“Every train has its passengers”, a Bulgarian proverb.
Bulgaria, the hidden gem located in Southeast Europe… As stunning as it is, not many people know about rich Bulgarian culture; today, we are here to change that! Before diving deep into the most popular payment methods in Bulgaria, let’s discover more about how life continues in this spectacular Balkan nation.
Officially called the Republic of Bulgaria, Bulgaria is a pretty ancient country with a colourful and prosperous history. In fact, it is one of the oldest in Europe, with its establishment dating back to 681 AD. And since that day, surprisingly, Bulgaria has preserved its name, making it the oldest European country that hasn’t adjusted its name since it was first established.
The capital of Bulgaria is Sofia, founded 7000 years ago. Today, one-fifth of Bulgaria’s population resides in Sofia, which means Sofia’s population reaches around 1,287,000. This stunning city has a lot to offer to travellers. It consists of art, history, astonishing churches, delightful food, and eminent nightlife. Sofia is also, just like the rest of Bulgaria, relatively affordable, which makes it a fantastic destination for tourists, expats and digital nomads from all over the world.
One of the multiple specialities Bulgaria is famous for is roses. Bulgaria, along with Turkey, is the main rose essential oil producer delivering around 80-90 % of the total rose essential oil supply in the globe. The prominent Bulgarian rose is a high-quality fragrant rose called Rosa Damascena. It is used to extract the finest rose oil used in the world’s most luxurious cosmetics. Rose oil has numerous benefits for the skin and is a popular note in many notable women’s perfumes. One gram of this admiringly valuable oil is produced out of 1000 rose blossoms, which makes this beloved oil overly expensive.
Another one is indeed the wine! Today Bulgaria has gained the prestige of being a world-class wine producer, and the main reason is the fact that wine has been produced on the land that is now modern-day Bulgaria ever since the Stone Age. Not only is Bulgarian wine exceptionally delicious and offers a wide variety of distinct varieties and aromas, but it is also incredibly affordable. One might pay a fortune to drink wine that is the same quality as wines that you can find in any bar and restaurant in Bulgaria. If you ever visit this incredible country, do not miss out on this feast of taste!
Bulgarians are known to be cordial, welcoming, and attractive. The beauty of Bulgarian women is definitely something else, and their warm spirits are a sprinkle of Sharena Sol on your buttered toast! A peculiar fact about these fascinating people is that unlike the rest of the world, Bulgarian people express consent by shaking their heads rather than nodding. Interesting, right? Keep this in mind to eliminate any miscommunication on your venture to Bulgaria. When in Rome, do as the Romans do! Right?
Let’s talk about the present life standards in Bulgaria. Apart from all the standouts Bulgaria has to offer; it is a secure country to live in. The cost of living is significantly less than in most European countries such as Germany and France. Healthcare in Bulgaria is adaptable, and even though it is not completely free, it is remarkably affordable. Education is complimentary, excluding private schools. While international students have to pay annual fees, the quality of education and good living conditions make Bulgaria a superb place to study.
The World Bank ranks Bulgaria as an upper-middle-income nation. Its major industries are tourism, communication technologies, agriculture, pharmaceuticals, and textiles. The worth of local currency drives it to be an affordable country for many tourists, entrepreneurs, and expats. In contrast, Bulgaria’s economy appears to be improving with expectancies to enhance the quality of life for Bulgarian nationals.
Choosing Payment Methods in Bulgaria
With its vibrant population reaching up to 7 Million and innovative approach to what’s new, Bulgaria is a nation evolving in multiple ways and walks confidently on the path to becoming a more and more influential actor in the world economy. A significant percentage (72%) of Bulgaria has steadfast internet access, leading to increased online purchases.
While most payments are still made using cash, there are other ways to complete your payments safely in this unique land. In the rest of our article, our readers will find a meticulous directory regarding preferred payment methods and practices in Bulgaria and their edges and roundabouts.
What are The Different Types of Payment Methods in Bulgaria?
Since we are speaking about a European country with much geopolitical significance and extending in tourism day by day, naturally, Bulgaria has become under the limelight of many travellers, digital nomads and entrepreneurs willing to penetrate the Balkans. No matter what reason brought you here, understanding Bulgarian consumers’ habits can carry essential tips for you.
While cash has a massive percentage in daily volume, as mentioned before, there are other routes to operate smooth payment practices in Bulgaria, and it is not so different from the rest of Europe. Here are the currently available payment paths:
- Cash in Bulgaria
To be frank, Bulgarians love their cash and are pretty conventional in their spending patterns. The local currency of Bulgaria is the Bulgarian lev (BGN), which is used for most transactions all over the country. Although Bulgaria is a member of the European Union, it has not assumed the Euro as its official currency. Lev means ‘lion’, and one Lev consists of 100 stotinki. Oh! And the plural of Lev is Leva.
From small in-store buys to large payments, the majority of the population still prefers using their cash. Despite the high Internet penetration, online shopping is still not so common in the country. Therefore, it looks like cashless days are still away since not every citizen in Bulgaria has access to other technical payment methods.
- Debit/Credit Card in Bulgaria
After cash, credit and debit cards are the most popular payment methods in Bulgaria. According to the statistics, 77% of Bulgarians above 18 hold at least one active bank account. Thus, unsurprisingly, online payments are predominantly made by debit cards or credit cards. Almost every restaurant and shopping centre accepts this smooth form of payment. Major credit cards such as Visa, Mastercard and Maestro are in service, and millions of Bulgarian citizens use them daily.
- Digital Wallets in Bulgaria
Indeed, digital wallets (aka e-wallets) are avant-garde paths parallel to current financial demands on a global scale. Unlike traditional banking systems, digital wallets are more instantaneous, straightforward, and reachable. Weighing the complications of opening a bank account for a foreigner with no residence card in Bulgaria, these seamless payment providers play a role of a saviour.
Digital wallet usage in Bulgaria seems to be increasing each day. There are multiple digital wallet options obtainable in Bulgaria, and for those who are making online purchases, they are the best payment methods online due to their effortless access and affordable transaction fees. Plus, digital wallets deliver swift and secure transfers. More people are starting to operate digital wallets globally as well as in Bulgaria.
- Cryptocurrency in Bulgaria
Bulgaria is one of the most crypto-friendly countries in the Balkans. It is lawful to buy, sell and trade coins, and many safe platforms are available for Bulgarian citizens. If you are a crypto newbie searching for a reliable platform to initiate trading, you can safely exchange cryptocurrencies using any unrestricted platform. This thriving trend does not seem to flatline anytime soon.
Jeton Wallet in Bulgaria!
Здравей България! Ти си на правилното място!
As the Jeton Wallet family, we instantly fell in love with magnetic Bulgaria, mingled with rosy fragrance and its festive people. Serving in the Balkan financial market for years, our crew learnt a lot to enhance our services in light of client ultimata and concerns. Our company provides easy and on-the-clock international money transfers along with a state-of-art mobile application, Jeton App.
Our European users will also have Jeton Card, a Visa-based debit card that can be used in any in-store or online store just like an ordinary plastic card. It is merged with the Jeton App; thus, you will be able to monitor every single activity closely and will not lose track of your transactions. Moreover, the Bulgarian Lev is one of the +50 fiat currencies in 100 countries of our portfolio. No more costly exchange rates or transaction fees!
Please stop by jeton.com and contact one of our proficient customer service representatives to learn more about our extensive online payment services. You will have a premium experience beyond your expectations through our tailor-made solutions. Together we are more robust than ever!