The national currency of Albania is the Albanian lek. One lek is 100 qindarkas, but you are unlikely to come across them anywhere, since in the 21st century the qindarka is used exclusively as a unit of account. Back in the 90s, due to inflation, their issue was stopped. In the last few years, 1 Albanian lek is approximately 0.5-0.6 Russian rubles. In this article, we will tell you what the currency of Albania is, where it is most profitable to exchange money and what currency to take with you.
What money is in Albania?
The Bank of Albania issues banknotes in denominations of 5000, 2000, 1000, 500, 200 and 100, as well as coins of 100, 10, 20, 5, 2 and 1. On one side of the Albanian currency are depicted political, public and cultural figures, on the other — architectural monuments of historical and cultural significance. You can see what Albanian currency looks like in the photo below.
It is believed that the name «lek» comes from the name of Alexander the Great, who was depicted on the first coins. In Albanian, it sounds like Leka i Madh. With Albanian «kopeks» it is easier — qindarka, or qindarka, means «hundred» in translation.
The letter code of the Albanian currency is ALL, and the graphic image is simply the letter L.
In 1965, a denomination was carried out in Albania. Old money was exchanged for new in a ratio of 10:1, so people of the past and the generation before last can name a price ten times higher than the real one. Not out of malice, but simply out of old habit. Although now, more than half a century after the reform, this happens less and less often.
What currency is best to travel to Albania with?
The first thing you need to know is that import and export of Albanian money is strictly prohibited. In any case, you will not be able to exchange them anywhere except in Albania itself. However, any hard currency (freely convertible currency) can be imported in any quantity. However, we still recommend declaring large amounts in advance, so as not to find yourself in an awkward situation at customs. You can import hard currency in unlimited quantities, but you can only export, for example, more than 5,000 dollars if they are listed in the entry declaration.
Let us remind you that freely convertible currencies include:
- Euro;
- US dollar;
- Canadian dollar;
- Swiss franc;
- British pound;
- Japanese yen;
- Swedish krona;
- Hong Kong dollar;
- Singapore dollar;
- Australian dollar;
- South Korean won;
- Israeli shekel;
- Danish krone;
- New Zealand dollar;
- South African rand;
- Mexican peso.
You don’t have to take Russian rubles at all. You can’t exchange them in Albania, let alone pay with them. It’s best to get some euros or US dollars before your trip. They are accepted almost everywhere, along with the national currency. It will be most profitable to buy lek for euros at exchange offices. Although, if you don’t plan to exchange money in large quantities, the difference in profit between euros and dollars will not be so noticeable.
You can’t rely on cards and travellers’ checks. They can only be used in hotels, large restaurants and shopping centres, and even then not always. Some establishments don’t even have a cash register, let alone a terminal.
If you plan to drive, be careful. There are often signs near petrol stations that say you can pay by card, but in reality they only accept cash, and in some places only Albanian lek.
Where and how is it best to buy Albanian lek in Albania?
Is it necessary to change money in Albania? In principle, you can live without Albanian currency at all without encountering any problems, but it is better to be on the safe side and buy at least 5-10 thousand lek. Money can be exchanged in banks, some hotels (although they rarely have small change or small bills, so be prepared to go into the red), in exchange offices, and also from street money changers.
Banks charge a commission for exchanging and cashing checks. Usually it is 1%. Warning! Do not plan to visit a bank branch on weekends and in the afternoon. Almost all of them are closed on Saturday and Sunday and after 15:00 on weekdays. In the capital of Albania, Tirana, the National Bank of Albania, for example, is open from 9:00 to 15:00. Private ones work longer, but they also usually close after lunch.
The following largest banks operate in Albania:
- Alfa Bank; Raiffeisen Bank;
- United Bank of Albania S.A. (United Bank of Albania);
- National Commercial Bank S.A. (National Commercial Bank);
- Tirana Bank (Bank of Tirana);
- American Bank of Investment S.A. (American Investment Bank).
You can often find a kind of “currency markets” near the State Bank or the Main Post Office. They look like several kiosks and a crowd of people with calculators ready to exchange your money. On the one hand, such places do not charge commissions, accept old worn or torn bills that would be rejected at the bank, as a rule, there are no queues near them, and their rate is close to the official one. Most of them work honestly. But on the other hand, if you are deceived, it will be useless to prove your case — the police will not deal with minor problems of tourists, it will be extremely difficult to explain without knowing the language, and you will not find the swindler with fire during the day.
An excellent option is exchange points. They are designated as “zyra tё kёmbimit” or as “Exchange Office”. The former can be difficult to find, since they are usually not on the main street, but in alleys and dead ends. The latter are controlled by the bank, and therefore more reliable. But it is better to ask about the size of the commission in advance, sometimes it reaches 8%, which will be noticeable even in the case of exchanging small amounts.
We advise you to cash out a sufficient amount back home if you do not want to leave a decent amount of money in the ATM. The percentage is crazy. If there is an urgent need to use an ATM, choose those that are located near the bank branch.
In extreme cases, you can buy some trinket at the market or in a store and ask for change in lek. Rarely will a merchant refuse you, especially in Tirana and other large cities.
It is also not recommended to rush and change money at the airport. All ATMs there are guaranteed to take a high percentage, and exchange offices — an unfavorable rate. It is better to first get to the city, ask at the hotel about the nearest bank or exchange office and there exchange your dollars (or euros) for Albanian currency.
Now you know that the national currency of Albania is the Albanian lek. And your planned vacation in Albania will not cause you any difficulties in exchanging currency and shopping in the country.
