To improve the air quality in urban areas, diesel buses are getting replaced by battery electric buses (BEBs). This conversion introduces several challenges, such as the proper control of the charging process and a reduction in the operational costs, which can be addressed by introducing smart charging concepts for BEB fleets. Therefore, this paper proposes a real-time scheduling and optimization (RTSO) algorithm for the charging of multiple BEBs in a depot. The algorithm assigns a variable charging current to the different time slots the charging process of each BEB is divided to provide an optimal charging schedule that minimizes the charging cost, while satisfying the power limitations of the distribution network and maintaining the operation schedule of the BEBs. A genetic algorithm is used to solve the formulated cost function in real time. Several charging scenarios are tested in simulation, which show that a reduction in the charging cost up to 10% can be obtained under a dynamic electricity price scheme. Furthermore, the RTSO is implemented in a high-level charging management system, a new feature required to enable smart charging in practice, to test the developed algorithm with existing charging infrastructure. The experimental validation of the RTSO algorithm has proven the proper operation of the entire system.