Currency Exchange Rates and Best Options in Albania
Welcome to Albania! You’re dreaming of the stunning Riviera beaches, the historic castles of Gjirokastër, and the bustling energy of Tirana. But before you dive in, let’s tackle a crucial question that every traveler faces: how do you manage your money?
Understanding the local currency, the Albanian Lek (ALL), and knowing the smartest ways to get it, can save you significant money and stress. This comprehensive guide will walk you through everything you need to know about currency exchange in Albania, written by travelers, for travelers.
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Meet the Albanian Lek (ALL): The Official Currency
The one and only official currency in Albania is the Lek (ALL). While you may find that some tourist-focused hotels or restaurants in Tirana or Saranda might accept Euros (EUR), you should not rely on this.
Why? Because when you pay in Euros, you are at the mercy of the vendor’s own exchange rate, and it will almost always be a bad one. To get the most value and respect local business, always plan to pay in Albanian Lek.
A quick cultural note: You may hear Albanians refer to prices by “old” Lek. For instance, they might say “1,000 Lek” for something that costs 100 ALL. This is a leftover from a 1965 revaluation. Don’t worry; all modern banknotes and coins show the new value (100 ALL). If in doubt, just show the cash, and they will help!
Where to Exchange Currency: The Good, The Bad, and The Risky
You have a few primary options for turning your EUR, USD, or GBP into ALL. Let’s break them down.
The Best Option: Licensed Exchange Offices (Këmbim Valutor)
These small, dedicated exchange bureaus are your best bet. You will find them everywhere in city centers, and they are the most common way locals exchange currency.
- Why they’re great: They offer the most competitive rates, often matching the official bank rate (or very close to it). They are fast, efficient, and transaction fees are rare (or built into a very transparent, minimal spread).
- What to look for: A licensed shop with a clear, digital board displaying “BLEJ” (Buy) and “SHES” (Sell) rates. For example, if you are exchanging Euros, you want to look at the “BLEJ” (Buy) rate for EUR—this is the rate they are buying your Euros for.
The Convenient Option: ATMs (Bankomat)
ATMs are widely available in all towns and cities. They are a reliable way to get cash directly from your home bank account. However, you must be savvy about the fees.
- Local Bank Fees: Most Albanian banks charge a fixed fee for foreign card withdrawals. This can range from 400 to 700 ALL (around €4-€7) per transaction. This is high, so it’s best to withdraw larger amounts less frequently.
- The DCC Trap (Dynamic Currency Conversion): This is the most important tip. During the withdrawal, the ATM will ask: “Would you like to be charged in EUR/USD or in ALL?” ALWAYS CHOOSE ALBANIAN LEK (ALL). If you choose your home currency, the ATM will use its own predatory exchange rate (DCC), which can cost you an extra 5-10% on the transaction. Always decline this “service” and let your home bank do the conversion.
Traveler’s Tip: ATMs from Banka Kombëtare Tregtare (BKT) or Raiffeisen Bank are often cited by travelers as being reliable, though fees can still apply depending on your card.
The Slow Option: Official Banks
You can, of course, walk into a bank like BKT, Raiffeisen, or Tirana Bank to exchange currency. The rates will be fair and the transaction secure. The downside? It’s slow. You will likely need to queue, show your passport, and fill out paperwork. It’s simply not as efficient as a Këmbim Valutor.
Options to Avoid: Airports & Street Exchangers
- Airport Kiosks: Like in any country, the exchange kiosks at Tirana International Airport (TIA) have the worst exchange rates. They know you’re a captive audience. Avoid them if possible. It’s better to use an airport ATM (and select ALL) or wait until you get to the city center.
- Street Exchangers: Never exchange money with someone who approaches you on the street. This is an unnecessary risk and a common setup for scams or receiving counterfeit notes. Stick to licensed, physical shops.
Decoding the Rates: Are You Getting a Fair Deal?
Don’t get confused by the numbers. Here’s a simple breakdown:
- Mid-Market Rate: This is the “real” rate you see on Google or financial apps. It’s the midpoint between what banks buy and sell currency for. You will never get this rate.
- Buy Rate (BLEJ): The rate at which an exchange office buys your foreign currency (e.g., EUR) to give you LEK. You want this number to be as high as possible.
- Sell Rate (SHES): The rate at which an office sells you foreign currency (e.g., if you wanted to buy Euros with your Lek). You want this number to be low.
- The “Spread”: This is the difference between the Buy and Sell rate. A smaller spread means a more competitive and fair exchange. The Këmbim Valutor offices usually have the smallest spreads.
A “0% Commission” sign often just means the commission is built into a less favorable exchange rate. Ignore the signs and compare the “BLEJ” (Buy) rate for your currency across a few different windows.
Cash is King: Using Credit Cards in Albania
This is essential to understand: Albania is a cash-centric society.
While larger supermarkets, upscale hotels, and high-end restaurants in Tirana will accept Visa and Mastercard, they are the exception, not the rule.
For everything else—local cafes, byrek shops, taxis, guest houses (bujtina), market souvenirs, and museum entries—you will need cash (Lek). Do not assume you can rely on your credit card for daily expenses. Always have a healthy amount of cash on hand.
Pro-Tips for Handling Money in Albania
- Bring Clean Euros: It’s smart to carry a backup stash of Euros (EUR). They are the most easily exchanged foreign currency. Bring crisp, clean notes, as damaged or heavily written-on bills may be rejected.
- Get Small Bills: When you exchange money or use an ATM, try to get smaller denominations (200, 500, 1000 ALL). Trying to pay for a 100 ALL coffee with a 5000 ALL note can be difficult and is often considered impolite.
- Inform Your Bank: Before you leave, let your home bank know you’ll be traveling to Albania. This prevents them from flagging your card for fraud when they see an unexpected withdrawal from Tirana.
- Spend Your Lek: The Albanian Lek is a “closed” currency. This means it’s very difficult to exchange outside of Albania. Spend your remaining Lek on souvenirs or a final good meal before you fly home.
Frequently Asked Questions (FAQ)
Q: Can I just use Euros everywhere in Albania?
A: No. While some hotels may accept them, you will get a very poor exchange rate. For 90% of your transactions (taxis, food, cafes, shops), you will need Albanian Lek. It’s more respectful and much more economical.
Q: Is Albania expensive?
A: Compared to Western Europe, Albania is considered very affordable. A great meal, a coffee, or inter-city bus travel will cost you a fraction of what it would in Italy or Greece.
Q: What is the best ATM to use in Albania?
A: There is no single “best” one, but many travelers report success with BKT, Raiffeisen, or Credins. The most important thing is to reject the Dynamic Currency Conversion (DCC) when the ATM offers it.
Q: Is it safe to carry cash?
A: Albania is generally a very safe country for tourists. However, standard precautions apply. Don’t flash large wads of cash, use your hotel safe, and be aware of your surroundings in crowded areas, just as you would anywhere else.