The money used in Bulgaria is the 'Lev', and its exchange rate is fixed to the Euro. It is divided into 100 Stotinki. Within Bulgaria, all cash transactions are done in Lev. Foreign currency can be exchanged at any bank, or in numerous foreign exchange kiosks.
After the fall of communism, the US dollar was the second currency, and property prices were often quoted in US dollars. After a period of economic instability, the Lev was reissued in 1999 at a fixed exchange rate of 1 Lev = 1 Deutschmark. When the Deutschmark was replaced by the Euro, the Lev used the same conversion rate, which is 1.95583 leva = 1 euro. At around this time the Euro replaced the US dollar as Bulgaria’s ‘second’ currency. Property prices are often quoted in Euro.
In many respects, the Bulgarian banking system is more advanced than in many western European countries. In addition to instant payments by debit card, normal bank transfers are also instantaneous. Not the two to three days it can take in many other countries.
Bulgarian banks are part of the European IBAN system, so standard Euro transfers can be made at low cost. The exchange rates offered by Bulgarian banks are also much more competitive than in other countries. The best way to convert British pounds to Euro is to make the transfer in pounds to the Bulgarian bank, and let the Bulgarian bank do the conversion into Euro.
Accounts in different currencies are part of the standard offering. It is quick and simple to open a Bulgarian bank account. Simply go into a bank branch with your identity (passport or ID card), and fifteen minutes later you could have a leva account, Euro account, US dollar account and Swiss Franc account. The internet banking codes and bank cards take a few days to arrive.
You have to go to the bank in person. It is possible to give a power of attorney to someone to open an account on your behalf, but it has to be notarised by a Bulgarian lawyer.
The main Bulgarian banks are owned by Austrian, German, Italian, Belgian and Greek banks.
Prices are highest in the major tourist resorts of Bansko, Pamporovo, Sunny Beach, Golden sands. Prices are lower in the towns and villages along the coast, but still higher than the inland cities.
In Plovdiv for example, almost everything is cheaper - food and drink, restaurants, vegetables in the market, dentists, lawyers. It is significantly cheaper to hire a lawyer in Plovdiv, and pay for their travel to the coast, than it is to hire a lawyer living on the coast.
If you're in Primorsko or Tsarevo municipalities, the cheapest prices are in Tsarevo town. For a lot of shopping, the trip to Burgas city might be worthwhile, as prices are lower there.
However even in the 'expensive' tourist resorts, prices seem cheap compared to western Europe.
The international currency code for the Lev is ‘BGN’.
The lev is spelt 'Лев' in Bulgarian.
The past few years have seen a big increase in investment in Bulgarian property by foreigners.
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There has been a big increase in tourism, low cost charter flights to Sunny Beach, and nature tourism.