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BACB offers you the convenience of transferring on your behalf your payment account from another payment service provider (bank, payment institution) to a BACB payment account in the same currency. This will be performed on your behalf and at your expense. This service is offered, by virtue of the Payment Services and Payment Systems Act

Benefits of this service:

  • Convenience – BACB initiates the process on your behalf and at your expense, contacting the payment service provider, where the payment account you wish to transfer to BACB is. It is possible to transfer not only the balance of such account, but also any active regular payment orders and direct debit consents, that you have ordered, along with inbound regular credit transfers
  • Speed – you don’t waste time in closing the account with the other payment service provider or ordering your account balance with BACB. There is no need to revoke the regular transfer orders and direct debit consents at the other provider or to make them anew at BACB. You don’t need to notify the counterparties, making regular credit transfers to you, of the change in your payment account, etc.
  • Other – Yyou may benefit from all products and services, offered by BACB, paying low fees and commissions

Procedure:

  • You need to have a BACB payment account, where you want to transfer your external account to
  • You must submit a “Payment Account Transfer Request“  (BACB template) at a BACB desk
  • Both accounts have to be payment (current) and in the same currency
  • The provider of the existing account you want to move to BACB, must operate in Bulgaria
  • There must be no active liabilities, with respect to the external account you want to transfer to BACB

Description:

By submitting the “Payment Account Transfer Request“ /the “Request“/ you authorize BACB to request from the other provider the performance of one or more of the following activities.

  • To provide a list of the existing regular transfer orders and direct debit consents, as well as information, regarding the inbound regular credit transfers to your account
  • To discontinue the acceptance of direct debits and inbound credit transfers, as well as to discontinue the execution of your regular transfer orders, as of the date, specified in the Request
  • To transfer any positive balance to your payment account with BACB and to close your existing payment account

Within 5 (five) business days upon receiving the aforesaid information, BACB shall carry out the following actions, if specified in the Request:

  • Based on the transferred regular transfer orders, it shall prepare new orders of this type, and commence executing them as of the date, specified in the Request
  • It shall commence accepting direct debits, as of the date, specified in the Request
  • It shall notify the payers, specified in the Request, who carry out regular credit transfers to your benefit, as well as the beneficiaries of the direct debits of your new BACB payment account

You can find more detailed information on the process of the payment account transfer here.

Fees: 

According to BACB List of terms and conditions

You can find more information about this service at the BACB offices or by calling 0070014488 or *4488.