Currency in Albania: ALL Send & Spend FX Guide
Resources for Expats, Travelers, and Entrepreneurs Navigating Life and Trade in Albania with the Albanian lek.
What's in this Albania currency guide?
What currency is used in Albania?
The official currency of Albania (country code: AL) is the Albanian lek, with symbol and currency code ALL.
What is a good Albanian lek exchange rate?
The BestExchangeRates.com currency comparison table below helps you see the total cost of your currency transaction by showing the exchange rates offered by different providers. It also makes it easy to spot potential savings from market-leading FX services compared to bank rates.
To see a full list of rates, enter your transaction type, currencies and amount then click ‘GET RATES’:
Loading rates...
|
|
|
Good things to know about the Albanian lek
The Albanian lek (ALL) is the official currency of Albania. Here are some recent developments relevant to travelers, expats, and business owners:
- Currency Stability Measures: The Bank of Albania has been implementing policies to maintain the stability of the lek, including interventions in the foreign exchange market to prevent excessive depreciation.
- Tourism Impact: Albania's growing tourism sector has led to increased demand for the lek, influencing its exchange rate dynamics.
- Economic Indicators: Recent economic data indicates moderate inflation and steady economic growth, contributing to a stable currency environment.
These factors are crucial for individuals and businesses engaging in transactions involving the Albanian lek.
For more ALL information check out our selection of Albanian lek news and guides.
Frequently Asked Questions
What currency should I use in Albania?
The domestic currency in Albania is the Albanian lek.
What is the Albanian lek currency code and symbol?
The three letter currency code for the Albanian lek is ALL.
What does the Albanian lek look like?
Here is an example Albanian lek banknote:
Which countries use the Albanian lek?
It is the domestic currency in Albania.
Is the Albanian lek a closed currency?
No, the Albanian lek is freely available and convertible. See guide: What is a closed currency?
What are equivalent amounts of USD and ALL?
Here are some popular conversion amounts for USD to ALL (US dollar to Albanian lek)*.
*Converted at the current USDALL interbank exchange rate. Calculate actual payout amounts for Send Money and Travel Money exchange rates.
Travel money for Albania
Using Wise for Albanian lek travel money is a smart choice for savvy travelers. With its competitive exchange rates and low fees, Wise allows you to convert and manage multiple currencies effortlessly.
Be careful when using your own bank's Debit/Credit Card, as your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash on top of the standard Visa/Mastercard 2.5% from market mid-rate.
For card purchases, if you are offered a choice of currencies always select to Pay in Albanian lek otherwise you will typically get much worst dynamic currency conversion (DCC) exchange rates.
If you really want Albanian lek cash before departure, you can save money by ordering online. You generally get better rates and can pick up the ALL cash locally or even on travel day at the airport.
Albania: Travel Guide
Traveling to Albania requires careful financial planning to ensure a smooth and cost-effective experience. Here's a comprehensive guide to help you navigate currency considerations and manage your money effectively during your visit.
Albania is a country located in the Balkans region of Europe. It is located on the western coast of the Balkan Peninsula, and shares borders with Montenegro, Kosovo, North Macedonia, and Greece. Albania has a population of around 2.9 million people, and the official language is Albanian. The capital of Albania is Tirana, which is also the largest city in the country. The official currency is the Albanian lek.
Albania has a rich and diverse cultural heritage, with influences from a variety of neighboring countries and empires. The country has a Mediterranean climate, with hot, dry summers and mild, wet winters. Albania is known for its beautiful natural landscapes, including mountains, lakes, and beaches. It is also home to a number of historical and cultural attractions, such as the ancient city of Butrint, which is a UNESCO World Heritage Site.
The economy of Albania is largely based on agriculture and tourism. The country is a member of NATO and is in the process of becoming a member of the European Union.
What currency to use in Albania?
The official currency of Albania is the Albanian lek (ALL). The lek is the national currency of Albania and is used throughout the country for all financial transactions.
The lek can be exchanged for other currencies at banks, currency exchange offices, and bureaux de change. It is also possible to exchange lek for other currencies online or through international money transfer services.
Credit and debit cards are widely accepted in Albania, particularly in major cities and tourist areas. It is a good idea to bring some cash with you, as not all businesses accept card payments. It is also a good idea to exchange some cash into lek upon arrival in Albania, as it may be difficult to exchange other currencies in smaller towns or more rural areas.
The lek is not widely accepted outside of Albania, and it is best to exchange it for a more widely accepted currency before traveling to other countries. It is also important to be aware of the exchange rate between the lek and other currencies, as it can fluctuate over time.
Travel tips for Albania
Here are a few travel tips for visiting Albania:
1. Learn some basic phrases in Albanian: While many people in Albania speak English, particularly in tourist areas, it is always a good idea to know a few basic phrases in the local language. This can help you to communicate with locals and show your respect for the culture.
2. Stay safe: Albania is generally a safe destination, but it is always a good idea to be cautious and aware of your surroundings. Avoid walking alone at night, and keep your valuables secure.
3. Respect the culture: Albania has a rich and diverse cultural heritage, and it is important to respect local customs and traditions. This includes dressing modestly, behaving modestly, and being mindful of local cultural norms.
4. Try the local cuisine: Albania has a delicious and diverse cuisine, and it is worth trying some of the local dishes while you are there. Some popular dishes include byrek, a savory pastry filled with meat or vegetables, and qofte, spicy meatballs.
5. Buy travel insurance: It is always a good idea to purchase travel insurance before embarking on a trip. Travel insurance can protect you in case of unexpected events, such as illness, injury, or travel delays.
6. Plan your trip in advance: Albania is a small and relatively isolated country, and it is a good idea to plan your trip in advance to ensure that you have a smooth and enjoyable experience. This includes making arrangements for transportation, accommodation, and activities.
Everyday Costs in in Albania
How much does it really cost to live, work, or travel in Albania? Here's what to expect for daily expenses and expat living.
Currency Guide for Albania (ISO Code AL)
Travelers planning a one-week mid-range stay in Albania can expect to budget approximately 600 to 800 Albanian Lek (ALL) per day, bringing your total to around 4,200 to 5,600 ALL for the week. Daily expenses can vary, but here’s a rough idea of what you can expect:
- 🍽️ Meal at a local restaurant: 1,000 - 1,500 ALL
- ☕️ Coffee: 100 - 300 ALL
- 🚌 Public transport fare: 40 - 100 ALL
- 📱 Prepaid SIM card: 1,500 ALL
- 🏨 Budget hotel or Airbnb: 3,000 - 5,000 ALL
Overall, Albania is considered a reasonably cheap destination compared to many Western nations. In comparison to the United States, where the average meal can run upwards of $15, Albania provides significant savings on daily expenses. Compared to the UK, where a similarly priced meal may set you back £12, Albania's lower costs are a delightful surprise for visitors looking to stretch their dollar, pound, or euro.
Expat Living in Albania
For expats in Albania, typical monthly living costs can range from 70,000 to 100,000 ALL, depending on lifestyle choices. This includes rent, groceries, utilities, and leisure activities. Here’s a breakdown of expenses:
- Rent for a one-bedroom apartment in Tirana: 25,000 - 35,000 ALL
- Groceries for one person: approximately 20,000 ALL
- Utilities: about 10,000 ALL
When it comes to banking, local services usually charge higher fees for currency exchange. It’s wise to use international debit or credit cards whenever possible, as they offer better exchange rates. Additionally, using online transfer services like Wise or OFX can save you on transaction fees and provide a more favorable exchange rate than local money changers. Overall, online services can be more economical than exchanging cash locally, especially for expats regularly interacting with their home country's currency.
USD/ALL Market Data
The below interactive chart displays the USD/ALL change and UP📈 DOWN📉 trends over the past 1 Year.
Recent Albanian lek Market News
Recent developments affecting the Albanian lek (ALL) include:
- Euro Decline: The euro has fallen to historic lows against the lek, trading at 98.4 ALL, a decline of over 10 lek compared to last year. This trend is attributed to an oversupply of euros in the market due to increased tourism, foreign investments, and remittances. (tirfaxnews.org)
- Tourism Impact: A significant influx of tourists has bolstered the lek's strength. Between January and July 2024, Albania welcomed 6.3 million tourists, leading to increased demand for the local currency. (english.gazetatema.net)
- Export Challenges: The lek's appreciation has posed challenges for exporters. Agricultural exporters, in particular, have faced financial difficulties due to the stronger lek, with some reporting significant losses. (euractiv.com)
These factors are crucial for travelers, expats, and business owners to consider when planning financial transactions involving the Albanian lek.
For more ALL information read our News and guides to the Albanian lek.
Send Money to Albania - Best Rates
To get a good (and fair) exchange rate when sending money to Albania you need to find and compare exchange rates for International Money Transfers (IMTs).
The available FX rates for sending money abroad can be very different to the mid-market (wholesale) rate which you see reported online and in the News.
You should especially compare your own bank's exchange rates to those available from Money Transfer specialists to see how much you can save - we make that calculation easy in the below table.
Get a better deal for foreign transfers to Albania
When sending money to Albania it’s important to compare your bank’s rates & fees with those we have negotiated with our partner money transfer providers. To get a better deal you should follow these 4 simple steps :
- Open an account with a BER reviewed FX provider (id docs may be required)
- You specify the local or Albanian lek amount you want to transfer
- Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
- Once your funds are received by the provider the converted ALL amount will be transfered to the recipient account you specify in Albania.
Use the above calculator to compare the exchange rates of FX specialist providers rates versus your bank's standard rates you can hopefully save around 5% and maybe more - end result is more Albanian lek deposited into the recipient bank account and less margins and fees kept by the banks!
Managing money while living and working in Albania
Managing your money effectively while living and working abroad can be challenging, but there are several steps you can take to ensure that your finances are in order.
Understand Albanian lek currency exchange rates: Exchange rates can have a big impact on your finances, so it is important to keep an eye on the ALL exchange rate and consider using a money transfer specialist or a credit card that does not charge foreign transaction fees to get the best exchange rate.
Use a local Albanian lek bank account: A local ALL bank account can make it easier for you to manage your finances and pay bills while you are in Albania. It may also be more convenient to use a local ALL bank account to make purchases and withdraw cash.
Research local laws and regulations: It is important to understand the local laws and regulations that apply to financial transactions in Albania. This can help you avoid legal issues and ensure that you are complying with local requirements.
Consider the tax implications: It is important to understand the tax implications of living or doing business in Albania. This can help you plan your finances and ensure that you are paying the correct amount of tax.
Seek financial advice: If you are unsure of how to manage your finances in Albania, it is a good idea to seek the advice of a financial professional who is familiar with the local financial system. This can help you make informed decisions and avoid financial pitfalls.
We have put together some key points to help managing your money effectively, you can reduce financial stress and enjoy your experience living or doing business in Albania.
Doing business in Albania
Albania is a country located in the Balkans region of Europe. It is a member of NATO and is in the process of becoming a member of the European Union. The economy of Albania is largely based on agriculture and tourism, and the country has a relatively small and isolated market.
Doing business in Albania can be challenging due to the country's small and relatively isolated economy. Access to finance and other resources may be limited, and the infrastructure in Albania is not as well developed as in some other countries. In addition, the business environment in Albania can be challenging, with a high level of bureaucracy and a perception of corruption.
To succeed in Albania, it is important to have a clear understanding of the local market and the business environment. It is also important to be patient and to be prepared for setbacks and delays. It is recommended to seek legal and financial advice, and to work with local partners who have a strong understanding of the local market.