UK residents buying property in Bulgaria must use overseas bank transfer services from 2010
30 November 2009
New legislation to be introduced from 1st January 2010 in Bulgaria means that anyone buying property in the country must send all monies through a bank transfer. This means that UK residents who are looking to buy a home in Bulgaria must use a foreign money transfer service.
The law is being introduced in Bulgaria in an attempt to tackle corruption and money laundering. Prospective Bulgarian property purchasers based in the UK should be aware that the requirement to purchase a house through overseas bank transfer will apply to all purchases.
Overseas bank transfers will be the only method of payment in Bulgaria for UK property buyers from 2010, so the Post Office suggests that prospective buyers shop around to find the Overseas Money Transfer service which offers the best deal when they need to make a foreign money transfer to purchase their home.
For example, the Post Office's Overseas Money Transfer service offers competitive exchange rates and zero per cent commission on foreign money transfer transactions. It can also reimburse customers for any charges the destination bank may impose, and allows customers to fix overseas bank transfers at a set exchange rate for up to a year, offering the opportunity to protect against currency fluctuations when sending money abroad. The process can also be set up on a monthly basis, which makes sending money abroad for mortgage payments even easier.
The Post Office's Overseas Money Transfer also offers added convenience, of being able to arrange payments via phone or online.
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