Block I · How money works · Module 21 # Payments and purchases — cards, online, transfers, currency, fees ## Entering the module **One sentence:** a payment is the moment money leaves your account — so it is worth knowing how it travels, what it costs and what you can do if something goes wrong. **Chapters:** 1. Ways to pay: cash, card, transfer, wallet 2. Cards: debit, [credit](https://pecuvo.eu/en/glossary/credit/), prepaid 3. Paying online: confirmation with two independent elements 4. Transfers: SEPA, [instant payments in euro](https://pecuvo.eu/en/glossary/instant-payment/) and verification of the payee 5. Unauthorised and mistaken payments: your rights and deadlines 6. Foreign [currency](https://pecuvo.eu/en/glossary/currency/) and fees 7. Purchases: price, comparing, returns, "[buy now, pay later](https://pecuvo.eu/en/glossary/buy-now-pay-later/)" 8. Everyday habits: limits, notifications, statements → The iron principle of the module --- ## For the youngest · ages 6–7 🐣 **The youngest:** Money can travel in different ways. A coin passes from hand to hand. A card and a phone send a message to the bank. The receipt tells you what you bought. And the change is the coins you get back. **Play together (5 minutes):** In the shop near your home, give your child the receipt. At home, find together the things from the bag on the receipt. Then count the change on your palm. **A question for the evening:** "How do you think money knows where to go when you pay with a card?" **A game from the catalogue:** PK-01 "The home shop" — https://pecuvo.eu/igri/katalog/#pk-01 (in Bulgarian) --- ## Chapter 1 · Ways to pay: cash, card, transfer, wallet **Level:** B · I **Competences (EU/OECD-INFE 2022):** 1.3 — 72 · 73 · 80 · 84 · 85 (ways to pay); 1.3 — 75 (anti-money-laundering rules for cash and payments) 👧 **Child** Money can "travel" in different ways. Coins and banknotes are handed from one person to another. A card and a phone send a message to the bank: "move this much money from here to there". Either way, someone receives money, and someone else sees it leave their account. 🧑 **Teenager** The main ways: - **Cash** — banknotes and coins. No trace in an account, but also no way back if you lose it. - **Card** — a payment instrument linked to an account (Chapter 2). - **[Bank transfer](https://pecuvo.eu/en/glossary/bank-transfer/)** — you instruct the bank to move an amount from your account to another account, using its [account number](https://pecuvo.eu/en/glossary/iban/) (IBAN). - **Phone wallet** — an app that stores your card details and uses them instead of the physical card. The payment instrument underneath is still the card. Each way has a different **cost, speed, security and trace**. There is no "best" one for every situation. 🧔 **Adult** The EU/OECD-INFE framework expects you to understand the differences between ways to pay and to choose according to cost, risk and convenience (competence 80). Practical questions: 1. **How much does it cost** — for you and (sometimes hidden) for the merchant? 2. **How fast** does the money arrive — at once, by the end of the day, after several days? 3. **Can it be reversed** — what rights do you have in case of a mistake or dispute (Chapter 5)? 4. **What trace does it leave** — important for keeping a budget (Chapter 8)? 5. **What is the risk if it is lost or stolen?** Cash also has a legal side: cash payments and transfers are subject to anti-money-laundering rules (competence 75). **The EU rule:** under the EU Anti-Money Laundering Regulation, Regulation (EU) 2024/1624, Article 80, persons trading in goods or providing services may accept or make a cash payment only up to **€10,000** (or the equivalent), whether in one operation or in several that appear to be linked; Member States may set lower limits, and existing lower national limits continue to apply. The limit does not apply to payments between private individuals who are not acting professionally. The Regulation applies from **10 July 2027** ✔ (publications.europa.eu, CELEX 32024R1624, Articles 80 and 90, opened 21.10.2026). Until then — and afterwards, if lower — national limits apply. > **Example: Bulgaria** — Above a certain amount, a payment may be made only by transfer or by deposit into a [payment account](https://pecuvo.eu/en/glossary/current-account/) (Limitation of Cash Payments Act, Article 3(1)) ✔ (lex.bg, opened 21.10.2026). Check the exact threshold in the text of the law in force ⚠ (on 21.10.2026 the consolidated text on lex.bg still states the threshold in leva; it is not clear whether it has been updated since the euro was introduced). > > **Check in your country** — Is there a national limit on cash payments, and is it lower than the EU limit? Look for it on the website of your finance ministry, tax authority or [central bank](https://pecuvo.eu/en/glossary/central-bank/), or in the law on the prevention of money laundering. A neutral starting point is the European Commission's *Your Europe* portal. **Myth → truth** - Myth: "Cash is safest, because nobody knows." - Truth: with cash, nobody can give your money back if you lose it or pay by mistake. A card or a transfer leaves a trace that helps you prove a mistake. **Who [profits](https://pecuvo.eu/en/glossary/profit/)?** Every way to pay has a provider who charges a fee to someone — to you, to the merchant, or to both. You profit when you know the cost and choose consciously. **→ Continue at the source** - European Commission — *Your Europe*, payments and banking services for consumers: https://europa.eu/youreurope/citizens/consumers/financial-products-and-services/index_en.htm ✔ (opened, checked 2026-10-19) - [Bulgarian National Bank](https://pecuvo.eu/en/glossary/bnb/) (BNB) — payment services and registers of licensed providers: https://www.bnb.bg ✔ (main page opened; the registers are under "Registers and services") **Sources** - ✔ Financial competence framework for adults — EU/OECD-INFE, 2022: competences 72–86 (ways to pay). - ✔ Regulation (EU) 2024/1624 (Anti-Money Laundering Regulation), Article 80 (cash limit €10,000), Article 90 (application from 10 July 2027); CELEX 32024R1624, publications.europa.eu, accessed 2026-10-21. --- ## Chapter 2 · Cards: debit, credit, prepaid **Level:** B · I · A **Competences (EU/OECD-INFE 2022):** 1.3 — 72 · 73 · 74 · 80 · 85 (cards as a payment method; some methods are a form of borrowing) 👧 **Child** A card is like a key that opens an account at the bank. Some cards use only the money that is already in the account. With other cards, the bank lends you money for a short while — and then you have to pay it back. 🧑 **Teenager** Three main types of card, which EU law defines clearly (Regulation (EU) 2015/751, Article 2) ✔: - **[Debit card](https://pecuvo.eu/en/glossary/debit-card/)** — "a category of payment instrument that enables the payer to initiate a debit card transaction excluding those with [prepaid cards](https://pecuvo.eu/en/glossary/prepaid-card/)". You pay with your own money in the account. - **[Credit card](https://pecuvo.eu/en/glossary/credit-card/)** — "a category of payment instrument that enables the payer to initiate a credit card transaction". You pay with money the bank lends you for a while. - **Prepaid card** — a card "on which electronic money ... is stored". You load an amount first, then spend up to it. (The quotations are a close paraphrase of the definitions in the Regulation.) The rule for the credit card: **it is a loan.** If you do not repay it in time, you pay [interest](https://pecuvo.eu/en/glossary/interest/). 🧔 **Adult** **What the card costs — you:** an annual or [monthly fee](https://pecuvo.eu/en/glossary/subscriptions/); a fee for [cash withdrawals](https://pecuvo.eu/en/glossary/atm/); a currency conversion fee; for a credit card — interest after the [interest-free period](https://pecuvo.eu/en/glossary/interest-free-period/) ends (if there is one), late-payment charges. The exact numbers are in your bank's standard information document and contract — not in the advertising. **What the card costs — the merchant:** when you pay by card, the merchant pays a fee to its bank, part of which is the **interchange fee** paid between banks. Regulation (EU) 2015/751 caps it: for debit card transactions — no more than **0.2 %** of the transaction value (Article 3(1)), and for credit card transactions — no more than **0.3 %** (Article 4) ✔. These caps apply to the fee between the banks, not to the merchant's total fee. **Ban on surcharges:** the merchant may not charge you for using cards whose interchange fees are regulated (Directive 2015/2366, Article 62(4)) ✔. More generally for consumer contracts: Directive 2011/83/EU, Article 19 — Member States "shall prohibit traders from charging consumers, in respect of the use of a given means of payment, fees that exceed the cost borne by the trader for the use of such means" ✔. **The credit card and the [APR](https://pecuvo.eu/en/glossary/apr/):** a credit card is a form of [consumer credit](https://pecuvo.eu/en/glossary/consumer-credit/). The EU/OECD-INFE framework (competence 74) wants you to know that some payment methods are a form of borrowing and affect the total price. That is why credit cards come back in Module 22 (Credit). Until 20.11.2026 consumer credit is governed by Directive 2008/48/EC; from that date Member States start applying the measures under Directive (EU) 2023/2225 ✔. **The prepaid card** is handy for a limited budget (for example, for a child or for online purchases with a fixed upper limit), because you cannot spend more than the amount loaded. List the conditions: loading fee, period of validity, whether the remaining balance can be refunded. **Myth → truth** - Myth: "A credit card is my money, I just pay later." - Truth: it is someone else's money, borrowed. If you do not repay it in full on time, interest is added. **Who profits?** The bank — from fees and interest. The merchant — from more sales, though it pays a fee. You — when you use the card so that fees stay close to zero (e.g. no cash withdrawals with a credit card, repaying on time). **→ Continue at the source** - Regulation (EU) 2015/751 on interchange fees for card-based payment transactions — EUR-Lex: https://eur-lex.europa.eu/eli/reg/2015/751/oj ✔ - Directive (EU) 2023/2225 on credit agreements for consumers — EUR-Lex: https://eur-lex.europa.eu/eli/dir/2023/2225/oj ✔ **Sources** - ✔ Regulation (EU) 2015/751 — Article 2 (definitions: debit, credit, prepaid card); Article 3(1) (0.2 %); Article 4 (0.3 %); Publications Office of the EU, publications.europa.eu (CELEX 32015R0751), accessed 2026-10-19. - ✔ Directive (EU) 2015/2366, Article 62(3)–(5) (surcharges); Directive 2011/83/EU, Article 19 (CELEX 32015L2366 / 32011L0083), accessed 2026-10-19. - ✔ Directive (EU) 2023/2225 — applies from 20.11.2026 (measures of the Member States; Article 2 — scope). --- ## Chapter 3 · Paying online: confirmation with two independent elements **Level:** B · I · A **Competences (EU/OECD-INFE 2022):** 1.3 — 81 (paying online while following digital security measures); 4.5 — 526 · 527 · 528 · 530 · 531 ([data protection](https://pecuvo.eu/en/glossary/gdpr/), fraud, authentication processes) 👧 **Child** When you pay online, the bank wants to be sure it is really you. So it asks for two different proofs — for example, something you know (a code) and something you have (your phone). If a thief has only one of them, they cannot pay. 🧑 **Teenager** The EU rule is called **[strong customer authentication](https://pecuvo.eu/en/glossary/strong-customer-authentication/)** (SCA). It uses **two or more** of three kinds of proof: - **knowledge** — something only you know (PIN, password); - **possession** — something only you have (phone, card, key); - **inherence** — something you are (fingerprint, face). Do not share **any** of these elements with anyone — your bank should never ask you for them by phone, message or email. 🧔 **Adult** **Directive (EU) 2015/2366, Article 97(1)** requires the payment service provider to apply strong customer authentication when the payer: "(a) accesses its payment account online; (b) initiates an electronic payment transaction; (c) carries out any action through a remote channel which may imply a risk of payment fraud or other abuses" ✔. **Paragraph 2:** for remote electronic payments, authentication includes elements that "dynamically link the transaction to a specific amount and a specific payee" ✔. In other words, the code you get for one purchase does not work for another. > **Example: Bulgaria** — In Bulgarian law this is Article 100 of the Payment Services and Payment Systems Act (where the concept is called "in-depth identification of the customer"), with the same three kinds of element and the same requirement that the elements be **independent** — "the breach of one of the elements ... does not affect the reliability of the others" (Article 100(4)–(5)) ✔ (lex.bg, opened 21.10.2026). The rule that the payer bears no loss when SCA was not required is Article 80(4) of the same Act ✔. > > **Check in your country** — Your national payment services law transposes PSD2; the rules on SCA are the same across the EU. For questions or complaints, the authority is usually the central bank or the [financial supervisor](https://pecuvo.eu/en/glossary/financial-regulators/) that oversees payment services in your country. **What this means for you:** - If the bank does **not** require strong customer authentication, the payer bears no losses unless they acted fraudulently (Directive 2015/2366, Article 74(2)) ✔. - Exemptions (small amounts, contactless payment, trusted payees) are set by EU regulatory technical standards — Delegated Regulation (EU) 2018/389 (Articles 11 and 16) ✔: contactless payment up to **€50** per transaction (cumulatively up to €150 or up to 5 consecutive transactions without authentication); low-value remote payment up to **€30** (cumulatively up to €100 or up to 5 consecutive). Applying an exemption is the bank's right, not its obligation — check your bank's terms. **Practical rules for paying online:** 1. Check the website address and the padlock — but they do not prove the merchant is honest. 2. Confirm a payment only in **your bank's** app or page, never via a link in a message. 3. The amount and the payee in the confirmation must match the purchase (the dynamic link). 4. The bank **never** asks for your PIN, your full password or a confirmation code "to return your money" or "to protect your account" (competences 526, 531). 5. If you receive a code you did not request — do not enter it anywhere and tell your bank (competence 522). **Myth → truth** - Myth: "If I entered the bank's code, the payment is always mine." - Truth: the code confirms that you gave consent. If the code was obtained through fraud, your rights are set out in Chapter 5 — so contact your bank at once. **Who profits?** Everyone, when the rule works — less abuse and fewer disputes. You profit when you keep the two elements apart (your phone does not sit unlocked next to your card). **→ Continue at the source** - Directive (EU) 2015/2366 (PSD2), Article 97 — EUR-Lex: https://eur-lex.europa.eu/eli/dir/2015/2366/oj ✔ - Bulgarian National Bank — supervision of payment services: https://www.bnb.bg ✔ **Sources** - ✔ Directive (EU) 2015/2366 — Article 4 (definition of "strong customer authentication"), Article 74(2), Article 97; CELEX 32015L2366, publications.europa.eu, accessed 2026-10-19. - ✔ Payment Services and Payment Systems Act (Bulgaria), Article 100, Article 80(4) — consolidated text (last amended State Gazette No. 87/2026), lex.bg: https://lex.bg/laws/ldoc/2137182267 (opened 21.10.2026) - ✔ Delegated Regulation (EU) 2018/389 (regulatory technical standards for SCA) — Article 11 (contactless: €50/€150/5), Article 13 (trusted payees), Article 16 (low value: €30/€100/5); CELEX 32018R0389, publications.europa.eu, accessed 2026-10-19. --- ## Chapter 4 · Transfers: SEPA, instant payments in euro and verification of the payee **Level:** I · A **Competences (EU/OECD-INFE 2022):** 1.3 — 72 · 73 · 80 · 81 · 85 (online transfer, instant payment as a method) 👧 **Child** A transfer is like a postal order, only with money and over the internet. You need the exact account number of the person receiving it. If you get one digit wrong, the money can go to someone else. That is why banks now check whether the name and the number "match". 🧑 **Teenager** - **IBAN** — the international bank account number. It starts with the country's letters (for example, BG for Bulgaria, DE for Germany). - **SEPA** (Single Euro Payments Area) — common rules for euro transfers between banks in many European countries. - **Instant transfer** — a transfer where the money reaches the payee within seconds, day and night, including on public holidays. 🧔 **Adult** **Regulation (EU) 2024/886** ("on instant credit transfers in euro") was published in the Official Journal of the EU on **19.03.2024** and entered into force on the twentieth day after publication ✔. What it establishes (through new Articles 5a–5d of Regulation (EU) No 260/2012) ✔: **1. Instant transfers are a service for everyone.** Article 5a(1): providers that offer sending and receiving credit transfers "shall offer to all their payment service users" sending and receiving **instant** credit transfers; all accounts reachable for ordinary transfers must also be reachable for instant ones — **24 hours a day, every calendar day**. **2. Speed.** Article 5a(4)(c): the payee's provider makes the amount available on the payee's account **within 10 seconds** of receiving the payment order from the payer's provider and confirms completion. If no confirmation arrives within those 10 seconds, the payer's provider immediately restores the payer's account (paragraph 5). **3. Price.** Article 5b(1): charges for sending and receiving instant transfers **may not be higher** than charges for the corresponding ordinary credit transfers. **4. Your limit.** Article 5a(6): at the consumer's request, the provider offers the possibility to set a **maximum amount** for instant transfers — per day or per transaction — and to change it at any time. **5. Verification of the payee (Article 5c).** Before you authorise a transfer, the payer's provider must offer you a payee-verification service. When the account number and the payee's name have been entered, the provider **matches the number against the name**. If they do not match, it tells you so and **informs you that authorising the transfer might lead to the funds being transferred to an account not held by the payee you indicated** (Article 5c(1)(a) and (7)). If they almost match, it shows you the name linked to the account. The service is **free of charge** for all users (Article 5b(2)) ✔. **When they apply — the dates in the text of the Regulation** (Article 5a(8); Article 5b(3); Article 5c(9)) ✔: | | In a euro-area country | In a non-euro country | |---|---|---| | Receiving instant transfers | 9.01.2025 | 9.01.2027 | | Sending instant transfers | 9.10.2025 | 9.07.2027 | | Charges (Article 5b(1)) | 9.01.2025 | 9.01.2027 | | Verification of the payee (Article 5c) | 9.10.2025 | 9.07.2027 | | E-money institutions and payment institutions in a euro-area country | 9.04.2027 (sending and receiving) | — | **Countries that adopt the euro later:** Regulation 2024/886 adds a new Article 16(9) to Regulation 260/2012 — a Member State that adopts the euro before 9.04.2027 must comply with the rules on instant payments, charges and payee verification **within one year** of adopting the euro ✔ (EUR-Lex, checked 19.10.2026). > **Example: Bulgaria** — Bulgaria has been in the euro area since 01.01.2026. The Bulgarian Payment Services and Payment Systems Act (Supplementary Provisions, § 2a, item 8, new — State Gazette No. 64 of 2025, in force from 01.01.2026) lists Regulation (EU) 2024/886 among the acts whose application the law ensures ✔ (lex.bg, opened 21.10.2026). Under the new Article 16(9), the deadline for Bulgaria is **1.01.2027** ✔. Some banks may offer the services earlier — ask your bank. > > **Check in your country** — Is your country in the euro area, and since when? Then read the dates in the table above. Ask your bank whether instant transfers and payee verification are already available, and where in the app you can set your own limit. **Security of transfers:** before every transfer, check the payee; do not rush under pressure ("today", "your account will be blocked"); and do not make a transfer requested over the phone by a "bank employee". Payee verification helps with a mistyped number, but it **does not prove** that the payee is honest. **Myth → truth** - Myth: "An instant transfer can be reversed if I change my mind." - Truth: an instant transfer is complete within seconds and there is no automatic way back. That is why it helps to set your own limit and to check the payee before confirming. **Who profits?** You — from the speed, at no extra charge compared with an ordinary transfer. Speed can also be used to pressure you — which is why payee verification was added as an extra safeguard. **→ Continue at the source** - Regulation (EU) 2024/886 — EUR-Lex: https://eur-lex.europa.eu/eli/reg/2024/886/oj ✔ - [European Central Bank](https://pecuvo.eu/en/glossary/ecb/) — instant payments in euro (information for citizens): https://www.ecb.europa.eu/paym/retail/instant_payments/html/instant_payments_regulation.en.html ✔ (opened; confirms the dates for euro and non-euro countries) **Sources** - ✔ Regulation (EU) 2024/886 of the European Parliament and of the Council of 13 March 2024, OJ L of 19.03.2024 — Articles 5a, 5b, 5c; CELEX 32024R0886, publications.europa.eu, accessed 2026-10-19. - ✔ Payment Services and Payment Systems Act (Bulgaria), Supplementary Provisions, § 2a, item 8 (new — State Gazette No. 64/2025, in force from 01.01.2026) — lex.bg: https://lex.bg/laws/ldoc/2137182267 (opened 21.10.2026). - ✔ Regulation (EU) 2024/886, Article 1, point 5 (new Article 16(9) of Regulation 260/2012) — for Bulgaria by 1.01.2027. --- ## Chapter 5 · Unauthorised and mistaken payments: your rights and deadlines **Level:** B · I · A **Competences (EU/OECD-INFE 2022):** 4.2 — 433 (rights in case of an unauthorised or incorrectly executed payment); 1.3 — 87 · 92 (spotting and correcting mistakes); 4.5 — 522 · 533 (what to do and whom to report to) 👧 **Child** If you see that an amount has disappeared from your parents' account and nobody paid it, tell an adult straight away. The sooner they call the bank, the better. 🧑 **Teenager** If you lose your card or your phone: 1. **Block the card at once** (in the app or by calling the bank — the number is on the back of the card or on the bank's website). 2. Tell your parents or the adult responsible for you. 3. Do not wait to see whether "someone will bring it back". 🧔 **Adult** **Your obligation (Directive 2015/2366, Article 69)** ✔: to use the payment instrument according to the terms of its issue; to **notify the provider without undue delay** on becoming aware of loss, theft, misappropriation or unauthorised use; to keep your personalised security credentials (PIN, passwords) safe and not to write them on the instrument. **Deadline for notifying.** Directive (EU) 2015/2366, Article 71(1): the consumer obtains rectification only if they notify the provider "without undue delay on becoming aware" of the transaction, and "no later than **13 months** after the debit date" ✔. The deadline **does not apply** if the provider has not provided the information on the transaction (PSD2, Article 71(1), second subparagraph). **In practice:** 13 months is the outer limit, not a recommendation. The requirement is "without undue delay" — report as soon as you notice. **Who has to prove it.** If you say you did not authorise a transaction, the provider bears the **burden of proof** that the transaction was authenticated, accurately recorded and not affected by a technical breakdown (PSD2, Article 72(1)) ✔. The record of the instrument's use is not in itself enough to prove that you authorised it or were negligent (Article 72(2)). **Refund.** PSD2, Article 73(1): for an [unauthorised transaction](https://pecuvo.eu/en/glossary/unauthorised-payment/), the provider "refunds the payer the amount **immediately, and in any event no later than by the end of the following business day**", after noting or being notified of it — unless it has reasonable grounds to suspect fraud and communicates them in writing to the relevant national authority ✔. **What you can lose.** PSD2, Article 74(1): with a lost, stolen or misappropriated instrument, the payer may bear losses up to a maximum of **€50** ✔. This cap **does not apply** if the loss could not have been detected before the payment or was caused by the provider's employee or agent (Article 74(1)(a)–(b)). **But:** the payer bears **all** losses if they acted fraudulently or failed to meet their obligations with intent or gross negligence (PSD2, Article 74(1), third subparagraph) ✔. **After** you have notified the bank, you bear no financial consequences of further use of the instrument, except where you acted fraudulently (PSD2, Article 74(3)) ✔. **A payment where you yourself ordered the transfer (for example, after a fraudulent call).** The rules above are for **unauthorised** transactions. When you confirmed the transfer yourself, a refund depends on the specific circumstances and on your contract — it is **not automatically guaranteed**: the rule of refund by the end of the following business day applies only to unauthorised transactions ✔. So contact your bank as fast as possible and file a complaint. The rules for such cases are being changed by the new EU package PSD3/PSR, which on 21.10.2026 is still being adopted and is not in force: the European Parliament's ECON committee approved the agreed text on 05.05.2026, and the plenary vote and publication in the Official Journal are still to come ✔ (European Parliament Legislative Observatory, procedure 2023/0210(COD), opened 21.10.2026). **A payment requested by the merchant with an unclear amount.** PSD2, Articles 76–77: if you authorised a payment whose exact amount was not specified and the amount exceeds what you could reasonably have expected, you can ask for a **full refund within 8 weeks** of the debit. The provider must, **within 10 business days**, either refund or justify a refusal and tell you where you can take the matter. For direct debits (SEPA) you have an unconditional right to a refund within the same period (Article 76(1), fourth subparagraph; Article 77) ✔. Blocking funds on a card (hotel, rental car) is allowed only if you consented to the exact amount blocked (PSD2, Article 75) ✔. **If you disagree with the bank's answer.** The provider must reply to a complaint in writing within **15 business days** at the latest (in exceptional cases, with a holding reply) and must tell you about at least one alternative dispute resolution (ADR) body (PSD2, Articles 101–102) ✔. > **Example: Bulgaria** — The Payment Services and Payment Systems Act transposes these rules ✔ (lex.bg, opened 21.10.2026): your obligations — Article 75; notification within 13 months of the debit — Article 77(1) (the deadline does not apply if the provider did not give the information — Article 77(3)); burden of proof on the provider — Article 78(1); refund by the end of the following business day — Article 79(1), only for unauthorised transactions; loss up to "a maximum amount agreed between the provider ... and the user, but not more than **€50**" — Article 80(1) (amended State Gazette No. 64/2025, in force from 01.01.2026), with the exceptions in Article 80(2)–(3) and no further loss after notification — Article 80(5). For payments with an unclear amount, the Bulgarian law gives **56 days** (Article 82(2)); the provider answers within 10 business days (Article 82(3)); unconditional refund for direct debits — Article 82(7). After a complaint to the provider, you can go to the **[Conciliation Committee](https://pecuvo.eu/en/glossary/bank-complaint/) for Payment Disputes at the [Consumer Protection Commission](https://pecuvo.eu/en/glossary/cpc/) (CPC)** (Article 175 et seq.); the procedure is **free** for the parties (Article 180(1)) ✔. > > **Check in your country** — Which body handles payment disputes out of court? Your bank must name it in its terms and on its website (PSD2, Article 101). The European Commission keeps a catalogue of ADR bodies by country (link below). Note your national deadline for payee-initiated refunds — it is at least 8 weeks. **Myth → truth** - Myth: "If money is taken from my card, the bank always gives it back." - Truth: it gives it back quickly for an **unauthorised** transaction, if you reported in time and did not act with gross negligence or fraud. For a transaction you confirmed yourself, the assessment is more complex. **Who profits?** The person who acts fast and keeps evidence: messages, the time of the call, the names of the staff, screenshots. **Example (fictional):** Maria sees a €40 payment to an unknown merchant on her statement. She calls the bank the same day and disputes it. Under this chapter, the bank must refund the amount by the end of the following business day at the latest, unless it has reasonable grounds to suspect fraud, which it reports to the authorities. **→ Continue at the source** - Example Bulgaria: Conciliation Committee for Payment Disputes at the CPC (in writing, free of charge, not binding; first a complaint to the provider) — European Commission, catalogue of alternative dispute resolution bodies: https://consumer-redress.ec.europa.eu/dispute-resolution-bodies/bulgaria-pomiritelna-komisiya-za-platezhni-sporove-km-komisiya-za-zashchita-na-potrebitelite_en ✔; CPC website: https://kzp.bg ✔ (opened 21.10.2026) - Example Bulgaria: Payment Services and Payment Systems Act — lex.bg: https://lex.bg/laws/ldoc/2137182267 ✔ (opened 21.10.2026) **Sources** - ✔ Directive (EU) 2015/2366 — Articles 69, 71–77, 101–102, publications.europa.eu (CELEX 32015L2366), accessed 2026-10-19 / 2026-10-21. - ✔ Payment Services and Payment Systems Act (Bulgaria) — Articles 75, 77–80, 82, 175–180; lex.bg (last amended State Gazette No. 87/2026): https://lex.bg/laws/ldoc/2137182267 (opened 21.10.2026) - ✔ PSD3/PSR — European Parliament Legislative Observatory, procedure 2023/0210(COD): https://oeil.europarl.europa.eu/oeil/en/procedure-file?reference=2023/0210(COD) (opened 21.10.2026) — text approved by ECON on 05.05.2026; not finally adopted and not published in the OJ. --- ## Chapter 6 · Foreign currency and fees **Level:** I · A **Competences (EU/OECD-INFE 2022):** 1.3 — 47 ([exchange rates](https://pecuvo.eu/en/glossary/exchange-rate/) and customs duties affect the price) · 80 · 99 (exchange rates in a purchase decision) 👧 **Child** If you travel to a country that has different money, you have to change your money. The exchange office or the bank keeps a little for the exchange. If you do not know how much, you may pay more than you expect. 🧑 **Teenager** The **exchange rate** is the price of one currency in another. Your bank and the merchant may use different rates. A **mark-up** (margin) is often added to the rate — it is part of the price of the exchange. 🧔 **Adult** **Euro to euro means no conversion.** Payments in euro within the euro area involve no currency conversion. Conversion happens with purchases in other currencies (US dollar, pound, Romanian leu, zloty, etc.). > **Example: Bulgaria** — Bulgaria has been in the euro area since 01.01.2026. Since then, payments in euro inside the country involve no conversion; conversion remains for purchases in other currencies. > > **Check in your country** — Is your account in euro or in another currency? If your currency is not the euro, every payment in euro includes a conversion — read on. **How the price of conversion is shown.** Regulation (EU) 2021/1230, Article 4(1) and (2): payment service providers and parties offering currency conversion at an ATM or at the point of sale "shall express the total currency conversion charges as a **percentage mark-up over the latest available euro foreign exchange [reference rates](https://pecuvo.eu/en/glossary/variable-rate/) issued by the European Central Bank (ECB)**". The mark-up is disclosed to the payer **before** the transaction is initiated, and the provider publishes it on an accessible electronic platform ✔. **Important:** the obligation concerns conversions involving an EU currency (Article 1(2), second subparagraph: Articles 4 and 5 apply to payments in euro or in a national currency of a Member State that involve a currency conversion; Article 4(5) — "any Union currency that is different from the currency of the account") ✔; for currencies outside the EU (for example the US dollar) these articles do not apply, and the general PSD2 disclosure rules remain (Article 59(2)). **Message on your phone.** Article 4(5): for card transactions in another EU currency, the provider sends you an electronic message with the mark-up — for each transaction or (if there are several in the same currency) **once a month**; you can opt out of the messages (paragraph 6) ✔. **[DCC](https://pecuvo.eu/en/glossary/foreign-currency-payment/) — "pay in your own currency".** When, at an ATM or a payment terminal, **the merchant or third parties** offer conversion, they must show you: the amount in the payee's currency and in your currency, the mark-up over the ECB rate, and **inform you that you can pay in the payee's currency** and have the conversion done later by your own provider (Article 4(3)–(4)) ✔. This is called Dynamic Currency Conversion (DCC). The terminal often asks "In euro or in local currency?". The two answers give a different final price. **Compare**: the bill in the merchant's currency goes through your bank's rate (+ your bank's mark-up), while the offer "in euro" goes through the offerer's rate (+ its mark-up). Which one is cheaper you can see from the percentages shown — not from a guess. **Transfers with conversion.** Article 5: for a credit transfer initiated online through the provider's website or app, you are shown **before** the order the estimated currency conversion charges, the total amount in your currency (with the transaction fee and the conversion), and the amount the payee will receive in their currency ✔. **Fees for cross-border payments in euro.** Article 3(1): fees charged by the provider for **cross-border payments in euro** are **the same** as the fees for corresponding **national** payments of the same value in the national currency of the provider's Member State ✔. The rule **does not apply** to currency conversion charges (Article 3(4)). **IBAN and BIC:** if you do not give the IBAN (and, where needed, the BIC) for a cross-border transfer, the provider may charge an additional fee, which must be appropriate and in line with costs (Article 6(2)) ✔. **Myth → truth** - Myth: "The bank's rate is always worse than the ECB's, so never pay by card abroad." - Truth: the mark-up differs between providers and methods. Do only what you can check: look at the mark-up as a percentage and compare. **Who profits?** Whoever offers the conversion takes a mark-up. You profit when you see it and choose consciously. **Example (fictional):** Peter pays 100 US dollars in a shop in the USA. The terminal offers "pay in euro". He is not sure that the mark-up is shown, and chooses the amount in dollars; his bank then converts at its own rate. The decision is based on what he saw and compared, not on a guess. **→ Continue at the source** - Regulation (EU) 2021/1230 — EUR-Lex: https://eur-lex.europa.eu/eli/reg/2021/1230/oj ✔ - ECB — euro foreign exchange reference rates: https://www.ecb.europa.eu/stats/policy_and_exchange_rates/euro_reference_exchange_rates/html/index.en.html ✔ (opened 2026-10-19) **Sources** - ✔ Regulation (EU) 2021/1230 of the European Parliament and of the Council of 14 July 2021 on cross-border payments in the Union (codification), OJ L 274, 30.7.2021, Articles 1–6; CELEX 32021R1230, publications.europa.eu, accessed 2026-10-19. - ✔ Regulation 2021/1230 is amended by Regulation (EU) 2024/886 (Article 2) only in Article 3 (new paragraph 5 — an exception for non-euro countries for instant transfers); Articles 4–6 used here are unchanged. --- ## Chapter 7 · Purchases: price, comparing, returns, "buy now, pay later" **Level:** B · I · A **Competences (EU/OECD-INFE 2022):** 1.3 — 43–49 (prices) · 54–57 (comparing) · 58–59 · 62 · 64–66 · 69–71 (purchases, [consumer rights](https://pecuvo.eu/en/glossary/consumer-rights/), [impulse purchases](https://pecuvo.eu/en/glossary/impulse-buying/)) · 74 · 96 (paying in instalments) · 93–95 (subscriptions) 👧 **Child** Before you buy, ask: how much does it cost, how much money do I have, is there something cheaper, do I need it? If you buy online, sometimes you can send it back — ask an adult. 🧑 **Teenager** The price is not just the number. The **final price** may include delivery, customs duties, taxes and the exchange rate (competence 47). The **unit price** (per kilogram, per litre) helps you compare. Online, the price of the same item may differ depending on the website, your location or your browsing history (competence 49). Advertising and "limited offers" influence the wish to buy (competence 63) — **wait 24 hours** before unplanned purchases. 🧔 **Adult** **Right of withdrawal from a distance contract (online, by phone).** Directive 2011/83/EU, Article 9(1): the consumer has **14 days** to withdraw from a distance contract "without giving any reason, and without incurring any costs other than those provided for in Article 13(2) and Article 14" ✔. The period runs: for services — from **the day the contract is concluded**; for goods — from the day you take physical possession of the goods (Article 9(2)) ✔. If the trader did not inform you of the right of withdrawal, the period is extended by **12 months** (Article 10) ✔. The trader refunds all payments, including delivery, "without undue delay and in any event not later than 14 days" from being informed of the withdrawal, **using the same means of payment** you used, unless you agree otherwise (Article 13(1)) ✔. **New — the "withdrawal function".** Directive (EU) 2023/2673 introduces an obligation for contracts concluded through an online interface: the trader must provide a withdrawal function (new Article 11a in Directive 2011/83/EU; applies from 19.06.2026 ✔ Directive (EU) 2023/2673, Article 1, point 3 and Article 2(1)). **Exceptions:** not everything can be returned — there is no right of withdrawal for goods made to the consumer's specifications, goods that deteriorate rapidly, and others (Directive 2011/83/EU, Article 16, e.g. points (c) and (d)) ✔. Check before buying. **Extra payments.** Article 22: before you are bound, the trader must seek your **express consent** to any extra payment; if it used "pre-ticked" boxes, you are entitled to a refund ✔. Article 8(2): for an online order with payment, the button must clearly indicate an obligation to pay ✔ (close paraphrase). > **Example: Bulgaria** — The Consumer Protection Act, Article 50, gives the same 14-day period ✔ (lex.bg, opened 21.10.2026). The trader refunds the sums, including delivery, "without undue delay and no later than 14 days" from the notice of withdrawal, **by the same means you paid** (Article 54(1)–(2)) ✔. The withdrawal function is **Article 52a** (new — State Gazette No. 87 of 2026, in force from 24.09.2026) ✔: "For distance contracts concluded through an online interface, the trader is obliged to provide the consumer with the possibility to withdraw from the contract by using a withdrawal function." **"Buy now, pay later" (BNPL).** This is paying in instalments, often without interest. The rules that apply: - Interest-free deferral **directly from the seller**, paid within **50 days** of delivery, is outside the scope of the new Directive (EU) 2023/2225; if a third party provides the credit, it generally falls under the rules (Article 2(2)(h)) ✔. For online sellers that are not SMEs, the exclusion is narrower — up to **14 days** (same article) ✔. - Directive (EU) 2023/2225 does not cover agreements above **€100,000** (except for home renovation — Article 2(2)(c) and (3)) and is applied in the Member States **from 20.11.2026** ✔; Member States may exempt from some of the information requirements credit below €200, interest-free credit, and credit repayable within 3 months with insignificant charges (Article 2(8)) ✔. - In general: **paying in instalments is a loan.** Ask: is there interest; what charges apply if I am late; who is the lender; does it affect my [credit history](https://pecuvo.eu/en/glossary/credit-history/) (Module 22). > **Example: Bulgaria** — How exactly BNPL will be regulated depends on the new Consumer Credit Act: the bill passed first reading on 23.09.2026 ✔ (Bulgarian News Agency (BTA), opened 21.10.2026); on 21.10.2026 there is no final text. > > **Check in your country** — Your national consumer protection law sets the right of withdrawal (at least 14 days everywhere in the EU). For BNPL, look for the national law transposing Directive (EU) 2023/2225, and ask your consumer protection authority or the *Your Europe* portal. **Subscriptions.** Know when they end and whether they renew automatically (competences 94–95). Put them in your budget. **Myth → truth** - Myth: "Interest-free means free." - Truth: interest-free means no interest if you pay on time. Late-payment charges and the effect on your other payments are a real cost. **Who profits?** The merchant — from a bigger basket, more often with "pay later". You — when you compare the final price and use your right of withdrawal in time. **Example (fictional):** Eva orders shoes online. They arrive on the 3rd. Until the 17th (14 days) she can withdraw without giving a reason; she pays for the return only if the seller told her in advance that returns are at her expense. **→ Continue at the source** - Directive 2011/83/EU on consumer rights — EUR-Lex: https://eur-lex.europa.eu/eli/dir/2011/83/oj ✔ - *Your Europe* — [returning goods](https://pecuvo.eu/en/glossary/returning-goods/): https://europa.eu/youreurope/citizens/consumers/shopping/returns/index_en.htm ✔ (opened 2026-10-19) - Example Bulgaria: Consumer Protection Commission (CPC): https://kzp.bg ✔ (opened 21.10.2026) **Sources** - ✔ Directive 2011/83/EU — Articles 8, 9, 10, 13, 16, 19, 22 (CELEX 32011L0083), publications.europa.eu, accessed 2026-10-19 / 2026-10-21. - ✔ Directive (EU) 2023/2225 — Article 2 (scope, BNPL), applies from 20.11.2026 (CELEX 32023L2225). - ✔ Consumer Protection Act (Bulgaria) — Articles 50, 52a, 54 (last amended State Gazette No. 87/2026), lex.bg: https://lex.bg/laws/ldoc/2135513678 (opened 21.10.2026) - ✔ Directive (EU) 2023/2673 — Article 1, point 3 (new Article 11a in Directive 2011/83/EU), Article 2(1) (applies from 19.06.2026); CELEX 32023L2673, publications.europa.eu, accessed 2026-10-19. --- ## Chapter 8 · Everyday habits: limits, notifications, statements **Level:** B · I · A **Competences (EU/OECD-INFE 2022):** 1.3 — 87–92 (checking and tracking payments); 4.5 — 531 · 536 · 537 (practical security steps, recognising suspicious situations); 4.2 — 439 (keeping statements and documents) 👧 **Child** Check the receipt in the shop. Ask: "How much should I have paid?" and "How much did I get back?". That is how you learn to keep track of money. 🧑 **Teenager** Three habits: 1. **Receipt and amount** — take a receipt for bigger purchases; compare the amount with the price on the shelf. 2. **Notifications** — switch on a notification for every card payment. 3. **Limit** — set a [daily limit](https://pecuvo.eu/en/glossary/card-limit/) for payments and withdrawals. 🧔 **Adult** Seven habits (competences 89–92, 531): 1. **Notifications for every transaction** (app or SMS). You are the first to notice an unauthorised payment. 2. **Limits** — daily limits for payments, withdrawals and online purchases; for instant transfers you have a legal right to set and change your own maximum (Regulation 2024/886, Article 5a(6)) ✔. 3. **Weekly check** of your account activity (5 minutes) and a **monthly** one with the statement; compare it with your receipts. After each payment, your provider must give you the reference, the amount, the charges, any exchange rate used and the date; and you can ask for this information at least once a month, free of charge (PSD2, Article 57(1)–(2)) ✔. 4. **Keep evidence** — receipts and confirmations for bigger purchases (competences 88, 90); keep statements and contracts for longer than 13 months when there is a dispute. 5. **Different tools for different purposes** — one card for everyday spending; a separate one (e.g. prepaid) for online, if you want a fixed upper limit on the risk. 6. **Test "what would happen"**: do you know how to block the card, which number to call, where the contract is? Write it down now, not in a moment of panic. 7. **Do not share** your PIN, passwords or codes; the bank never asks for them (Chapter 3). > **Example: Bulgaria** — The statement and the information after each transaction are provided under Chapter 4 of the Payment Services and Payment Systems Act (e.g. Article 65 — information after each transaction) ✔ (lex.bg, opened 21.10.2026). > > **Check in your country** — Look in your framework contract with the bank for how and how often you receive statements, and whether a monthly statement on paper or another durable medium is free of charge. **When to postpone a purchase.** The framework (competences 98–99) expects you to decide consciously whether to buy now or later, taking into account [inflation](https://pecuvo.eu/en/glossary/inflation/) and exchange rates. The 24-hour pause before unplanned purchases is an easy tool. **Myth → truth** - Myth: "Small amounts are not worth checking." - Truth: fraud often starts with a small amount, to test whether the card is "active". A small unknown charge is a signal. **Who profits?** Whoever sees it first. Notifications and limits turn one big loss into a small one. **→ Continue at the source** - Example Bulgaria: Bulgarian National Bank — consumer information and contacts: https://www.bnb.bg ✔ (main page opened; the specific consumer page was not found) - Example Bulgaria: Consumer Protection Commission: https://kzp.bg ✔ (opened 21.10.2026) **Sources** - ✔ Regulation (EU) 2024/886, Article 5a(6) (limit for instant transfers). - ✔ Directive (EU) 2015/2366, Article 57 (information after each payment; at least monthly, free of charge); CELEX 32015L2366, publications.europa.eu, accessed 2026-10-21. - ✔ Financial competence framework for adults — EU/OECD-INFE, 2022: 1.3 (87–99), 4.5 (522–537). --- ## The iron principle of the module > **Pay so that you know the price, see the trace and can take the step back. And if something is wrong — call at once.** - 👧 Child: before you pay — how much does it cost and how much do I have; if something is missing — tell an adult. - 🧑 Teenager: two independent elements for confirmation; do not share them; block the card at once. - 🧔 Adult: - B — notifications for every payment, a limit, receipts; tell the bank at once; - I — compare the conversion mark-up, verify the payee before a transfer, use the 14 days for withdrawal; - A — follow how the rules change (PSD3/PSR; the consumer credit directive from 20.11.2026) and how BNPL fits into your budget. **Your step in Pecuvo:** in your wallet, create a "Payments" package: (1) choose which card is for what; (2) write down the limits and the number for blocking; (3) switch on notifications; (4) add a monthly 10-minute task "check the statement"; (5) for every subscription — a line with the renewal date. ## Check yourself (3 questions per level) - 👧 1. What is a card — a "key" to what? 2. What do you do if you see a payment that nobody made? 3. Why do you ask "how much does it cost" and "do I need it" before buying? - 🧑 1. What are the three kinds of proof in strong customer authentication? 2. What is the difference between a debit, a credit and a prepaid card? 3. What do you do straight away if you lose your card? - 🧔 1. Within what time must the bank refund an unauthorised payment, and what is the latest you can notify it? 2. What does the conversion mark-up show, and against what is it expressed? 3. What rights do you have when buying online, and within what period? ## Sources (summary) **✔ Opened and checked (publications.europa.eu — official EU text, accessed 2026-10-19; re-checked 2026-10-21):** - Directive (EU) 2015/2366 (PSD2) — Article 4 (definition of SCA), 57, 62, 69, 71–77, 97, 101–102. - Regulation (EU) 2024/886, OJ L of 19.03.2024 — Articles 5a–5d, dates of application. - Regulation (EU) 2021/1230, OJ L 274, 30.7.2021 — Articles 1–6. - Regulation (EU) 2015/751 — Articles 2, 3, 4. - Directive 2011/83/EU — Articles 8, 9, 10, 13, 16, 19, 22. - Directive (EU) 2023/2225 — Article 2; applies from 20.11.2026. - Directive (EU) 2023/2673 — Article 1, point 3 (Article 11a) and Article 2 (applies from 19.06.2026). - Delegated Regulation (EU) 2018/389 — Articles 11, 13, 16 (SCA exemptions). - Regulation (EU) 2024/1624 — Article 80 (cash limit €10,000), Article 90 (applies from 10 July 2027). - ECB (instant_payments_regulation), ECB reference rates, *Your Europe* (returning goods; financial products), European Commission — catalogue of ADR bodies. - Financial competence framework for adults, EU/OECD-INFE, 2022 — topics 1.3, 4.2, 4.5. - Bulgarian National Bank — main page https://www.bnb.bg (accessed 2026-10-19). **✔ Example: Bulgaria — checked on 21.10.2026 (lex.bg — consolidated texts; European Parliament):** - Payment Services and Payment Systems Act (Articles 65, 75, 77–80, 82, 100, 175–180; § 2a, item 8; last amended State Gazette No. 87/2026): https://lex.bg/laws/ldoc/2137182267 - Consumer Protection Act (Articles 50, 52a, 54; last amended State Gazette No. 87/2026): https://lex.bg/laws/ldoc/2135513678 - Limitation of Cash Payments Act, Article 3: https://lex.bg/bg/laws/ldoc/2135718725 - PSD3/PSR — European Parliament Legislative Observatory, procedure 2023/0210(COD): not finally adopted and not published in the OJ. - CPC — https://kzp.bg; Bulgarian News Agency (23.09.2026) — the consumer credit bill, first reading. **⚠ Remaining:** - The Bulgarian cash-payment threshold — the consolidated text on lex.bg is still in leva; the amendments after the euro was introduced need to be checked. **(*) To be opened before publication:** none — all (*) have been opened (✔) or moved to ⚠ with the reason given.