An express survey conducted by Active Consumers (Aktivni Potrebiteli) shows that banks in Bulgaria apply inconsistent procedures for exchanging leva into euros, often creating unnecessary delays and frustration, especially for non-clients. Some institutions request excessive personal information and declarations, even for small amounts, making the process slower or forcing people to explore alternative options.

During the first days of the euro introduction, the most complaints received by Active Consumers came from individuals who are not clients of the bank where they attempted to exchange money. To assess the situation, the organization sent “secret customers” to ten leading banks to exchange small amounts under 1,000 leva (€512). Each bank applied its own procedures, with variations possibly even greater between different branches.

Procedures differ significantly

Some banks managed the operation efficiently, requiring only an ID card and no additional declarations. United Bulgarian Bank AD, UniCredit Bulbank AD, Eurobank Bulgaria AD, and Allianz Bank Bulgaria AD stood out for providing service at a single counter and collecting minimal personal information from non-clients. At United Bulgarian Bank AD, although a declaration of the origin of funds is included in the form, the mystery customer was not asked to complete it.

Other banks required declarations, adding steps that significantly slowed the process. Investbank AD, First Investment Bank AD, and DSK Bank AD asked for a declaration of the source of funds. At First Investment Bank AD, one mystery customer completed the exchange without a declaration, while another had to fill it out for the same amount. The procedure also involved visiting two counters - one to complete forms and confirm the transaction, the second for the exchange itself.

DSK Bank AD imposed the strictest requirements. Non-clients had to find and print three documents from the bank’s website beforehand. These included a detailed questionnaire asking for professional status, financial source, and monthly income, along with two mandatory anti-money laundering declarations. The requirements seemed disproportionate for exchanging small amounts, such as 100 leva (€51).

Some banks do not serve non-clients at all. ProCredit Bank (Bulgaria) EAD offers only ATM-based operations, while TBI Bank EAD requires registration in their system to exchange currency.

Personal data collection varies

Banks also differ in the personal information they collect. Some request only full name and personal identification number, while others require citizenship, ID card details (number, issuer, issue and expiry dates), and permanent address. Central Cooperative Bank AD additionally asks for a phone number, likely for marketing purposes. In several cases, banks even scanned the IDs of non-clients exchanging small amounts, as observed at UniCredit Bulbank AD and Investbank AD.

Among the banks surveyed, Allianz Bank Bulgaria AD emerged as a positive example, offering a quick, single-counter service with minimal data collection and no special conditions for non-clients.

No uniform system

The inspection highlights the lack of a unified and synchronized approach across banks in Bulgaria. Each institution interprets and applies the rules for exchanging leva to euros independently. Consumers are therefore advised, when possible, to use ATMs for depositing funds by card to save time and avoid bureaucratic delays at bank counters.

Source: Aktivni Potrebiteli