How to Open a Business Bank Account in Albania as a Foreigner

Albania's banking sector has undergone significant modernisation over the past decade. The country has a number of licensed commercial banks, including subsidiaries of well-known European banking groups as well as domestically owned institutions. All banks are supervised by the Bank of Albania, which sets prudential regulations, anti-money laundering (AML) requirements, and customer due diligence standards that banks must follow when onboarding new business clients.

Opening a dedicated business bank account is not just a best practice — it is effectively a requirement for any registered business operating in Albania. Here is why:

• Legal compliance: Albanian tax law requires businesses to conduct transactions through bank accounts. The tax authorities (Drejtoria e Pergjithshme e Tatimeve) can request bank statements during audits and inspections. Using a personal account for business transactions creates compliance risks.


• Fiscalization requirements: Under Albania's fiscalization system, invoices are electronically reported to the tax authority. Payments above certain thresholds must be made through bank transfers, not cash. A business bank account is essential for this compliance.


• VAT and tax declarations: If your business is registered for VAT (TVSH), you need a business account to receive and make payments that align with your monthly tax declarations.


• Payroll: If you have employees, salaries must be paid through bank transfers. The payroll declaration process requires traceable payments.


• Credibility: Clients, suppliers, and partners — particularly international ones — expect to transact with a proper business account, not a personal one.


• Bookkeeping clarity: Separating business from personal finances makes monthly bookkeeping far simpler and reduces the risk of errors in your financial statements.

In short, a business bank account is the financial backbone of your company in Albania. Without one, you cannot pay taxes, issue compliant invoices, or receive payments in a way that satisfies Albanian regulations.

Albania has a competitive banking sector with multiple licensed commercial banks. The sector includes subsidiaries of major European banking groups alongside domestically owned banks, which means that foreign business owners will find familiar international banking standards alongside local practices.

General characteristics of Albanian banks

• Regulated sector: All banks are licensed and supervised by the Bank of Albania. They follow EU-aligned anti-money laundering (AML) and know-your-customer (KYC) regulations.


• SWIFT/IBAN compatibility: Albanian banks use the international IBAN format and are connected to the SWIFT network, enabling international wire transfers to and from most countries.


• Multi-currency capability: Most banks offer accounts in Albanian Lek (ALL), Euros (EUR), and US Dollars (USD). Some also support other currencies. You can typically hold multiple currency accounts under one business relationship.


• Digital services: Online banking platforms and mobile apps are widely available. The level of functionality varies by bank, but most offer the basics: balance checks, domestic and international transfers, statement downloads, and in some cases batch payment uploads.


• Branch network: Banks maintain branch networks across major cities, with the highest concentration in Tirana. Most account-opening procedures require at least one in-person visit to a branch.

Language considerations

While many bank employees in Tirana speak English or Italian, this is less common outside the capital. If you do not speak Albanian, consider bringing a translator or working with a local professional (such as your accountant) who can accompany you to the bank. Some banks have dedicated relationship managers for business clients who may be able to assist in English.

It is worth visiting or contacting several banks before making a decision, as the experience, services, and responsiveness to foreign clients can differ significantly from one institution to another.

When you approach an Albanian bank as a business client, you will typically be offered several types of accounts. The exact product names vary by bank, but the categories are broadly consistent:

Current account (Llogari rrjedhese)

This is the standard business operating account. It is used for day-to-day transactions: receiving payments from clients, paying suppliers, paying salaries, and making tax payments. You will likely need at least one current account in Albanian Lek (ALL), because tax payments to Albanian authorities must be made in the local currency.

Foreign currency accounts

If your business deals with international clients or suppliers, you may want to open accounts in EUR and/or USD in addition to your ALL account. This allows you to receive and send foreign currency payments without constant currency conversion. Most banks allow you to hold multiple currency accounts under the same business relationship.

Deposit accounts

Some banks offer business deposit or savings accounts where you can park surplus cash and earn interest. These are less relevant for a newly formed company but may be useful as your business grows. Terms and interest rates vary — check with the bank directly.

Overdraft and credit facilities

Business overdraft facilities and credit lines are available at most Albanian banks, though they typically require an established banking relationship, a track record of transactions, and sometimes collateral. As a new business, particularly a foreign-owned one, do not expect to be offered credit facilities immediately.

E-banking and POS terminals

Most banks bundle e-banking access with the business account. If your business accepts card payments (common in retail, hospitality, and services), the bank can provide a POS terminal. Fees for POS transactions vary by bank and transaction volume — negotiate these as part of your account setup.

For most foreign entrepreneurs forming an LLC or registering as a sole proprietor, the essential setup is a current account in ALL plus, if needed, one or more foreign currency accounts.

Albanian banks follow strict KYC (know-your-customer) procedures. The exact document list varies slightly by bank, but the following covers what you should expect to prepare. Banks may request additional documents depending on your specific situation.

For an LLC (SHPK)

• Certificate of registration (Ekstrakt QKB): an official extract from the National Business Centre (QKB), confirming the company's legal registration, NIPT/NUIS, and current status. This must typically be recent (within the last 30 days, though some banks accept older extracts).


• Statute (Akti i Themelimit / Statuti): the founding act and articles of association of the company.


• Decision of the shareholders or assembly: a formal decision authorising the opening of a bank account and designating the authorised signatories.


• Identification of the administrator/legal representative: valid passport or national ID card of the person who will manage the account. For foreign nationals, a passport is typically required.


• Identification of beneficial owners: passports or IDs of all shareholders holding significant ownership (thresholds are set by AML regulations; typically 25% or more).


• Proof of registered address: a rental agreement or property deed for the company's registered office.


• Tax registration certificate: confirmation of registration with the tax authorities.


• Residence permit (if applicable): if the administrator is a foreign national residing in Albania, a valid residence permit may be requested.

For a sole proprietor (Person Fizik)

• Certificate of registration (Ekstrakt QKB): official extract confirming the registration of the sole proprietorship and the NIPT/NUIS.


• Identification: valid passport or national ID card.


• Proof of address in Albania: a rental agreement, utility bill, or property deed.


• Tax registration certificate.


• Residence permit (if applicable): for foreign nationals living in Albania.

Additional documents some banks may request

• A business plan or description of the company's activities


• Proof of the source of initial capital or funds


• References from other banks (particularly for companies with foreign ownership)


• Apostilled documents if identification or corporate documents were issued outside Albania


• Notarised translations of foreign-language documents into Albanian

Important: requirements can change, and individual banks may have additional requests beyond the standard list. Always confirm the current requirements directly with your chosen bank before your appointment. Working with an experienced accountant who has opened accounts at multiple banks can save significant time and frustration.

The process for opening a business bank account in Albania typically takes between a few days and a few weeks, depending on the bank, the completeness of your documents, and the complexity of your ownership structure. Here is the general process:

Step 1: Register your business first

Before approaching any bank, your business must be officially registered with the National Business Centre (QKB) and assigned a NIPT/NUIS. If you have not yet done this, see our guides on how to open an LLC in Albania or how to open a sole proprietorship. You cannot open a business bank account without a valid registration.

Step 2: Choose a bank

Research several banks and compare their services, branch locations, online banking capabilities, and customer service responsiveness for foreign clients. Consider visiting branches in person to ask questions. Factors to consider include the bank's experience with foreign-owned businesses, the availability of English-speaking staff, and the range of currency accounts offered.

Step 3: Gather your documents

Prepare all required documents as listed in the section above. Ensure your QKB extract is recent, all foreign documents have been properly apostilled and translated, and corporate decisions (such as a shareholders' resolution to open the account) have been notarised if required by the bank.

Step 4: Visit the bank in person

The legal representative or administrator of the company must visit the bank branch in person to initiate the account-opening process. Some banks may allow a power of attorney, but many prefer the administrator to appear personally, especially for the initial account. Bring originals and copies of all documents.

Step 5: Complete KYC and compliance review

The bank will conduct its own due diligence: verifying your identity, the legitimacy of the business, the source of funds, and the beneficial ownership structure. For foreign-owned companies, this process may take longer than for domestic businesses. The bank may ask follow-up questions or request additional documents during this phase.

Step 6: Sign the account agreement

Once the bank approves your application, you will sign the account agreement, which sets out the terms and conditions, fee schedule, and authorised signatories. Read this carefully — it is a binding contract. If the agreement is in Albanian and you do not speak the language, have it reviewed by someone who does.

Step 7: Receive account details and activate e-banking

After signing, the bank will issue your account number (in IBAN format), provide e-banking credentials, and, if applicable, set up your mobile banking access. You can then begin using the account for business transactions.

Step 8: Notify the tax authorities

Once your account is open, your accountant should update your tax registration with the new bank account details. This is important for tax compliance and ensures that any tax refunds or government payments are directed to the correct account.

Albanian banks have invested significantly in digital banking over recent years. As a foreign business owner, the quality of online banking will likely be an important factor in your bank choice, especially if you travel frequently or manage your business remotely.

What to expect from Albanian e-banking

• Domestic transfers: most banks allow instant or same-day ALL transfers to other Albanian bank accounts through the national payment system.


• International transfers: SWIFT transfers in EUR, USD, and other currencies can typically be initiated online, though some banks may require additional verification for large amounts.


• Statement downloads: electronic bank statements in PDF or other formats for use in bookkeeping and financial reporting.


• Payroll batch payments: some banks support bulk payment uploads, which is useful if you have multiple employees.


• Mobile apps: most banks have mobile apps for iOS and Android with basic transaction capabilities.

Language of digital platforms

Most Albanian banks offer their e-banking platforms in Albanian, with some providing an English-language option. The availability and quality of English interfaces vary — check this before committing to a bank if English-only access is important to you.

Security

Banks use standard security measures including two-factor authentication (2FA), one-time passwords (OTP) via SMS or token devices, and session timeouts. When setting up e-banking, you may receive a physical token device or be asked to register a mobile number for OTP delivery.

While the process is straightforward in principle, foreign entrepreneurs frequently encounter challenges. Being aware of these in advance can help you prepare and avoid delays:

• Heightened KYC scrutiny: banks apply additional due diligence to foreign-owned businesses, particularly those with complex ownership structures, owners from jurisdictions flagged by international AML watchlists, or businesses in sectors considered higher risk. This is not discrimination — it is a regulatory requirement — but it can extend the timeline.


• Language barriers: account-opening forms, contracts, and fee schedules are often in Albanian. Without language support, it is easy to misunderstand terms or miss important details.


• Document requirements change: what one bank branch asks for may differ from another branch of the same bank, and requirements evolve over time. Relying on outdated information from the internet or other business owners can lead to wasted visits.


• Apostille and translation requirements: foreign documents (passports, corporate registrations from other countries, powers of attorney) often need to be apostilled under the Hague Convention and translated into Albanian by a certified translator. This takes time and planning.


• Physical presence requirement: most banks require the legal representative to appear in person, at least for the initial account opening. If you are setting up a company remotely, this can be a logistical challenge.


• Processing times: while some banks can open an account within a few days, others may take several weeks, especially for foreign-owned entities. There is no guaranteed timeline.


• Minimum balance or fee requirements: some banks may require an initial deposit or have minimum balance requirements for business accounts. These vary by bank — ask upfront before proceeding.

The best way to mitigate these challenges is to work with a local professional who has direct experience opening business bank accounts for foreign clients. Your outsourced accountant or company formation advisor can often handle much of the preparation and even accompany you to the bank.

There is no single "best bank" in Albania for foreign business owners — the right choice depends on your specific needs. Here are the factors to weigh:

• Experience with foreign clients: some banks have dedicated teams or relationship managers experienced in handling foreign-owned companies. Ask specifically about this during your initial inquiry.


• Service fees: monthly maintenance fees, transfer fees (domestic and international), and other charges vary significantly between banks. Ask for a full fee schedule before opening the account, and compare across at least two or three banks.


• Online banking quality: if you will manage your business remotely or travel frequently, the quality and language availability of the e-banking platform matter. Request a demo or ask for screenshots before committing.


• Branch accessibility: consider the bank's branch locations relative to your office or home. If you are based outside Tirana, check whether the bank has a branch in your city.


• International transfer capabilities: if your business regularly sends or receives international payments, compare the speed, cost, and reliability of international transfers. Some banks are faster and cheaper than others for specific corridors.


• Reputation and stability: research the bank's history and financial stability. The Bank of Albania publishes reports on the banking sector that can give you a general sense of the market.


• Responsiveness: how quickly does the bank respond to inquiries? How easy is it to reach someone for support? This often matters more in practice than headline fee comparisons.

Many foreign entrepreneurs end up switching banks after their first year once they have a better understanding of the local market. To minimize switching costs, try to make a well-researched decision upfront.

This is one of the most frequently asked questions by foreign entrepreneurs planning to start a business in Albania. The short answer: it is very difficult.

Albanian banks generally require the legal representative (administrator) of the company to appear in person at a branch to sign the account agreement and complete identity verification. This is driven by both regulatory requirements and the banks' own risk management policies.

Options for remote or delegated account opening

• Power of attorney (Prokure): some banks accept a notarised and apostilled power of attorney that authorises a third party (such as your accountant or lawyer) to open the account on your behalf. However, not all banks accept this for the initial account opening, and those that do often have strict requirements about the format and content of the power of attorney. Verify this directly with the bank before relying on it.


• Temporary visit: many foreign entrepreneurs combine their bank account opening with other setup tasks — signing the company statute, meeting with their accountant, and visiting the QKB. A well-planned trip of a few days can cover all the initial formalities.


• Professional intermediary: working with a local accounting or legal firm that has established relationships with specific banks can sometimes streamline the process and reduce the number of in-person visits required.

If you cannot travel to Albania immediately, your business registration can often proceed without a bank account, and the account can be opened during a subsequent visit. However, you will not be able to issue invoices or begin formal trading until the account is operational and registered with the tax authorities.

Based on common experiences of foreign business owners in Albania, here are the mistakes you should try to avoid:

• Not bringing all required documents: arriving at the bank without a complete set of documents is the single most common cause of delays. Banks will not start the process with incomplete documentation. Prepare a checklist and verify it with the bank before your appointment.


• Using an expired QKB extract: the company registration extract must typically be recent. An old extract will be rejected. Order a fresh one shortly before your bank visit.


• Forgetting to apostille foreign documents: if your passport country is a signatory to the Hague Apostille Convention, your foreign corporate documents and powers of attorney generally need an apostille. Certified translations into Albanian are also usually required. Arrange these before travelling to Albania.


• Not comparing banks: fees, services, and attitudes toward foreign clients vary substantially. Opening an account at the first bank you walk into can mean paying more or getting worse service. Visit at least two or three banks.


• Ignoring the fee schedule: some business owners are surprised by monthly maintenance fees, transaction charges, or hidden costs for e-banking access. Ask for the complete fee schedule in writing before signing the account agreement.


• Not registering the account with the tax authority: once the bank account is open, it must be reported to the Albanian tax administration. Failing to do this can cause problems with tax declarations and payments.


• Using personal accounts for business: mixing personal and business finances is a compliance risk. Albanian tax inspectors can and do flag businesses that do not use a dedicated business account. It also creates major headaches for your monthly bookkeeping.


• Assuming instant approval: do not plan to open an account and start transacting on the same day. Build in time for the bank's compliance review, which may involve follow-up questions or requests for additional documents.

Bank fees in Albania vary significantly between institutions and can depend on the type of account, transaction volumes, and the specific services you use. While we cannot publish specific fee amounts (they change frequently and differ by bank), here is what you should ask about and compare:

• Account opening fee: a one-time charge for setting up the account. Some banks waive this.


• Monthly maintenance fee: a recurring charge for keeping the account active, regardless of usage.


• Domestic transfer fees: charges for transferring ALL to other Albanian bank accounts.


• International transfer fees: charges for sending and receiving SWIFT/SEPA payments in EUR, USD, or other currencies. These tend to be higher than domestic fees.


• Currency conversion fees: the margin applied when converting between currencies.


• E-banking fees: some banks charge separately for online banking access or mobile app usage.


• Card fees: annual fees for business debit or prepaid cards.


• Statement and certificate fees: charges for official bank statements or balance certificates, which your accountant may need for annual closing and balance sheets.


• Account closure fee: some banks charge a fee if you close the account within a certain period.

Always request the full fee schedule (tarifa) in writing before signing the account agreement. Some banks may be willing to negotiate fees, especially for businesses that expect higher transaction volumes or maintain larger balances.

Keep in mind that the total cost of starting a business in Albania goes beyond bank fees — it includes registration costs, accounting fees, and potentially license fees depending on your sector.

Opening a business bank account in Albania is one step in a larger process of establishing and running a compliant business. Ekonomist Pro provides end-to-end support for foreign entrepreneurs at every stage:

• Pre-registration guidance: we help you choose the right business structure — sole proprietor vs LLC — and advise on how this affects your banking options.


• Company registration: from LLC formation to sole proprietorship registration, we handle the QKB paperwork and NIPT issuance.


• Bank account coordination: we advise on bank selection based on your specific needs, help prepare the complete document package, and can accompany you (or your representative) to the bank to facilitate the process.


• Tax registration and compliance: once the account is open, we ensure it is properly registered with the tax authority and set up for tax declarations, VAT filings, and fiscalization.


• Ongoing bookkeeping: we provide monthly bookkeeping services that integrate seamlessly with your bank account, ensuring accurate and compliant financial records.


• Year-end reporting: from balance sheets to financial statements, we prepare everything required by Albanian law.

Whether you are just beginning to explore starting a business in Albania or you already have a registered company and need help with the banking step, our team has practical experience helping foreign clients navigate the Albanian banking system.