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The Bulgarian national monetary unit is the Lev (BGN), divided into 100 stotinki. On July 5, 1999, the Lev was re-denominated at a rate of 1,000 old Leva to one new Lev. Banknotes of 2, 5, 10, 20, 50 and 100 leva are in common circulation. Coins are minted in values of 1, 2, 5, 10, 20 and 50 stotinki. The Bulgarian economy operates under the auspices of a Currency Board where 1, 95583 BGN is equal to 1 euro; in place since 1 January 1999. Exchange facilities at daily rates are in operation at the airports, at the exchange desks of different banks and in many of the hotels.
Many local and international banks and currency exchange offices function in the capital and around the country. Bank working hours are: 9 a.m. - 5 p.m., Monday to Friday. Currency exchange offices are open to 6 p.m., some work 24 hours.
After joining the European Exchange Rate Mechanism (the ERM is a two-year monetary test for stability of the country before it enters the Euro zone. The EU uses the ERM to asses all basic market indexes of Bulgaria), Bulgaria is scheduled to introduce the euro in 2010.
Credit cards
Visa, MasterCard, American Express, Diners Club, Access, Airplus - They can be used for payment of all standard services in hotels, restaurants, night clubs, shops, car rentals, travel agencies, etc.
When sending money to Bulgaria you will be charged by both your bank and the Bulgarian bank. The bank charges must be covered by you for both sides. If you use Global Currency Exchange, you don't pay any bank charges in the UK, but you still need to cover the bank fees which the Bulgarian bank will charge you. Here is more information on the fees of some of the major banks in Bulgaria to help you when making transactions.
BANK CHARGES IN BULGARIA:
FIRST INVESTMENT BANK
Tel: +359 2 910 0100
Charges for receiving funds into a Euro account: 0.15%
Charges for transferring funds out of a Euro account:0.15%
ALLIANZ BANK
Tel: +359 2 921 5404
Charges for receiving funds into a Euro account:
Less than 200 Euros - 5 Euros charge.
More than 200 Euros - 0.1%. (Min 10 Euros, Max 200 Euros)
Charges for transferring funds out of a Euro account: Same as receiving.
UBB (UNITED BULGARIAN BANK)
Tel: +359 2 811 2800
Charges for receiving funds into a Euro account:
Up to 10,000 BGN - 16 BGN charge.
Above 10,000 BGN - 0.2%. (Max 400 BGN)
Charges for transferring funds out of a Euro account:
Up to 20,000 BGN - 35 BGN charge.
Above 20,000 BGN - 0.2%. (Max 400 BGN)
DZI BANK
Tel: +359 2 930 7136
Charges for receiving funds into a Euro account:
Up to 2,500 Euros - 5 Euros.
Above 2,500 Euros - 0.1%. (Min 10 Euros, Max 100 Euros)
Charges for transferring funds out of a Euro account: Same as receiving. |
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