The fears of Bulgarians that they will pay more for food and services after the country enters the eurozone are largely justified. Based on the experience of countries that have gone this way, it is clear that in some sectors of the economy there will be an increase.
Here are the TOP 5 practical tips:
1. Monitor prices in stores and online - pay attention to the double designation.
Most large chain stores are already announcing prices in the single currency. Look carefully, because the font and color of the prices in both leva and euro are the same. This is largely confusing and purely psychologically, a person can be misled into thinking that a given product is twice as cheap, drawing attention to the lower price.
Beware of unjustified rounding or price increases. If in doubt - file a report with the Consumer Protection Commission (CPC).
2. Do not exchange your levs immediately - there is no urgency.
Currently, the country is in a Currency Board and the exchange rate to the single currency is fixed: 1 euro = 1.95583 leva. It is important to know that the Bulgarian National Bank will exchange levs indefinitely and without fees. There is no need to buy euros from exchange offices with a surcharge or hold currency "just in case".
3. Don't worry about your bank cards and accounts
All bank accounts, deposits and loans will be automatically converted to euros. Debit and credit cards will continue to work normally. There is no need to withdraw cash or transfer between currencies.
4. Plan your expenses in euros.
This will help you get used to the new currency faster. Convert your main monthly expenses - rent, electricity, food - into euros to get a real idea of the new values. Use online calculators or mobile apps - there are many free tools.
5. Keep your receipts and monitor your rights as a consumer.
By keeping your receipts, you can actually compare prices before and after the introduction of the euro.
And a bonus tip: keep your Bulgarian currency coins and banknotes, as in a few years they will be part of the history of the Bulgarian lev.