BACB now offers you the convenience of transferring on your behalf your payment account from another payment service provider (bank, payment institution) to a payment account with BACB 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 – The Bank initiates the process on your behalf and at your expense, contacting the payment service provider, where you have a payment account, which you want to transfer to BACB. It is possible to transfer not only the balance of such account, but also any and all active regular payment orders and direct debit consents, that you have ordered, as well as the inbound regular credit transfers.
- Speed – You don’t lose time in the process of closing the account with the other payment service provider or ordering the balance of your account with the Bank. It is not necessary to revoke the regular transfer orders and direct debit consents at the other provider or making them again at BACB. You don’t need to notify your counterparts, making regular credit transfers to you, of the change in your payment account etc.
- Other – You may benefit from all products and services, offered by BACB, paying low fees and commissions.
What you have to do:
- You need to have a payment account with BACB, where you want to transfer your account with another payment service provider.
- You must submit at a BACB desk a “Payment Account Transfer Request“ based on BACB’s template.
- Both accounts have to be payment (current) and in the same currency.
- The provider, operating your existing account, which you want to move to BACB, must operate in Bulgaria.
- There must be no active liabilities, with respect to your account with the other payment service provider, which you want to transfer to BACB.
Description of the Service:
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 payment account with him.
Within 5 (five) business days after 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 payment account with BACB.
You can find more detailed information on the process of the payment account transfer here.
Fees, applicable to this service: according to the Bank’s tariff