Opening a bank account in Albania is a straightforward process for individuals or businesses. While most banks offer similar services, the primary consideration when choosing the right bank should be the fees associated with various transactions. In this article, we will explore the various types of banks in Albania, their services, and the factors to consider when selecting a bank for account management, among other topics.

Banking Services in Albania

Albania’s banking institutions have strategically embraced technological advancements to optimize customer service quality. The banking industry has implemented numerous contemporary digital applications, providing customers with a distinctive and enhanced banking experience. This deliberate integration of modern technologies underscores the sector’s commitment to delivering innovative and efficient financial services.

The most common services that Albanian banks offer include:

1. 24/7 online banking and telephone support in English.  
2. Acceptance of international credit cards.
3. Facilitation of international deposits and transfers.
4. Ability to manage accounts in foreign currencies.
5. Smart pay
6. Different types of loans (corporate, students, auto, mortgage, etc.)
7. Personal valuable objects saving
8. Financing solutions

Types of bank accounts in Albania

1. Current accounts (personal, student, payroll)
2. Savings deposit
3. Escrow account
4. Loan account
5. Retirement account
6. Fixed deposit accounts

Choosing a bank to manage an account in Albania

When selecting an Albanian bank for managing a bank account, it is important to assess factors such as the bank’s reputation, financial stability, and the range of services the bank offers. Key steps also include evaluating the fees, including transaction costs, and considering the bank’s digital capabilities. Additionally, customer reviews can offer valuable insights into the quality of customer service. Taking these factors into account will enable individuals to make an informed choice, contributing to a positive and secure banking experience.

Opening a private bank account in Albania

Albanian banks offer individual accounts with mandatory identity verification and a basic payment account for residents. These accounts allow transactions, deposits, and withdrawals but prohibit negative balances and do not offer loans or credit facilities, ensuring regulatory compliance and financial responsibility.

Required Documents: You will need a valid passport or identity card, along with a document confirming your address (such as a utility bill for electricity, water, or telephone services, though it may not always be necessary).

Opening a business bank account in Albania

The primary account for businesses, often a current account, is a fundamental component for establishing a banking relationship. It can be operated in either local or foreign currency and offers businesses the versatility of being managed by a single or multiple authorized individuals. This management is typically conducted under the guidance of appointed representatives, utilizing the official corporate seal for transactions. The necessary documentation includes:

1. The statute of the company.
2. The Act of Establishment of the Company with all the changes that may have occurred.
3. Last extract issued by the National Registration Centre (where the history of the company is also included).
4. Certificate of registration of the taxable person (NUIS/NIPT), date of registration with the tax authority.
5. Activity exercise license, date of license issuance.
6. Decision of the Shareholders’ Assembly/Supervisory Board on the appointment of management bodies and the appointment of other employees who have the right to act with the accounts.
7. Identification document of the Legal Representative according to the requirements of the resident natural person (individual).
8. Identification document of the shareholders (partners) of the company that directly or indirectly own 25% or more of the shares, according to the requirements of the natural person (individual), resident or non-resident.
9. Company seal.

The importance of choosing a bank in Albania

Since 1991, the Albanian banking sector has undergone a dramatic and exciting evolution: the rise of commercial banks, the Albanian economy’s downfall in 1997 due to the collapse of economy-wide Ponzi schemes, and a surge in growth through privatization. In this dynamic and evolving financial environment, the choice of a bank is crucial. Thus, picking the right bank involves a thorough examination of its historical performance, stability, and the array of services it offers, ensuring that the bank matches your specific requirements in this varied and flourishing banking ecosystem.

The largest banks in Albania are: 

1. Banka Amerikane e Investimeve sh.a.
2. Banka Credins sh.a.
3. Banka e Bashkuar e Shqipërisë sh.a.
4. Banka e Parë e Investimeve, Albania sh.a.
5. Banka Intesa Sanpaolo Albania sh.a.
6. Banka Kombëtare Tregtare sh.a.
7. Banka OTP Albania sh.a
8. Banka Procredit sh.a.
9. Banka Raiffeisen sh.a.
10. Banka Tirana sh.a.
11. Banka Union s h.a.

Selecting a bank in Albania is of utmost importance for ensuring financial security, accessing modern banking services, and receiving top-notch customer support. Furthermore, choosing an account type that aligns with your specific business activities is crucial. Our team offers comprehensive assistance throughout the bank account opening process, helping you make the most suitable choice for your requirements. Contact us, and we would be happy to arrange an introductory meeting with you.