Currency in Bulgaria BGN - Things to know
Foreign exchange guide to Bulgaria and the Bulgarian lev
What's in this Bulgaria currency guide?
What currency is used in Bulgaria?
The official currency of Bulgaria (country code: BG) is the Bulgarian lev, with symbol and currency code BGN.
Things to know about the Bulgarian lev
The Bulgarian lev (BGN) is the currency of Bulgaria. It is divided into 100 stotinka. The lev was introduced in 1881, replacing the Bulgarian dinar at par. The lev is pegged to the euro at a rate of 1.95583 leva for 1 euro.
The National Bank of Bulgaria is the country's central bank and is responsible for issuing and regulating the currency. The bank also sets monetary policy and works to maintain price stability.
The lev is a freely convertible currency, and there are no restrictions on the amount of currency that can be brought into or out of the country. However, cash transactions over 10,000 BGN must be declared to the customs authorities.
The lev is represented by the symbol "лв" or "BGN" and banknotes come in denominations of 2, 5, 10, 20, 50 and 100 leva. Coins are in denominations of 1, 2, 5, 10, 20 and 50 stotinka and 1 lev. The banknotes feature images of famous Bulgarian historical figures, such as Ivan Vazov, Vasil Levski, and Simeon Saxe-Coburg-Gotha. The design of the currency is constantly being updated, so the physical appearance of the coins and banknotes may vary slightly over time.
The Bulgarian Lev often have exchange rate fluctuation, it is always good to check the exchange rate to other currency.
As a general rule, the Bulgarian lev can be exchanged for other currencies at banks, exchange offices, and Bureaux de change. It is also widely accepted in tourist areas and major hotels and restaurants.
It's worth noting that it is not widely used outside Bulgaria, so you might have some difficulties using it abroad.
Travel money for Bulgaria
Save money and time by Ordering your Bulgarian lev online from Travelex, you get better rates and can pick up the BGN cash locally or even on travel day at the airport.
Another popular option is to use a Pre-paid Travel Card. Your Debit/Credit Card provider will charge you 2% from market mid-rate, but your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash.
For card purchases if offered a choice of currencies always select to Pay in Bulgarian lev otherwise you may get much worst exchange rates.
Travel Ideas and Money Tips for Bulgaria
Bulgaria is a country located in Southeast Europe, bordered by Romania to the north, Serbia and North Macedonia to the west, Greece and Turkey to the south, and the Black Sea to the east. It has a population of around 7 million people and the official language is Bulgarian.
The currency of Bulgaria is the Bulgarian Lev, abbreviated as BGN. The Lev is divided into 100 stotinki. Banknotes come in denominations of 2, 5, 10, 20, 50, and 100 Leva, while coins come in denominations of 1, 2, 5, 10, 20, and 50 stotinki, and 1 and 2 Leva.
Bulgaria is a member of the European Union, but it is not a member of the eurozone and does not use the Euro as its currency. However, the Euro is widely accepted in Bulgaria, particularly in tourist areas and larger cities. Credit cards and debit cards are also widely accepted in Bulgaria.
The economy of Bulgaria is a mixed economy with a strong focus on services and manufacturing. The country is a member of the European Union and has made efforts to improve its business climate and attract foreign investment. However, Bulgaria faces a number of economic challenges, including high levels of corruption and a relatively low level of innovation.
USD/BGN Market Data
The below interactive chart displays the USD/BGN trend and UP▲ DOWN▼ HIGH▲ LOW▼ alerts
Frequently Asked Questions
What currency should I use in Bulgaria?
The domestic currency in Bulgaria is the Bulgarian lev.
What is the Bulgarian lev currency code and symbol?
The three letter currency code for the Bulgarian lev is BGN.
Which countries use the Bulgarian lev?
It is the domestic currency in Bulgaria.
Is the Bulgarian lev a closed currency?
No, the Bulgarian lev is freely available and convertible. See guide: What is a closed currency?
What are equivalent amounts of USD and BGN?
Converted at USD/BGN interbank rate, compare Send Money and Currency Exchange exchange rates.
Send Money to Bulgaria - Best Rates
To get a good (and fair) exchange rate when sending money to Bulgaria you need to find and compare exchange rates for International Money Transfers (IMTs).
The available FX rates for sending money abroad can be very different to the mid-market (wholesale) rate which you see reported online and in the News.
You should especially compare your own bank's exchange rates to those available from Money Transfer specialists to see how much you can save - we make that calculation easy in the below table.
Get a better deal for foreign transfers to Bulgaria
When sending money to Bulgaria it’s important to compare your bank’s rates & fees with those we have negotiated with our partner money transfer providers. To get a better deal you should follow these 4 simple steps :
- Open an account with a BER reviewed FX provider (id docs may be required)
- You specify the local or Bulgarian lev amount you want to transfer
- Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
- Once your funds are received by the provider the converted BGN amount will be transfered to the recipient account you specify in Bulgaria.
Use the above calculator to compare the exchange rates of FX specialist providers rates versus your bank's standard rates you can hopefully save around 5% and maybe more - end result is more Bulgarian lev deposited into the recipient bank account and less margins and fees kept by the banks!
Expat Money & Business Guide to Bulgaria
Managing your money effectively while living and working abroad can be challenging, but there are several steps you can take to ensure that your finances are in order.
By following these tips and managing your money effectively, you can reduce financial stress and enjoy your experience living or doing business in Bulgaria.
How is the economy in Bulgaria?
The economy of Bulgaria is a mixed economy with a strong focus on services and manufacturing. The country has made progress in recent years in reducing poverty and promoting economic growth, with its GDP growing at an average rate of around 3% per year in recent years.
The main sectors of the Bulgarian economy are services, manufacturing, and agriculture. The service sector, including finance, tourism, and real estate, is the largest contributor to the country's GDP, followed by manufacturing and agriculture. The country is also a major exporter of textiles and clothing, and has a developed IT sector.
Bulgaria is a member of the European Union and has made efforts to improve its business climate and attract foreign investment. The country has a well-developed transportation and communication infrastructure and is a hub for trade and logistics in the region. However, Bulgaria faces a number of economic challenges, including high levels of corruption, a relatively low level of innovation, and a aging population. The country also faces challenges related to the integration of its economy with the European Union, including competition from lower-cost countries.
Managing your finances in Bulgaria
Here we list some key points for expats and businesses to consider when managing financial dealings in Bulgaria:
Understand Bulgarian lev currency exchange rates: Exchange rates can have a big impact on your finances, so it is important to keep an eye on the BGN exchange rate and consider using a currency exchange service or a credit card that does not charge foreign transaction fees to get the best exchange rate.
Use a local Bulgarian lev bank account: A local BGN bank account can make it easier for you to manage your finances and pay bills while you are in Bulgaria. It may also be more convenient to use a local BGN bank account to make purchases and withdraw cash.
Research local laws and regulations: It is important to understand the local laws and regulations that apply to financial transactions in Bulgaria. This can help you avoid legal issues and ensure that you are complying with local requirements.
Consider the tax implications: It is important to understand the tax implications of living or doing business in Bulgaria. This can help you plan your finances and ensure that you are paying the correct amount of tax.
Seek financial advice: If you are unsure of how to manage your finances in Bulgaria, it is a good idea to seek the advice of a financial professional who is familiar with the local financial system. This can help you make informed decisions and avoid financial pitfalls.
