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Bulgaria will officially adopt the euro as its national currency on January 1, 2026.
As part of this transition, TransferMate is updating our services to ensure full compliance and a smooth experience for all clients operating in or sending payments to Bulgaria. TransferMate will cease trading of the Bulgarian Lev on December 11, 2025.
What’s Changing with the Migration?
1. Bulgarian Lev Will Be Discontinued
From December 11th, the Bulgarian Lev will no longer be supported as a funding, payout, or holding currency on the TransferMate Platform or Global Accounts. All cross-border payments to Bulgaria will instead be processed in Euro (€) in line with regulatory requirements.
2. Global Accounts in Bulgarian Lev Will Be Phased Out
TransferMate’s Global Accounts in BGN will be discontinued as part of the adoption of the euro.
• Existing balances will need to be transferred or converted before the transition date.
• From December 11th onward, no new BGN Global Accounts will be available, and existing accounts will not accept incoming or outgoing BGN transfers.
• Clients with active BGN accounts will receive direct communication from TransferMate Customer Service outlining the steps to migrate to Euro-based accounts.
3. Euro Will Become the Default Currency for All Bulgarian Payments
All Bulgarian collections and payouts on TransferMate will migrate to euro, ensuring clients continue to benefit from:
- Fast and frictionless cross-border payments
- Full price transparency
- Reduced foreign exchange costs
- Consistent user experience across EU payment corridors
What You Need to Do
In the lead-up to the migration on December 11th, please review any existing workflows, automations, or payment instructions that currently reference BGN.
Ensure your beneficiaries and internal teams are aware of the shift to the euro. And if you currently hold funds in a BGN Global Account, please follow the instructions your account manager or TransferMate customer service has sent you to prepare for the migration.
Here are some clear steps to follow for a smooth transition:
1) Global Account users must add a new source of funds from a Euro account to make transfers or receive funds before the 11th of December 2025.
2) Please also activate a new Euro Global Account on the Platform if you do not already have a Euro Global Account before the 11th of December 2025.
3) Move any balances currently in Bulgarian Lev (BGN) account(s) to a Euro (€) account(s) before the 11th of December 2025.
4) Update or add any beneficiary details you wish to continue or start paying to in Euro.
Our team will guide you through every step of the transition, ensuring minimal disruption and maximum clarity as Bulgaria moves to the euro.
If you have questions or need assistance with your transition or payment processes, please get in touch with your TransferMate representative directly or contact our customer support today.
