Bulgarian levs (BGN) is a common currency in Europe; since 2002, it has been pegged to the euro in the ratio of 1.95:1. Buying or selling this currency may be relevant for those who are going to visit the country or settle there permanently.
Peculiarities of opening a bank account in Bulgaria
Bulgaria is a state that is well suited for holidays, living and doing business.
The advantages of the Bulgarian banking system include direct settlements with the EU, absence of taxes on receipts from abroad, IBAN integration, convenient account opening procedure, developed internet banking system, and various opportunities for opening cards.
Popular banks with BGN that are ready to open a current, savings or deposit account:
- UniCredit Bulbank
- UBB Bank
You may need a Bulgarian account to receive money transfers from other countries, obtain a residence permit, conduct financial activities, and for transactions over 5000 euros.
Transfer in Bulgarian levs (BGN) via Wise system
The Wise money transfer system, formerly known as TransferWise, allows you to send BGN to any bank account in Bulgaria. To do this, knowing the recipient's IBAN (account number of 22 characters) is enough.
Basic terms and conditions:
- The maximum amount of one transfer is BGN 2 million.
- Crediting takes up to two working days.
- Wise cannot be used to pay state fees, taxes, or university tuition fees.
Sending is possible only from Bulgarian bank accounts — international SWIFT transfers are not supported.
Transfers via banks in BGN
Local Bulgarian banks allow transfers in BGN in three main ways:
- Intra-bank settlements. Usually, the bank accepts and executes payment orders in BGN received before 16:30 on the same day. Orders received after this hour are performed on the next working day.
- BISERA. This system is for processing interbank client transfers of up to BGN 100,000.
- RINGS — for amounts exceeding BGN 100,000.
The last two types of transfers are executed on the same day if the order is received before 15:00; otherwise — on the next working day.
Transfer of Bulgarian leva (BGN) via Revolut
The Revolut payment system allows three main types of payments: client-to-client Revolut transfers, card-to-card, and bank transfers. The second option is still only available to a limited number of users.
You can send leva to a recipient with a bank account in Bulgaria and recipients outside the country but for a higher fee. To send levs, you will need to know the Revtag or phone number of the counterparty. If the withdrawal is made to a card - you will need its number and full name of the owner, and if to a bank account — IBAN.
Receiving or sending funds through an exchanger
If you need to withdraw BGB from your bank account to any other currency or cryptocurrency, or vice versa, consider using exchange offices to replenish your Bulgarian bank account.
Find a suitable service by monitoring BestChange, then go to the website and follow its instructions. Transactions often do not require identity verification. Pay attention to the minimum limits set individually by each exchanger.