Steps to validate an IBAN
There are two different validations that can be performed to ensure an UK IBAN is correct.
- 01First validation is done using the IBAN's Check Digits using the MOD97 algorithm.
- 02Second layer of validation can be carried out on the domestic sort code and account number combination
- 03Match the sort code against our Bank and Branch code directory to check if it exists
Found the correct IBAN, What to do next
With a Bulgarian IBAN to hand, run through these steps before sending.
- 01Verify the beneficiary name as registered with the Bulgarian bank. Verification of Payee checks now apply to euro transfers.
- 02Bulgaria adopted the euro on 1 January 2026, so EUR is now the domestic currency and SEPA reach is full. No SWIFT/BIC needed for in-SEPA transfers.
- 03Choose your rail. SEPA Credit Transfer for standard, SEPA Instant Credit Transfer for sub-10-second 24/7 settlement.
- 04If you hold legacy BGN reserves, banks exchange to EUR at the fixed rate of 1.95583 BGN per EUR until 30 June 2026, indefinitely at the BNB.
- 05Send a small test transfer first when paying a new Bulgarian supplier.
Common transfer mistakes to avoid for Bulgaria
Exact beneficiary name
Must match bank records exactly to avoid rejection or delays
Correct SWIFT/BIC code
Ensures the payment routes to the right bank.
Currency match
Sending the wrong currency can trigger extra fees or failed transfers.
Active account details
Outdated or inactive accounts can result in returned payments.
IBAN Rules in Bulgaria
- 01IBAN is mandatory in Bulgaria for every domestic and cross-border credit transfer. The mandate was strengthened by Bulgaria's adoption of the euro on 1 January 2026, when the country became the 21st eurozone member.
- 02The 22-character Bulgarian IBAN begins with BG, two check digits, a 4-letter bank code (the first four characters of the BIC), a 4-digit branch code, a 2-digit account type, and an 8-character account identifier.
- 03Legacy BGN account formats are now embedded inside the IBAN and are not used independently. With euro adoption, RINGS and BISERA6 have been decommissioned in favour of full EBA Clearing and Eurosystem flows. The same IBAN now works for every domestic EUR payment, every SEPA transfer, and every SEPA Instant payment.
Bulgaria Payment Schemes
Bulgaria's payment systems were rebuilt around the Eurosystem on 1 January 2026 following euro adoption.
- 01T2, Eurosystem, RTGS for euro payments, replaced RINGS for large-value settlement on 1 January 2026.
- 02TIPS, Eurosystem, pan-European instant payment settlement layer.
- 03SEPA Credit Transfer (SCT), SEPA Instant Credit Transfer (SCT Inst), and SEPA Direct Debit (SDD), via EBA Clearing STEP2.
- 04BORICA, BORICA AD, national card payment scheme and processor.
- 05RINGS and BISERA6, decommissioned at euro adoption. BNB joined STEP2 as a direct participant.
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Disclaimer
This tool is provided for informational purposes only. Xflow does not guarantee the accuracy or completeness of results. Always verify account details directly with your bank or beneficiary before initiating any transfer. Xflow is not liable for any losses arising from incorrect IBAN usage.
Last Reviewed: 26/05/2026