Foreign Currencies “Invade” Albania: 642 Exchange Offices Across the Country

 The growing influx of tourists and emigrants is transforming Albania’s financial landscape, fueling a boom in exchange offices across the country. According to data from the Bank of Albania, the number of licensed currency exchange points has reached 642, an increase of 22 new offices compared to 2023.

Experts say the surge is driven not only by the ever-rising flow of euros, dollars, and pounds entering the country but also by the diversification of services offered.

“Today, exchange offices are no longer just places to convert currency. They also serve for sending and receiving money, essentially functioning as a one-stop shop for clients,” said Dritan Vakaj, head of the Exchange Association, in a statement to A2 CNN.

Billions Flowing Into the Economy

Tourism, exports, foreign investments, and remittances from emigrants are the main contributors behind this dynamic growth. In 2023 alone, more than 12 billion euros entered Albania through these channels—a record level for the country.

Market actors also point to high bank commissions as another factor behind the rapid expansion of exchange offices.

“People want cheaper fees, and they find them at exchanges. Any gap left by the banking system is quickly filled by these types of businesses,” Vakaj emphasized.

Risks of Money Laundering

But while the flourishing exchange market boosts accessibility and competition, it also raises concerns. Authorities stress that the risk of money laundering cannot be ignored. Last year alone, 24 exchange offices had their licenses revoked following inspections.

“The risk of money laundering is never fully excluded. In numerous jurisdictions, including Albania’s own National Risk Assessment approved at the end of last year, the financial sector remains the most exposed. At its core, it is the main instrument that can be used as a payment vehicle,” Vakaj warned.

Record Year in Currency Transactions

In total, over 12 billion euros were exchanged last year in Albania’s 642 exchange points and second-tier banks—marking the highest level ever recorded.

As the flow of foreign currencies continues to rise, exchange offices are set to play an increasingly central role in Albania’s economy, balancing between opportunity and risk.