High transfer costs blamed for 40% of remittances flowing informally

Tirana Times
By Tirana Times July 5, 2018 15:11

High transfer costs blamed for 40% of remittances flowing informally

Story Highlights

  • Albania's central bank estimates that almost 40 percent of remittances to Albania flow through unregulated channels, 57 percent through non-bank financial institutions, mainly money transfer operators, and only 4 percent through banks, with high transfer costs and perceived complicated procedures as the main reasons behind such situation

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TIRANA, July 5 – Migrant remittances continue to have a huger than officially reported role in Albania’s economy, but high transfer costs and complicated procedures lead to about 40 percent

Tirana Times
By Tirana Times July 5, 2018 15:11