Buyers of Bulgarian real estate, tourists, as well as those who live in the country, sooner or later face the need to transfer funds to Bulgaria from their homeland. How to do this with the least losses? There are several ways to transfer money, and the choice of the right one depends on the amount, urgency, and purpose.

A large amount of money to a Bulgarian individual or legal entity

To purchase an apartment or villa in Bulgaria, significant amounts are required. The easiest way in such a situation is to open a foreign currency account in any Russian bank and make a transfer from it to the recipient's Bulgarian account. Such a transaction requires a basis – usually a preliminary contract for the sale of real estate or a notarial deed. Money is transferred in the same way under a service agreement. Tariffs for servicing foreign currency accounts and fees for transfers in Russian banks can vary significantly. It is worth exploring all the options to find the most profitable one. It is advisable to connect Internet banking in order to be able to make a transfer from anywhere in the world, including directly in Bulgaria. Be prepared for the fact that for this you will need to upload scanned copies of documents required for currency control to the site.

Translation to yourself

To transfer a large amount to yourself, you need to have accounts both in Russia and in Bulgaria. Since 2018, Bulgarian banks have been asking for a TIN when opening accounts – in some cases, it is enough just to give the number, in others it is required to provide a document without translation. In addition, in many branches, accounts for foreigners are not opened immediately, but only after receiving approval from the central office – on average, this procedure can take up to 5 days. When choosing a bank, you should also clarify in advance what the commission for currency transfer will be, what the conversion rate is. The Russian tax service must be notified of the existence of a bank account in Bulgaria within a month. In this case, you will have one copy of the application with a mark of acceptance – it will need to be submitted to your Russian bank when making a transfer. Without this document, it will not be possible to transfer money.

Small amounts

If you want to periodically receive transfers from your homeland, then it is most convenient to use a debit or credit card of a Russian bank. You can withdraw money from it at Bulgarian ATMs or banks. It is more profitable to take a card of a bank that does not charge a commission for such transactions – in this case, you will only have to pay the conversion fee and the fee of the Bulgarian bank. When applying for a card, you should warn the bank of your intention to use it outside the Russian Federation, otherwise the security service may block your account. The safest way is to get several cards from different banks. Please note that an ATM charges a commission for each transaction, so it is profitable to withdraw large amounts at once. At the same time, in most Bulgarian ATMs you can withdraw a maximum of 400 leva, so if you need to withdraw a lot at once, it is better to contact a bank branch.

Urgent money transfer

Western Union, MoneyGram, Golden Crown and other money transfer systems successfully work with Bulgaria. The tariffs of such companies can vary significantly, as well as the conditions, so it is worth studying the offers in advance. But if you need money urgently, instant transfers can be a real salvation – funds come literally in minutes. In this case, you will need an ID and a transfer number or a special code to receive the transfer. Find out in advance where you can get the money. For example, many banks and exchange offices cooperate with Western Union, and Golden Crown transfers can be received at EasyPay offices.

Help from relatives

A small amount (usually within 5000 US dollars) can be transferred to a Bulgarian bank account for a close relative. Such a transfer is made from a foreign currency account in a bank of the Russian Federation, in order to carry out the transaction, it is necessary to provide the currency control service with a document confirming family ties (marriage or birth certificate).

References

It is undesirable to transfer more than 600 thousand rubles at a time to your own Bulgarian account. Such transactions attract the attention of the security service, and there is a risk that the transfer will be frozen, and you will be required to provide explanations, suspecting money laundering. Many Russian banks convert funds through dollars, so when transferring money, the amount is first converted into dollars and only then into euros or levs (depending on the currency in which you have an account). In this case, you will face additional costs. It is advisable to clarify this issue with the bank in advance: it may be more profitable to open an account in dollars rather than euros. Opening an account in a Bulgarian bank is one of the necessary conditions for obtaining a visa D, and subsequently a residence permit in Bulgaria. Our company provides assistance in opening account and receipt of statements in any bank in Bulgaria.