Workforce Payments Guide Albania
Last updated: Sep 29, 2025
Papaya offers Virtual IBAN accounts (or “wallets”) to hold your funds segregated and safeguarded until payments are ready to be processed. Opening and managing corporate bank accounts can often be complex and time-consuming, requiring extensive checks and due diligence.
Papaya’s Virtual IBAN solution, built on the trusted infrastructure of JPMorgan, streamlines this process-making it faster, easier, and more cost-effective while ensuring your funds are secured.
Bank Requirements
IBAN (International Bank Account Number) identifies the specific account for international transfers, mainly in Europe and other IBAN-adopting countries.
SWIFT (or BIC) is a global bank identifier used to locate the recipient’s bank.
You usually need both for international payments: IBAN for the account, SWIFT for the bank.
Need help checking the details? Before you send, you can use our IBAN checker, SWIFT checker, and bank account validator to ensure everything is accurate.
IBAN (International Bank Account Number) identifies the specific account for international transfers, mainly in Europe and other IBAN-adopting countries.
SWIFT (or BIC) is a global bank identifier used to locate the recipient’s bank.
You usually need both for international payments: IBAN for the account, SWIFT for the bank.
Need help checking the details? Before you send, you can use our IBAN checker, SWIFT checker, and bank account validator to ensure everything is accurate.
Check an IBAN
Type it in here and we will tell you if it is the right format.
Calculate an IBAN
Fill in the account details, and we will calculate the IBAN for you.
Payroll payment Frequency
Every two weeks if pay is calculated by hours/days/weeks or at the end of each month if pay is calculated monthly
Banking Regulations
Customer Due Diligence (KYC) is mandatory before opening accounts, with enhanced checks for high-risk clients (e.g. PEPs).
Foreign banks may operate only through locally licensed subsidiaries/branches.
Foreign currency accounts are allowed, but cash use is capped above certain limits.
Companies and individuals must transact through official banking channels for large transfers.
International Banks
| Bank Name | SWIFT Code |
| Raiffeisen Bank Albania | SGSBALTX |
| Intesa Sanpaolo Bank Albania | USALALTR |
| Société Générale Albania (now OTP Bank Albania) | SGALALTR |
Local Banks
| Bank Name | SWIFT Code |
|---|---|
| Banka Kombëtare Tregtare | NCBAALTX |
| Credins Bank | CDISALTR |
| Tirana Bank | TIRNALTR |
Payment methods
- Credit/Debit Cards: Visa, MasterCard widely accepted.
- Bank Transfers: Domestic and international, via SWIFT.
- Digital/Mobile Banking: Offered by most banks.
- Electronic wallets: Growing adoption (licensed under Bank of Albania).
- Cash payments: Still common but restricted for high-value transactions.
Cryptocurrency
Not legal tender.
Regulated under Law no. 66/2020 on Distributed Ledger Technology (DLT).
Exchanges and custodians must be licensed in Albania and follow AML/KYC rules.
Questions & Answers