DSK bank and transfees

Hi all, besides my troubles with Vivacom (see my other topic), I'm also struggling to understand the way bank fees work in this country.

I have a bank account at DSK bank in Eur. I made a few transfers, and the fees the bank applies are killing me. First, you need to know that I regularly need to transfer money to EU bank accounts in Eur.

When making transfers, different options are available : SWIFT, TARGET 2, BISERA 7.

Here are my conclusions :
- Transfers from DSK account to another DSK account costs 3€ whatever the  destination currency is.
- SWIFT costs 20€
- TARGET 2 costs 50€ !!! :O
- BISERA 7 : I don't know, not tried yet

Now you could tell me I should have consulted fees before trying those options, but I didn't find anything in English or understandable content.

Question : I think DSK is a good bank, but how to transfer money with fees as low as possible (Eur, Leva, to Bulgaria or other EU countries) ?

I find that paypal offers the lowest fees. Bank transfers just get expensive.

Hi there,

I might be able to throw some light on the matter, besides I also have to transfer regularly amounts  to accounts in foreign banks and have the same problems.

1. Bank account costs money, it will be sth. about 5 BGN per month (not shure about DSK)

2. Withdrawal of amounts and debiting in your account is normally free of charge upr to 2000 BGN and there's a fixed cost (%) above that amount (check the correct % for DSK, might vary)

3. Sending money to another account in the same bank is either free of charge or to a minimum charge.

4. Sending money to another bank is more costly.

5. Sending money to a foreign bank is normally about 20 - 30 EUR

6. Make sure you're sending from one BGN account to another BGN account and from one EUR account to another EUR account, BGN to EUR (and vice versa) transfers are more costly.

7. For regular transfers of small amounts I would suggest considering other options - credit card, Pay Pal, etc.  .... normally they are cheaper.

8. If you are the account owner, sometimes it is cheaper to withdraw the money in cash from one account and then put it in another in the same bank, than to make a wire thransfer

9. Next time you visit DSK get a bank clerk by the collar and ask for the most economical solution for your needs!!!!

BISERA6 - a payment system governing internal bank transfers in BGN

BISERA7 - same for EUR (up to 50 000 EUR)

RINGS (Real-time Interbank Gross Settlement System), very fast but more expensive, allows cross border payments

SWIFT - Global banks netwotk, special codes for each bank, Society for Worldwide Inter-bank Financial Telecommunications

TARGET2 -  a real-time gross settlement (RTGS) system owned and operated by the Eurosystem. TARGET stands for Trans-European Automated Real-time Gross settlement Express Transfer system.

New topic

Questions and answers about the banking system

Ask your question
Bank in Bulgaria . Can anyone recommend one?
By PhilipDEvans
Transferring money
By stroller66
Foreign money in Bulgarian Bank
By EuroAdventure
I need to send myself money from US to Bulgaria
By svetlanik
andy j best
cash,euros or lev.
By andy j best
not to pay taxes on my pension

Expatriate health insurance in Bulgaria

Free advice and quotation service to choose an expat health insurance in Bulgaria

Moving to Bulgaria

Find tips from professionals about moving to Bulgaria

Travel insurance in Bulgaria

Enjoy a stress-free travel across Bulgaria

Flights to Bulgaria

Find the best prices for your flight tickets to Bulgaria