Do not miss to read carefully: Money, exchanging foreign currency, banks and payments
Finance
The official currency in Bulgaria is the Bulgarian Lev. The symbol, the monetary unit is Lv and the code is BGN. One lev is divided into 100 stotinki (in singular, one stotinka). A currency board was introduced and the lev was tied to the value of the euro and now the fixed exchange rate is 1EUR = 1.95 leva. Since Bulgaria has become EU member state, it is expected to accept the EUR as an official currency in a couple of years.
Bulgaria's main financial institution is Bulgarian National Bank /BNB/, which determines the overall conditions for economic policies and regulates the work of all other financial institutions in the country.
Currency exchange in Sofia and Bulgaria
We strongly recommend using a local bank office if you need to exchange cash in Sofia. Thus you will get the most favourable exchange rate and avoid fraud and hidden commissions. There are over 200 bank offices throughout Sofia. Please note that only several currencies can be exchanged in most banks and exchange offices which iclude EURO, US Dollar, British pound, Swiss franc, Japanese yen, Australian dollar and Canadian dollar. All other currencies can be exchanged at only few places, which can be a time-consuming task to find and the exchange rates may not be good. To get Bulgarian levs, you can also withdraw cash from an ATM, but this is less favourable as you will be charged a fee by your credit card company.
There are no fixed exchange rates for other currencies than EURO and Bulgarian National Bank announces exchange rate for all currencies, excluding euro, for the business day, but these money currency exchange rates have only recommendation power, so the exchange offices and banks are not obliged to adhere to them. Unlimited sums of local and foreign money may be brought into Bulgaria as cash, travellers’ checks, credit cards. Foreign currency may be exchanged at the airport, banks, post offices, most hotels or licensed exchange agencies in Sofia city. Please note that only several currencies can be exchanged in most banks and exchange offices which iclude EURO, US Dollar, British pound, Swiss franc, Japanese yen, Australian dollar and Canadian dollar. All other currencies can be exchanged at only few places, which can be a time-consuming task to find and the exchange rates may not be good. Undoubtedly money can be exchanged safely at most banks (there are over 200 bank offices throughout Sofia) and at reputable exchange bureaux. (Hotels and airports tend to exchange at less favourable rates.) Please, note that a passport is required when exchanging foreign currency. The rates vary from place to place, and banks also charge a commission. It is recommended, though not obligatory, to always exchange at banks and official exchange officials in order for you to avoid any possible fraudulent activities which may occur.
Please, pay attention that there are foreign exchange offices in Sofia which have rules written in small letters like additional 7-8% fare or other, so always make sure that you will not be overcharged. Take into consideration that all exchange offices are required to display clearly the exact exchange rates. If you want to exchange money in a foreign exchange office, than you have to know that you have to sign the receipt where the exchange rate is clearly visible, as well as the calculated equivalent in the preferred currency and return it to the exchange officer. If you don’t like the exchange rate, however, don’t sign the receipt and thus decline the deal. If you sign the receipt, it is considered that you are satisfied with the conditions and you accept the deal. Have this in mind so that exchanging money at exchange offices will not be risky.
You will also find that most of the foreign exchange offices which are located at Vitosha, Maria Luisa and Stamboliyski blvd. are open 24 hours.
Enjoy shopping and nightlife; do not worry for exchanging funds. It is strongly recommendable to use ATMs instead of currency exchange office if you are not quite sure or you need money in the late hours /after 6’clock pm/.
Bulgarian notes are in denominations of 2, 5, 10, 20, 50 and 100 BGN. Coins are in denominations of 1, 2, 5, 10, 20, 50 stotinki and a coin 1 BGN.
In order to avoid possible scam, please, spend a few minutes to get acquainted with the local currency and always exchange money at reputable places.
Here you will find notes and coins in circulation, as well as outdated currency
Of course, as in a flourishing European city, there are a lot of ATM machines in the Sofia city - over 700-800 and still growing number. In fact, if you have a credit/debit card with you, you can withdraw money directly from the ATM machine, and since the ATM converts the requested amount automatically and currency exchange rate is fairly reasonable (it may not be the most profitable, but fair). Please not that you will be charged a fee by your credit card company.
Credit Cards
Please, be kindly informed that major international credit cards, American Express, Diners, Visa, Mastercard, Maestro, Eurocard are accepted in most of the hotels, car hire offices, restaurants and shops in the center of Sofia. Please, do not forget to check with your credit or debit card issuer for details of merchant acceptability and other services that may be available. Cash is the accepted form of payment, so we advise you to keep small notes with you.
Tipping
It is customary to tip primarily in restaurants and exquisite bars. When the bill does not include service, a tip should be added to the payment /you may also find the exact amount in the menu/.
In general, tips of 10% of the bill are appropriate for waiters and taxi drivers. Hotel employees also receive tips in the luxurious hotels.
Cash Withdrawal in Sofia
Holders of International credit cards can withdraw local or foreign currency at banks which accept their credit cards. There are Automated Teller Machines outside most banks and we strongly recommend you to withdraw from those ATM. ATMs are to be found in the Sofia city center, in every big supermarket/hypermarket (Billa, Metro, Kaufland, Praktiker, Baumax), and, of course, near administrative buildings In addition, the menu for all ATM is available in a number of languages, so you simply need to change your preferred language and follow the on-screen instructions.
All ATMs in Bulgaria operate with local currency /BGN/, for instance, if you want to withdraw 100 EUR, you will receive the equivalent in BGN (“lev” is singular form, “leva” is plural form). However, you could also withdraw in a currency, different from BGN, if the service is available.
Purchases and Payments
Only Bulgarian currency can be used for shopping and services. Foreign currency can be exchanged at airports, banks, exchange bureaux and hotels. Travellers' cheques can be exchanged in banks and some exchange offices.
We would like to kindly inform that if you buy an item and you need an invoice, you should not hesitate to ask the salesman to issue one, containing all of the relevant details, as well as the payment method. If you have paid with your credit/debit card, you should also require the payment slip.
Bargaining in Sofia
Bargaining is acceptable in Sofia city, but, of course not everywhere. In the open-air markets, do not hesitate to bargain as it is part of the experience and doing so can lower the price. Storekeepers are legally required to display prices and for the most part are not open to bargaining. This is absolutely true of restaurants and public transport. Passengers are advised to ask taxi drivers to turn on the meter in the very beginning, thus avoiding unnecessary haggling.
Banks in Sofia
There are many local and International banks which operate in Sofia. You will find many banks in the city center and every Sofia’s quarter. Please, take into account that most of the banks are opened from 9 o’clock am till 5 /or 6/ o’clock pm. The rest hour is usually at noon. Please, note that the vast majority of banks do not work at weekends. Should you need to go to the bank on Saturday or Sunday, please, have in mind, that only banks in the Sofia downtown are opened.
Tourists may open local currency accounts or special non-resident and foreign resident accounts at any bank.
A list of the major banks in Sofia
- Alpha bank
- BNP Paribas S.A
- Bulgarian-american credit bank
- DSK Bank - the part of OTP Group
- Emporiki bank
- ING Bank
- MKB Unionbank
- United Bulgarian bank
- Piraeus Bank
- Procredit Bank
- First Investment Bank
- Raiffeisen Bank
- EIBANK
- Societe Generale Expressbank
- Unicredit Bulbank
- Eurobank EFG /Postbank/