Bulgarians working abroad sent home €1.32 billion in 2024, with an average monthly inflow of around €100 million, according to data from the Bulgarian National Bank (BNB).
January’s remittances totaled €108.8 million, slightly exceeding the €106.4 million recorded in the same month last year. The highest monthly inflow occurred in May, reaching €182.1 million, up from the previous year’s peak of €172.2 million in the same period.
The BNB data reflects transfers via official channels, including banks, fintech services, and money transfer companies. Financial analysts estimate that an additional 15-25% of remittances arrive through informal means such as cash transactions.
Germany remained the largest source of remittances, contributing between €200 million and €300 million annually, followed by the United States, Spain, the United Kingdom, and Greece. Greece accounted for €60-80 million, while South Africa contributed around €2 million.
Nearly 2 million Bulgarian households rely on financial support from relatives abroad, with remittances typically used for loan payments, medical expenses, utilities, and taxes. The latest data showed a minor decline of €0.2 million in remittances directed toward property investments.
Foreign direct investment also saw an increase of €338 million compared to the previous year, while outbound investments rose modestly by €30.5 million.
