Client Q&A on Bulgaria’s Euro Adoption

Bulgaria is set to adopt the euro on January 1, 2026, becoming the 21st EU member state to join the Eurozone. This follows positive assessments by the European Commission and the European Central Bank, confirming that Bulgaria meets all necessary convergence criteria.

Adopting the euro aims to enhance financial integration and economic stability within the European Union. Additional benefits include eliminating currency exchange costs and risks with eurozone countries, boosting trade, tourism and financial flows.

Your account balance will be automatically converted from BGN to EUR at the official fixed exchange rate of 1 EUR = 1.95583 BGN. This conversion will occur on January 1, 2026, and there will be no fees, or commissions associated with the conversion.

No, your account number and IBAN will remain the same. The only change will be the currency denomination from BGN to EUR.

No, your existing BGN account will be converted to euro. There's no need to open a new account. In case you would like to close the converted EUR account, you may request this free of charge within two months of the date of EUR adoption.

Fixed interest rates, agreed upon before the date of the introduction of the euro, shall remain the same. Variable interest rates will follow the terms of your agreement.

No, following the introduction of the euro, payment transactions in BGN will be suspended. You will no longer be able to send or receive payments in BGN - all electronic transfers will be processed in EUR.

No, you will have to create new Payment templates but will be able to use the old templates as a reference.

No, the periodic payments in BGN will be deactivated and you would have to create new periodic payments in EUR as of January 1, 2026.

These will be rejected in the channel and you would have to update/initiate these payments in EUR as of January 1, 2026.

No, as part of the converting the BGN accounts to EUR, the agreements and permissions will become part of the EUR accounts accordingly.

Local domestic payment products will be phased out and replaced by SEPA Payment products, applicable to both domestic and cross-border transactions. Additionally, the format for tax budgetary payments will be updated. For further details, please refer to the question related to changes in Payment file formats. 

Salary payments, which are currently processed in BGN, may be submitted using the SEPA Credit Transfer standard format in EUR. Starting from January 1, 2026, the Batch Salary product will also be available via the File-based channels.

Domestic Direct Debit (as creditor and as debtor) in BGN will be phased out. These services will transition to SEPA Direct Debit (as creditor and as debtor). Clients who are already utilising SEPA Direct Debit (as debtor) can continue to use this service without interruption.

Please find below an overview of the revised Cut-Off Times effective as of 1 January 2026. All other Cut-Off Times applicable to Bulgaria, as outlined in the document Cut-off Times and Settlement Dating for Transaction Services  (Cut-off-times.pdf), will remain unchanged. The aforementioned document will be updated closer to the migration date to prevent any confusion.

COTs phased out effective January 1, 2026 as domestic products will cease to exist:

COTs changed effective January 1, 2026:

Please find below an overview of the Payment file formats and the corresponding changes.

Yes, there will be a dual circulation period for one month during which both BGN and EUR will be accepted. After this period, only euros will be legal tender.

Yes, BGN cash can be exchanged free of charge at ING Bank branches for a period of 6 months from January 1, 2026.  During the following six months until December 31, 2026, banks may apply a service fee for currency exchanges. After this period, BGN can still be exchanged at the Bulgarian National Bank.

Clients who have a Cash Collection agreement will be able to obtain EUR cash at year-end. For other clients, this service will be available starting from 1 January 2026.

Yes, although initiating payments with your BGN account won’t be possible anymore as of January 1, 2026, you will still be able to select your BGN account from a reporting perspective to be able see the historical statements of transactions done in BGN.

To ensure smooth euro-based reporting, your accounting software and ERP systems will need to be updated accordingly. If your current systems are not yet configured for this transition, development or customisation may be necessary.

Other than the currency conversion from BGN to EUR, no modifications will be made to the structure of the reporting formats.

Your domestic cash balancing contract will automatically be converted from BGN to EUR on 1 January 2026.

Your domestic cash balancing with target balancing amount, minimum sweeping amount, maximum sweeping amount, minimum funding amount and maximum funding amount will automatically be converted from BGN to EUR at the official fixed exchange rate of 1 EUR = 1.95583 BGN. This conversion will occur on January 1, 2026.

The change in currency will not affect the reporting codes for cash balancing products.

On the day of the euro adoption, your BGN credit facility with ING, including its outstanding amount (including Intraday Limit) will be automatically convert to EUR. There will be no charges or changes to your pricing conditions, and no action is required on your part.

All Guarantees issued in BGN will remain valid until their respective expiry dates and will not be reissued. No action is required from the Client. In accordance with the regulations governing the introduction of the euro, the Bank will internally convert the guarantee amounts and associated charges into EUR. We strongly recommend that, starting from October 1, any new guarantees be issued directly in EUR.

In accordance with the migration charges currently denominated in BGN will be discontinued and converted to EUR.

To support a smooth transition and ensure the accurate settlement of BGN-related amounts prior to January 1, 2026, the invoicing process for December will be conducted earlier than usual — on December 19, 2025. Charges incurred between December 20 and December 31, 2025 will be processed in January 2026 and will therefore appear on the January invoice.

1. Our client services team is available to assist you: 

• BG.CustomerServices@ingbank.com
• +359 2 917 64 00
• working hours: Monday to Friday: 9:00 – 17:00

2. Visit our branch for personalised support:

• ING Wholesale Banking, Sofia Branch
• 69, Bulgaria Blvd, North Tower, floor 10,1404 Sofia

3. Reach out to your relationship manager for questions.