Ombudsman refers currency exchange irregularities to Association of Banks in Bulgaria

Following reports from citizens about irregularities with exchanging Bulgarian lev banknotes and coins for euro at commercial banks, Bulgaria's Ombudsman Velislava Delcheva has referred the matter to Petya Dimitrova, Chair of the Association of Banks in Bulgaria.

The irregularities include charging fees, requiring declarations of the origin of funds for amounts under BGN 1,000, restricting the exchange of certain amounts, charging fees for counting coins, a lack of euro banknotes and unilaterally changing ATM withdrawal limits from BGN 400 to EUR 100.

"During the first six months from the date of introduction of the euro in the Republic of Bulgaria, credit institutions shall exchange an unlimited amount of lev banknotes and coins into euro free of charge at the official exchange rate. For amounts over BGN 30,000 per transaction, credit institutions shall exchange lev banknotes and coins into euro free of charge after a prior request of three working days," Delcheva said

The Ombudsman noted that the law only allows fees to be introduced for the exchange service after this six-month period has expired, and that any additional conditions or restrictions introduced outside the legal framework are unlawful.

To protect the rights and legitimate interests of citizens during the transition from the lev to the euro, the Ombudsman called on the Association of Banks in Bulgaria to carry out urgent checks and take action, analyse the problems that have arisen and take a clear position on compliance with the Introduction of the Euro in the Republic of Bulgaria Act by all member banks.