Postbank

GENERAL QUESTIONS

What will happen to my bank account?
From the date Bulgaria joins the eurozone, all types of BGN (lev) accounts will be converted automatically and free of charge into euro accounts. There will be no transitional period for these accounts. This means that from the very first day of euro adoption, customers will be able to withdraw only euros from these accounts, whether via ATM/POS or at a bank branch.

Will the contracts I’ve signed with the bank change?
The introduction of the euro will not affect the validity of existing contracts that reference the lev. All terms, obligations, and agreements remain unchanged.
All BGN amounts stated in existing contracts will be considered as euro amounts, converted using the official exchange rate and the rules for conversion and rounding as per the Law on the Introduction of the Euro in the Republic of Bulgaria. References to the lev without a specified amount will also be considered references to the euro.

What information will the bank provide during the dual display period?
During the dual display period, banks must show information in both BGN and EUR for:

• Opening and closing balances on statements for BGN accounts opened before euro adoption;
• Payment transaction amounts and related fees/commissions for BGN accounts;
• Transaction amounts and remaining balances for ATM cash withdrawals;
• Loan balances and installment amounts for consumer and mortgage loans in BGN, upon customer request;
• Payments made toward principal, interest, and other loan-related charges in BGN, upon customer request;
• Interest on BGN deposit accounts opened before euro adoption, upon customer request;
• Fees and commissions for banking products and services offered in BGN.

How will cash be exchanged?
For the first six months after euro adoption, commercial banks and Bulgarian Posts will exchange BGN banknotes and coins for euros free of charge at their offices. Cash can also be exchanged free of charge at the Bulgarian National Bank for an unlimited period.

How much BGN cash can I exchange per day?
During the first six months after euro adoption, banks will exchange unlimited amounts of BGN banknotes and coins into euros at the official exchange rate free of charge. However, for transactions over BGN 30,000, a 3-business-day advance notice is required. The exchange must comply with the Anti-Money Laundering and Anti-Terrorism Financing laws.

When should I exchange my money?
The fastest and most convenient currency conversion will happen with the money in your bank account. On the day Bulgaria joins the eurozone, all accounts will be automatically and freely converted to euros. After that, customers will only have access to euros. Depositing BGN into a bank account before the official euro adoption date will simplify the conversion process, as it will be automatic and free of charge.

Where can I buy starter packs of euro coins?
Postbank will offer two types of starter packs. For individuals the pack with euro coins will worth BGN 20. For legal entities the pack with euro coins will worth BGN 200.

Until when can I pay in BGN?
For one month after euro adoption, both BGN and EUR will be in circulation. During this period, payments can be made in either currency. If a payment is made in BGN or EUR, the change will be returned entirely in euros. If the merchant does not have enough euros, the change may be returned entirely in BGN. After this period, the BGN will no longer be legal currency, and all payments must be made in euros.

How will I be able to compare prices in BGN and EUR?
There will be a long dual display period during which prices of goods and services will be shown in both currencies. This will help consumers better understand the new currency and the conversion process.
The dual visualization is for informational purposes only and does not impose any obligations on customers. All euro amounts will be converted using the official exchange rate and rounded to two decimal places, following the rules set by the Law on the Introduction of the Euro in Bulgaria.
The dual display period will begin one month after the EU Council decision and will last for one year.

What is the principle for converting BGN to EUR?
The conversion is done by dividing the BGN amount by the full official exchange rate, expressed with six digits (five decimal places). The exchange rate is not rounded or shortened. The resulting amount is rounded to two decimal places, using the third decimal digit for rounding. The conversion is completely free of charge, with no additional fees or commissions.

During the dual circulation period, can I withdraw BGN from an ATM?
No. During the one-month dual circulation period, ATMs will dispense only euro banknotes. From the date of euro adoption, all ATM withdrawals will be in euros only.