Tirana, Nov 22 (IANS): Albania officially became a member of the Single Euro Payment Area (SEPA) on November 21, 2024, the Bank of Albania (BoA) has announced.

This milestone places Albania among the first Western Balkan countries to join SEPA, a key step towards European Union (EU) membership, said BoA.

Albanian Prime Minister Edi Rama hailed the development, emphasizing its significance for Albanians. For all money transfers from Europe to Albania or vice versa, there will no longer be financial costs starting from Jan. 1, 2025, he noted.

"This is another big step on the path towards Albania 2030 in the EU," said Rama on social media.

The BoA outlined multiple benefits of SEPA membership, including significant cost reductions and faster payment processing times. Cross-border payment costs in euros are expected to drop by at least fivefold, resulting in an estimated savings of 20 million euros (20.8 million US dollars) for the Albanian economy in the first year alone.

These advantages are anticipated to boost other sectors, such as trade, tourism, and direct investments, further integrating Albania into the European economic framework, according to BoA, Xinhua news agency reported.