It is understandable that when sending money to Bulgaria either regarding the purchase of your property or for some building work that need to be carried out some people feel uncomfortable and confused. We have, however, never experienced any problems with money transfers gone missing or misused. All Bulgarian banks have been privatized in recent years by the same high street banks that operate in Europe, so you can expect the same level of service and security as with you local bank.
Where to send money
Once you have the business bank account, associated with your limited company opened and operational, you can obviously send money to your Bulgarian bank account. If you have given a Power of Attorney to us or a third party to complete the purchase of your property or are simply not present at the completion, you will have to transfer the funds to the bank account of the party appointed to complete the purchase of your Bulgarian property. In our experience, it is recommended to transfer the funds to the solicitor’s business bank account to avoid any worries. You can obviously ask a friend or a relative or someone you have confidence and trust in, to act on you behalf.
Since almost all property prices in Bulgaria are quoted in Euros you will have to transfer the funds related to the purchase of your property in Euros. Do shop around for the best exchange rate before heading to your local branch.
Along with the obvious name, account number and sort code of the bank account in Bulgaria you are sending money to, you will be normally required to provide the bank’s address, as well as a SWIFT code and IBAN number, so when enquiring for bank details do make sure you ask for this information. Usually most high street banks can offer a 24 hours Euro service to Bulgaria, which, however in reality is often 48 hours. Obviously different banks have different charges for the transfers. My bank (Lloyds) have always charged just under €30 for transferring funds in Euros to Bulgaria, so I guess you should expect something similar.