Retiring and access to UK bank account

[nicole24]

I'm hoping to invest in a small home near Yambol for my father to retire and set up a little camping place for cyclists/walkers etc. I have read Buying Property in Bulgaria which filled me in on the Ltd company lark and taxes and fees during the buy, but one thing that is confusing me is the need to get an accountant and bank accounts.

My Dad will get his monthly pension paid into his UK account and I was wondering whether there are any others out there who have retired to BG and can inform me of how they access their money without getting charged with the UK banks or the BG banks. It all sounds rather confusing and is putting me off somewhat so if anyone can help me, i'd be most grateful!!

Thank you

[Kay]

Hi Nicole

One option - not necessarily the best one for your father, you should shop around to see how to minimise charges and maximise your money - would be to go through a currency broker, such as Currency UK. See their banner on the right. We've used them for transferring our own money in the past and were pleased with their service.

For regular transfers, such as pensions, it works like this. First you need to set up an account with Currency UK. Then set up a standing order from the UK bank to Currency UK's client account (this is held with HSBC) , then Currency UK (CUK) does the exchange and transfers it to your account in the foreign country.

Our bank wanted to charge us 1% for currency exchange. As we were transferring money to buy a house you can imagine that we were not pleased at the thought of that! CUK does not charge anything for the transfer. (Being currency brokers, they are effectively wholesalers of currency and make their money by getting better rates than the banks will offer you, thus they can pass on discounted rates to you and still make a profit.)

If you do decide that this is the best option for you/your father, please use our links as we get commission (at no extra cost to you).

As I said, their banner is on the right...

Hope this helps.

Kay

[zebra]

SIMPLE ANSWER IS, KEEP OPEN YOUR UK BANK ACCOUNT YOUR PENSION GOES INTO THEN DRAW YOUR MONEY OUT OF ANY (ATM) WALL DISPENSER AT ANY BULGARIAN BANK THAT DISPLAYS THE (VISA) LOGO. SIMPLE. THE EXCHANGE TO LEV WILL HAVE BEEN MADE ALREADY. YOUR FOUR DIDGIT CARD NUMBER IS JUST THE SAME AS IN UK.