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.

I thought of Paypal but tbh I'm not a big fan.

Kristiann, thx for that very detailed anwser, especialy the description of each type of wire transfer which were a puzzle to me.

As you said, it's best to send to same currency accounts. I hence decided to open both an account in Leva and Euro.

Have you heard of Transferwise? Founded by Richard Bransons company. I regularly send over money from the uk bank, ask for it to be sent in lev ( no charge for my bank to receive it Fibank- -and no additional charge to convert it via Transferwise ) the fee is minimal & they tell you upfront . There is a percentage but it changed recently & off the top of my head I can't remember & wouldn't want to ill advise you. As an example, I sent over £400 on Saturday-  it was in my Bulgarian account by Monday - the rate was 2.17 which isn't a million miles away from best high street rate, and the fee was £2. It's extremely easy to use, I even have the app set up on my smart phone. Hope this is of some help?

Dsk s*** big time. First iinvestment is very expat positive and has the best rates on everything,plus they speak english.

Agree with Mr Nice, I was with UBB to begin with. They charged 20 lev every time I had money transferred into my account ( which happened to be in Euros at that time ) . I switched to Transferwise who were able to send it over in Levs,  and asked UBB if this would be free to receive or cheaper, no they said, still 20 lev! I ditched them and moved to First Investment Bank, who charge me nothing to receive it, and are extremely helpful and patient with my attempts at conversing in Bulgarian, and also there is a very helpful lady working in our branch that speaks excellent English. Highly recommend FiBank.

I've heard of Transferwise but never took the step, I might try it next time I transfer money.
Sure thing I will pay a visit to a First Investment office asap. I have to say that I was quite lost with the many different banks in Bulgaria and chose DSK as they got offices everywhere which I have to admit is a big advantage. But in terms of fees, First Investment seems to be far above the rest.
Just like UBB, they charge incoming money (7€).
Anyone knows if DSK will charge me for closing my account ?

Bulgaria is within the Sepa (Single Euro Payments Area) and should not incur any charges for transfer of money provided it is in the same currency.

But it does not work that way in Bg as I just got charged 6 euro from DSK for receiving the funds.

They charge me for incoming money too. Are you sure about that SEPA rule regarding fees ?

Hey, I registered just to confirm the same thing.
I had 2 withdraw transfer, both from PayPal to my Bulgarian DSK bank account.
The first time it was a small amount (around 10E) and they didn't charged me anything.
The second one was around 230E and they had me charged exactly 6 Euros.

Both the Paypal balance and my DSK account are in EUR, so there wasn't any space for conversion fee or sort of.
I thought Bulgaria is in SEPA, and Paypal in Luxembourg, there shouldn't have been any FEE on this transaction.

I have just e-mailed their stuff to see what is going on in there, will reply here with their answer.

DSK charges for incoming money for the amount of 100 euros and more so until 99.99 euro wired money is free

Look away at Denizen and Revolut   😎

Try transferwise or paysera, bulgarian banks have big charges

mariapetrova78 :

Try transferwise or paysera, bulgarian banks have big charges

Maria, can you use above-mentioned to send money from Paypal to BG bank account?

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