Bulgaria will join the single European currency on January 1, 2026, a decision that will have a direct impact on citizens and financial institutions, including in Portugal, where it will be possible to exchange notes from the old Bulgarian currency for euros at no cost for a limited period.
The transition to the euro involves replacing the Bulgarian lev and activating support mechanisms in the euro area’s central banks, including the Bank of Portugal, which has already defined deadlines, locations and conditions for the free exchange of money.
Free exchange also in Portugal
The Bank of Portugal informed through its website that Portugal will allow the exchange of Bulgarian lev notes for euros between January 1 and March 2, 2026, without fees being applied, similar to what will happen in the remaining national central banks in the euro zone.
According to the same source, operations can only be carried out on business days, between 8:30 am and 3 pm, at five central bank service points located in Lisbon, Porto, Faro, Ponta Delgada and Funchal.
Limits, times and conversion rate
The Portuguese central bank establishes a maximum daily limit of 2,000 levs per person for exchanging banknotes, with a fixed conversion rate of 1.95583 levs per euro, as defined in the process of joining the single currency.
These exchanges will be available at Banco de Portugal treasuries and regional offices, with specific addresses already published by the banking supervisor on its official website.
What notes can be exchanged
It should be noted that several series of Bulgarian lev banknotes will be accepted, including denominations of 5, 10, 20, 50 and 100 levs, issued between 1999 and 2020, depending on the face value.
The same source states that only officially recognized banknotes will be accepted for conversion, with metallic coins being excluded in Portuguese territory, unlike what will happen in Bulgaria.
The European Central Bank explains on its website that, in Bulgaria, it will be possible to exchange lev banknotes and coins for euros for free in commercial banks and in some post offices until June 30, 2026. According to the same source, after that date, these entities will be able to continue providing the service at least until the end of 2026, although they will have the possibility of charging a fee, maintaining free and unlimited exchange at the Bulgarian central bank.
Economic impact and price control
With Bulgaria’s accession, the euro area becomes part of 21 of the 27 member states of the European Union, with Croatia being the last country to have adopted the single currency, in 2023.
The Bank of Portugal adds that, although there is a risk of undue price increases during periods of monetary transition, Bulgaria has control mechanisms in place, including dual display of prices in levs and euros, as well as strict supervision of the application of the conversion rate, to protect consumers.
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