,000 lek. Bank commissions should not be applied for these types of payment orders, and for values over 20,000 ALL, bank commissions should not be greater than 50% of commissions applied for payments initiated in non-electronic form.

This change comes as a result of a series of analyzes and studies, legal acts of the strategy drafted by the Bank of Albania and discussed and approved together with the banking system through the National Committee of the Payment System. It aims to support bank customers and minimize costs for them, in line with the Bank of Albania's objectives for reducing physical money in the economy.

These regulations are an improved version of the existing regulations for the functioning of the high value interbank payment settlement system and the low value payment clearing system, as a result of the issues encountered in the experience of the Bank of Albania during the operation of these systems, the latest additions to the legal and regulatory framework related to payment activities, compliance with supervisory principles, the national strategy for small value payments, as well as the needs for adaptation and new developments expected in the payment market.

 

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