Some Bulgarians are beginning to exchange their leva for euros ahead of the country’s eurozone entry, only to find that the rates offered at banks and exchange offices differ from those announced publicly. Many are learning the hard way that until the official switchover on January 1, 2026, the fixed conversion rate of 1.95583 leva for 1 euro is only guaranteed at the Bulgarian National Bank (BNB) cash center. Banks and currency exchange offices can still apply their own rates - and many do, often to the detriment of the customer.

Different rates, different outcomes

Banks currently offer euro purchase rates slightly above 1.963 leva and sell at around 1.947, with slight variations. Exchange offices, meanwhile, may list buying rates around 1.956 and selling rates near 1.975. These seemingly minor discrepancies can quickly add up. For instance, converting 10,000 leva at an exchange office rate of 1.975 results in roughly €5,063 - whereas using the official conversion rate would yield €5,112. That’s a loss of nearly 50 leva. Add service fees, and the gap widens further.

Why the disparity?

There’s a reason for this mismatch. Exchange offices are allowed to set their rates within a +/-5% range from the BNB’s official fixing. Banks also remain free to determine their own rates until the mandatory switchover. Only after January 1, 2026, will all banks, post offices, and the BNB be legally bound to exchange levs for euros at the fixed rate.

Importantly, this regulation will never apply to exchange offices, meaning that even after the euro becomes Bulgaria’s sole legal tender, rates at those locations can still vary.

Rush to convert - and the risk of losing

Part of the public's urgency stems from uncertainty. After January 1, all existing paper and coin currency in leva - over 580 million banknotes and nearly 3.5 billion coins, according to BNB data - will begin to be withdrawn. People worry that a shortage of euro banknotes and coins in early January could complicate transactions. But experts warn that rushing now may only cost people money, especially as exchange rates remain fluid and not in consumers' favor.

The concern about shortages isn’t unfounded. In the first days of 2026, euros may not be readily available, prompting many to try and secure them in advance. However, this reaction can be counterproductive given today’s unfavourable exchange terms.

What’s circulating now?

Among banknotes, 50-leva bills are the most common in terms of quantity, followed by 100s and 20s. But when measured by value, the 100-leva notes lead. In coins, the 1 stotinka piece is the most numerous, followed by 2 stotinki. The 2-leva coin is the least common, but it holds the highest value in circulation among coins. All of these will eventually be withdrawn and replaced by euros.

Best approach: deposit, don’t convert

For those not in immediate need of euros - say, for a trip abroad - it’s generally smarter to hold off. Depositing leva in a bank account is a safer option, especially since most banks have stated they won’t charge fees for such deposits. Then, on the night of December 31, 2025, all lev deposits will be automatically converted into euros at the official rate, with no fees and no action required from the account holder.

Even after the switchover, if you still have physical levs, the BNB will exchange them at the fixed rate for the next 20 years. That’s a considerable window of opportunity for people to gradually and safely convert their savings.

In summary

While the idea of preparing early for the euro transition might seem prudent, exchanging cash now comes with downsides. Rates remain unfixed and can vary widely, and there are often hidden fees. The safest strategy is to wait, deposit your levs if possible, and let the system handle the transition when the time comes. Come January 2026, you’ll get the correct value - no calculations, no surprises.