Until January 1, Bulgarians who keep their savings in cash are better off doing nothing. That was the key advice from financial consultant Stefan Hristov in an interview with the Bulgarian National Radio. According to him, any attempt to convert levs into euros before the official eurozone accession date would result in commission fees charged by institutions - an unnecessary loss for citizens. After the transition, however, the exchange will be free of charge.

Hristov pointed out that the only real risk for older people is in physically moving large sums of money, which is why he recommends waiting until after January 1, when the official exchange process will be both legal and secure through banks and post offices. “Let’s trust the system. Let’s allow the banks and the post offices to do their job - legally, securely, and without charging us,” he urged.

He reassured the public that levs will not suddenly become invalid or unexchangeable. “Don’t worry - your money isn’t going anywhere,” he said, giving the example of old German marks, which can still be converted into euros to this day.

The financial expert also touched on a common issue in Bulgaria - many people storing money outside the banking system, a habit often referred to as “money under the mattress.” Hristov noted that this, along with the country’s gray economy, remains a reality. But since 2022, banks have been preparing for the currency changeover and are fully equipped to handle the transition.

As January 1 approaches, he recommended having a small reserve of cash on hand. “No one knows how ATMs will function in the first days of the switch,” he said. In the meantime, people can rely more on card payments as a safer and more predictable option during the initial period of adjustment.

Loan agreements and interest rates will not change because of the euro adoption, he clarified. Existing terms remain valid and binding.

However, Hristov issued a warning to employees: if an employer suggests re-signing an employment contract due to the currency change, they should refuse. “There is no legal need to re-sign a contract just because of the euro,” he stressed, warning that employers could slip in unfavorable terms under the guise of procedural necessity.

Lastly, he appealed directly to older citizens to remain cautious of scam calls or visits urging them to exchange money early. “This is how fraud happens,” he warned, calling on people to stay alert.