The competition is driving ahead Bulgarian banking system.
All our customers know we have to add high banking fees when the payments are send to us with bank transfer. This is something our current Bank is charging us on all income payments. This charge is EUR 15 when the payment come from EC country and EUR 30 when the payment comes from outside Europe.
Many customers from Germany, France etc asked us why these fees exist when all inter EU payment are not subject of such taxes, we have been asked our bank UBB again and again for this topic and always the answer was: Bulgaria is not member of the Euro zone and do not use the EURO as currency yet, so we are not part of the EU banking system and to receive payments from EU still bear high fees.
This week we have been contacted by new bank which told us that they are part of Target2 ECB payment settlement system and offer us to receive payments from European banks which are also part of Target2 payment system free of charge. What a wonderful news!
Briefly checking what Target2 is http://www.ecb.europa.eu/paym/t2/html/index.en.html show that this is EU alternative to USA SWIFT payment system.
The information shows that 99% of EU banks are already part of it (Well some Bulgarian Banks still are not as we know 😉 ).
What does this means for our EU customers? If your bank is part of Target2 payment system you can place orders to us with bank payment and have no bank handling fees anymore, also the payments will arrive to our bank account in 2 working hours after they have been ordered so this way of payment will not cause unnecessary delays with your order processing.
We are going to integrate this Target2 payment option on our web by the end of next week, so you can start using it!
Note that if you doubt if your bank is part of Target2 or not you can send us e-mail with your bank IBAN code and we can check this information with our bank.