Central Cooperative Bank Interbank Transfers in Foreign Currency and in Euro to Banks Outside the European Economic Area
Central Cooperative Bank (CCB) offers fast, secure and high‑quality execution of money transfers in foreign currency through the global interbank communication system S.W.I.F.T. Ordering and receiving interbank transfers in foreign currency, both domestically and abroad, is possible from any branch of the Bank.
The well‑developed correspondent network of first‑class foreign banks, as well as the qualified staff of CCB, ensures the fast, accurate and fully compliant transfer of funds to clients of other banks anywhere in the world.
CCB executes transfers in 15 convertible currencies through its correspondent accounts held with 12 banks in Europe, North America and Asia. Through its multi‑currency nostro account with Bank of New York Mellon, CCB is able to execute client transfers in more than 120 global currencies.
Ordering a Foreign Currency Transfer
Pursuant to the provisions of the Currency Act, BNB Ordinance No. 27 and BNB Ordinance No. 28, for cross‑border transfers of up to 15,000 euro or the equivalent in another currency, the client is required to present only a duly completed and signed payment order on the Bank’s standard form, containing the transfer details.
For a cross‑border transfer or payment to a third country* in an amount of 15,000 euro or more, or the equivalent in another currency, the client must provide:
- a completed and signed payment order in Latin characters;
- a document certifying the grounds for the payment (pursuant to BNB Ordinance No. 28) — e.g. pro forma invoice, invoice, contract;
- a declaration of the origin of funds pursuant to the Measures Against Money Laundering Act (MAMLA).
For foreign currency transfers executed within the territory of Bulgaria, no documents certifying the grounds for the payment are required. The client must provide:
- a completed and signed payment order in Latin characters;
- a declaration of the origin of funds under MAMLA — only if the transfer exceeds 15,000 euro.
* Documents certifying the grounds for payment for foreign currency transfers are required only when the transfer is executed to a third country. A “third country” is a country that is not a member of the European Union (EU) and does not belong to the European Economic Area (EEA), and in which the payment service provider of the beneficiary operates.
Information Required for Executing a Transfer
- IBAN or account number;
- Name of the beneficiary;
- BIC of the beneficiary’s bank*, when the transfer is to a bank in a country outside the European Economic Area. For transfers in US dollars to banks in the United States, an ABA Routing Number may also be provided — a unique 9‑digit bank identifier assigned to each US bank;
- Name of the beneficiary’s bank (when the BIC is not provided).
* When the client provides a correct beneficiary IBAN, CCB will automatically determine the BIC of the beneficiary’s bank. Therefore, clients are not required to provide the BIC when they have a valid IBAN.
Pursuant to the Measures Against Money Laundering Act, for transfers exceeding the equivalent of 15,000 euro, a declaration of the origin of funds must be completed.
Distribution of Bank Fees According to SWIFT Standards, SWIFT defines three options for allocating bank charges for foreign currency transfers ordered from an account with CCB AD:
DEBT – all bank charges are borne by the ordering party. This includes the fees of CCB, the intermediary/correspondent bank, and the beneficiary’s bank.
SHAR – CCB’s fees are borne by the ordering party. The fees of the intermediary/correspondent bank and the beneficiary’s bank are borne by the beneficiary.
CRED – all bank charges are borne by the beneficiary. In this case, CCB deducts its fees from the transfer amount.
The fees and commissions withheld by CCB AD for foreign currency transfers are in accordance with the Bank’s Tariff.
Receiving a Foreign Currency Transfer
To receive funds in foreign currency, you must provide the sender with the following details:
- Central Cooperative Bank PLC, Bulgaria
- SWIFT CODE: CECBBGSF
- Your IBAN
- Your full name and address