About 32% of consumers in Bulgaria have heard of the Single Euro Payments Area (SEPA), according to an analysis published on the European Central Bank's (ECB) blog. Awareness is below 40% in all the European countries covered by the study.
The analysis says remittance inflows to Bulgaria amount to nearly EUR 3 billion, equivalent to 2.1% of the country's gross domestic product. Around 8% of consumers in Bulgaria report receiving such transfers.
SEPA covers 41 European countries and aims to make euro transfers between participating countries as easy and straightforward as domestic payments, through common payment schemes and harmonized standards.
Across the six Southeast European countries examined, around one-third of remittance recipients receive money in cash through relatives or friends, while another third use physical money transfer operators. Bank-based channels are more widely used in Bulgaria than in the other countries surveyed, although money transfer operators remain significant.
The authors estimate that 10% to 20% of transfers in Bulgaria and Romania are reported as SEPA bank transfers, although the survey does not establish whether transfers made through bank branches also use the system. They note that consumers may use SEPA without knowing its name.
Transfer fees vary depending on the country, provider and payment method. Cash-to-cash transfers typically cost between 6% and 12% of the amount sent, while digital transfers through non-bank providers cost between 1.5% and 4.5%. A hypothetical 5% fee on Bulgaria's annual remittance inflows would amount to around EUR 140 million, the authors calculate. They stress that this is an illustrative calculation, not an estimate of fees actually paid.
Bulgaria and Romania have been within SEPA's geographical scope for more than 15 years. Albania and the Republic of North Macedonia joined in 2024, Serbia in 2025, while Bosnia and Herzegovina officially applied for membership in August 2026.
Awareness of SEPA is higher among people with higher incomes, better education and greater financial literacy. Consumers with higher education are around 17 percentage points more likely to have heard of the system than those with only primary education.
SOURCE: BTA