Temporary suspension of the bank payments to Fibank

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Few months ago we found that Fibank do not charge any taxes on the income payments and we opened account there, everything ran smoothly until last week.

One of our politics who own media group decided to attack through his newspaper his recent partner who is owner of one of the banks here named KTB.

The effect was panic and for one day people withdraw about 300 millions of EUR from KTB and this bank closed doors and asked Bulgarian National Bank for protection. Other people saw in this good opportunity to use this panic for their own interests and decided to apply same to Fibank which is the biggest bank with pure Bulgarian capitals. For 2 days 400 millions were withdraw from Fibank and although everyone says calm down, everything is under control since Friday we can’t log in the online banking system and there are tails of hundreds of peoples at the bank offices.

So for the moment we will stop the bank payment option from our web site, or have to revert to bank payment to our old bank account in United Bulgarian Bank which charges EUR 15-30 for all income transfers.

All this panic is artifical and we expect everything to calm down for a week or two, but we can’t operate with Fibank account till then, so we apologize for the inconvenience happen, but we will not be able to see your payment (on old orders which are paid by bank) nor to accept new orders with bank payment for the next 1-2 weeks, we will blog when we enable again these payments.

 

EDIT: at 10.00 the online banking in Fibank works again, so we can see if payments arrive, but we will wait couple of days before enable the bank payments again

 

Some good news! We got New Card payment system and new conditions for EU bank payments!

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New Card Payment System

As some of you already noticed we have new Card processing system running from today. What is the difference?

The new payment system allow payments with not only Visa and Master card, but also Visa electron and Maestro cards.

How it works?

When you enter your order, go on checkout page and select Card payment you will be re-directed via SSL server to United Bulgarian Bank web site and there you can securely enter your card details, in addition of CVV verification now you can have also Verified by VISA and MasterCard SecureCode additional authentication which increase your security level.

Our customers from Bulgaria were restricted to pay with card due to the old Card payment system we used. Now they can use card payment option.

EU bank transfer payments now without bank handling fee

All payments from EU member states now do not bear any bank handling fees.

It was a burden for small orders, but our new bank do not charge any taxes for money transfers from EU.

Good News! No taxes for bank payments from Europe

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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.