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I find that paypal offers the lowest fees. Bank transfers just get expensive.

Hi there,

I might be able to throw some light on the matter, besides I also have to transfer regularly amounts  to accounts in foreign banks and have the same problems.

1. Bank account costs money, it will be sth. about 5 BGN per month (not shure about DSK)

2. Withdrawal of amounts and debiting in your account is normally free of charge upr to 2000 BGN and there's a fixed cost (%) above that amount (check the correct % for DSK, might vary)

3. Sending money to another account in the same bank is either free of charge or to a minimum charge.

4. Sending money to another bank is more costly.

5. Sending money to a foreign bank is normally about 20 - 30 EUR

6. Make sure you're sending from one BGN account to another BGN account and from one EUR account to another EUR account, BGN to EUR (and vice versa) transfers are more costly.

7. For regular transfers of small amounts I would suggest considering other options - credit card, Pay Pal, etc.  .... normally they are cheaper.

8. If you are the account owner, sometimes it is cheaper to withdraw the money in cash from one account and then put it in another in the same bank, than to make a wire thransfer

9. Next time you visit DSK get a bank clerk by the collar and ask for the most economical solution for your needs!!!!

BISERA6 - a payment system governing internal bank transfers in BGN

BISERA7 - same for EUR (up to 50 000 EUR)

RINGS (Real-time Interbank Gross Settlement System), very fast but more expensive, allows cross border payments

SWIFT - Global banks netwotk, special codes for each bank, Society for Worldwide Inter-bank Financial Telecommunications

TARGET2 -  a real-time gross settlement (RTGS) system owned and operated by the Eurosystem. TARGET stands for Trans-European Automated Real-time Gross settlement Express Transfer system.

I thought of Paypal but tbh I'm not a big fan.

Kristiann, thx for that very detailed anwser, especialy the description of each type of wire transfer which were a puzzle to me.

As you said, it's best to send to same currency accounts. I hence decided to open both an account in Leva and Euro.

Have you heard of Transferwise? Founded by Richard Bransons company. I regularly send over money from the uk bank, ask for it to be sent in lev ( no charge for my bank to receive it Fibank- -and no additional charge to convert it via Transferwise ) the fee is minimal & they tell you upfront . There is a percentage but it changed recently & off the top of my head I can't remember & wouldn't want to ill advise you. As an example, I sent over £400 on Saturday-  it was in my Bulgarian account by Monday - the rate was 2.17 which isn't a million miles away from best high street rate, and the fee was £2. It's extremely easy to use, I even have the app set up on my smart phone. Hope this is of some help?

Dsk s*** big time. First iinvestment is very °µÍø½ûÇø positive and has the best rates on everything,plus they speak english.

Agree with Mr Nice, I was with UBB to begin with. They charged 20 lev every time I had money transferred into my account ( which happened to be in Euros at that time ) . I switched to Transferwise who were able to send it over in Levs,  and asked UBB if this would be free to receive or cheaper, no they said, still 20 lev! I ditched them and moved to First Investment Bank, who charge me nothing to receive it, and are extremely helpful and patient with my attempts at conversing in Bulgarian, and also there is a very helpful lady working in our branch that speaks excellent English. Highly recommend FiBank.

I've heard of Transferwise but never took the step, I might try it next time I transfer money.
Sure thing I will pay a visit to a First Investment office asap. I have to say that I was quite lost with the many different banks in Bulgaria and chose DSK as they got offices everywhere which I have to admit is a big advantage. But in terms of fees, First Investment seems to be far above the rest.
Just like UBB, they charge incoming money (7€).
Anyone knows if DSK will charge me for closing my account ?

Bulgaria is within the Sepa (Single Euro Payments Area) and should not incur any charges for transfer of money provided it is in the same currency.

But it does not work that way in Bg as I just got charged 6 euro from DSK for receiving the funds.

They charge me for incoming money too. Are you sure about that SEPA rule regarding fees ?

DSK charges for incoming money for the amount of 100 euros and more so until 99.99 euro wired money is free

Look away at Denizen and Revolut   😎

Try transferwise or paysera, bulgarian banks have big charges

@alohabg12

my experience is that DSK is among the most expensive banks at every level of service and charge. Plus they are extremely restrictive when you deposit cash. If there is the slightest imperfection on the currency, they will reject it. After presenting what appeared to me brand new euro bills for a deposit that were rejected at DSK. I had no problem at all depositing next door at Postbank. I have posted elsewhere that the annual charge for a safe deposit box at DSK was 500 L while Fibank charged 30 L for the same service.

@alohabg12   I have been the DSK for three years, and I’m now moving after comparing charges with other banks, and by far DSK has been the most expensive for a normal use of the suite of services  to answer your question directly DSK charges for every single transaction, that is deposit withdrawal wire, opening closing you name it they charge for it

Hi,

Can someone suggest a Bulgarian bank with cheap SWIFT wire fees in USD? Unfortunately, Wise (formerly Transferwise) is not an option as my friend has cash in USD and Wise does not permit adding to the balance in USD in Bulgaria, only in levs. My friend is not a resident of Bulgaria.

I use both DSK and Post Bank.   Post Bank is slightly lower than DSK