Cheap euro transfers in Bulgaria
Bulgarian banks and customers benefit of the political agreement on a Commission proposal from the European Parliament and the Council and finally the cross-border payments in euro will become cheaper. The agreed rules will also bring full transparency in currency conversion when consumers are paying by card.
The Commission welcomes the political agreement that will allow consumers and businesses in euro and non-euro countries alike to benefit from low-cost euro transactions across borders. The new regulation will also ensure that currency conversion charges are fully transparent and comparable, allowing consumers to save money on currency conversion costs when they travel or shop abroad.
With this agreement, non-euro country citizens will also enjoy one of the benefits of the euro. That is, low-cost euro transactions using highly efficient euro payments infrastructure. Moreover, this regulation will boost competition in the area of currency conversion. And it will allow Europeans to easily check and compare conversion charges when paying abroad with their cards, or when sending money online to a country with another EU currency.
Up until today, cross-border payments in euro from non-euro area Member States could cost as much as €20 in some countries while equivalent cross-border payments from euro area Member States are very cheap or even free. The agreed rules will allow consumers and businesses outside of the euro area to fully benefit from the Single Market, and from the efficient euro payments infrastructure when they send money, withdraw cash or pay abroad in euro. All payments in euro outside the euro area (within the EU) will now be priced the same as domestic payments in the local official currency. This means that cross-border euro payments will incur very low or even zero fees. For more information about bank account opening in Bulgaria – contact us