Money and Finance

When sending money to Bulgaria for the purchase of your property or for some building work that may need to be carried out, some clients feel uncomfortable and perplexed. BPS however, has never experienced any problems with missing or misused transfers. Bulgarian banks have been privatised in recent years, so you can expect the same level of service and security, as with you local UK bank.

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. Along with the evident name, account number and sort code of the bank account in Bulgaria you are sending money to, you will be required to provide the bank's address, SWIFT code and IBAN number. So, when enquiring for bank details, do make sure you ask for this information. If "Power of Attorney" has been granted to a third party to complete the purchase of your property, you have to transfer the funds to the bank account of the party appointed, or payment in cash, in the relevant currency, to complete the purchase.

BPS recommends a business account with Bulbank when banking in Bulgaria. We have found them to be very helpful and efficient with the added benefit of a personal account manager, available either face to face or on the phone. Also Bulbank works until 6.30pm. Once the company account is fully operational, you can withdraw funds at all Bulbank branches within Bulgaria. For large amounts taken from small branches, giving notice is advisable. Property prices are usually quoted in Euros, Sterling or BGL. BPS recommends the opening of a business Sterling account, Euro account and BG Lev account. Transfer sterling from the UK to your sterling business account directly. As these funds could be substantial, the advantage is, that you then exchange within the bank to your other currency accounts when the rate is to your benefit to purchase you chosen property in the currency required.