Bulgaria is updating its payment services and systems to switch to the euro, Novinite writes. Recall that the transition to the European currency is planned for the middle of 2025.

The conversion rate of 1.95583 will be followed, rounded to the second decimal place. 

Changes are being made to payment services to minimize transaction costs. 

The Bisera payment system, used for transactions in BGN, will have to be adapted to work with euros.Cross-currency transfers will be carried out through the SWIFT system to prevent banks from arbitrarily increasing their value.

According to economist Rumen Galabinov, the European Guarantee Fund will increase the security of savings. 

Credit consultant Tikhomir Toshev added that fixed fees for transfers in Europe, which a few years ago ranged from BGN 20 to BGN 40, have now decreased to BGN 1-2.After the introduction of the euro, low transfer fees will remain, and the speed of transactions will increase. They will take minutes, not days.This is in line with the eurozone's goal of fast, cheap and secure transfers all year round. 

Fintech companies will also need to comply with these rules, and individuals will need to confirm the IBAN and the recipient's name for transfers.

Source: https://www.homesoverseas.ru/