Banks & post offices
Most banks in Bourgas, Plovdiv, Sofia and Varna, and a growing number in the larger regional capitals, have foreign exchange windows, where you can buy and sell foreign currencies, buy and cash travellers’ cheques and obtain a cash advance on a credit card.
Exchange bureaux
Exchange bureaux have longer business hours than banks and are usually open at the weekend. Exchange bureaux are usually open from 09.00 until 17.00 or 18.00 and stay open later in the summer. Some exchange bureaux in Sofia and the major tourist destinations are open 24 hours throughout the summer. Most offer competitive exchange rates and low or no commission (but check the small print before you sign for the transaction).
They’re easier to deal with than banks, but often have much lower rates as they make their profit on the exchange rate, rather than on commission. There are private exchange bureaux at airports, in Sofia and in the major tourist destinations. Airport exchange bureaux usually offer the worst exchange rates and charge the highest fees (e.g. ‘handling charges’).
WARNING
There’s still a black market for hard currency in Bulgaria, but never be tempted to change money unofficially, as you will probably be short-changed or given a wad of useless old leva.
Cards
If you need instant cash, you can draw on debit, credit or charge cards, although there’s usually a daily limit. Many foreigners living in Bulgaria keep the bulk of their money in a foreign or ‘offshore’ account and draw on it with a cash or credit card. This is an ideal solution for holidaymakers and holiday homeowners, although the latter will still need a Bulgarian bank account to pay bills.
Exchange rates are better when obtaining cash with a credit or debit card as you’re given the wholesale rate, although there’s a charge of between 1.5 and 2.5 per cent on cash advances and ATM transactions in foreign currencies. A popular bank account in the UK is the Nationwide FlexAccount, which has no charges on withdrawals from overseas ATMs and a high rate of interest (www.nationwide.co.uk/banking ). Some ATMs may reject foreign cards – if it happens, try again and if necessary try another ATM.
Telegraphic transfer
One of the quickest (it takes around ten minutes) and safest methods of transferring cash is via a telegraphic (or wire) transfer, such as Moneygram (www.moneygram.com ) or Western Union (www.westernunion.co.uk ), but it’s also one of the most expensive, with commissions of between 5 and 10 per cent of the amount sent! Money can be sent via American Express offices by Amex cardholders.
Travellers’ cheques
If you’re visiting Bulgaria, it’s much safer to carry travellers’ cheques than cash. The three major denominations are accepted (GB£, US$ and euros), although if you plan to use your travellers’ cheques in another country it’s better to buy in US$ or GB£. Travellers’ cheques aren’t accepted as cash by businesses in Bulgaria, and you must cash them at a bank or large hotel. To cash them at a bank you will need your passport.
You can buy travellers’ cheques from most large banks, although commission charges vary between banks. You may also be charged a commission to cash your cheques and the exchange rate can be much worse than the market rate, so it pays to shop around.
Always keep a record of cheque numbers and note where and when they were cashed. All companies provide a local number for reporting lost or stolen travellers’ cheques. American Express provides a free, 24-hour replacement service for lost or stolen travellers’ cheques at any of their offices worldwide, provided you know the serial numbers of the lost cheques; without the serial numbers, replacement can take three days or longer.
SURVIVAL TIP
One thing to remember when travelling in Bulgaria (or any other country) is not to rely on one source of funds only.
This article is an extract from Buying a Home in Bulgaria
from Survival Books.