How to Open a Bank Account in Bulgaria
October 9, 2020Since Bulgaria’s banking system is liberal, it is not difficult to open a bank account in Bulgaria. Having an account in this space will help simplify many transactions, such as receiving payment for employees, transferring money, settling bills, and so on. Even non-residents can open an account.
There are generally three types of banks in Bulgaria: commercial, postal, and international. However, interest rates on all these banks are regulated by the National Bank of Bulgaria, along with other banking policies.
Bulgarian banking system
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There are more than 30 commercial banks including foreigners in this place while the posted bank has 30 regional branches and 2300 post office counters. You may find these post bank counters in small towns, which is a significant benefit for people living in remote areas. International banks, on the other hand, are mostly used by regular travelers to transact in foreign currency. It is also important to note that Bulgarian banks are open on Mondays and Fridays from 7 am to 4 pm.
Both residents and non-residents can open a bank account at this location. However, for non-residents starting August 1, 2019, it is necessary to have a Bulgarian residency card before opening an account.
All people who want to open an account in Bulgaria must present their documents, especially passport and proof of address. You do not pay anything to open an account but you may need to make a minimum deposit to open an account with some banks. This amount varies from bank to bank and can be made in Euros or Leva.
Also, note that banks allow individuals to choose a Euro or Leva account. But, depending on your needs, anyone can choose between the two. This means you can make instant transfers to and from different banks. In addition, some banks offer Internet banking that allows individuals to transact without a bank. But note that internet banking facilities are not fully developed so the system is not extensive. Different banks charge different fees for internet banking. So, verify it with your special bank.
Documents are required to open an account in Bulgaria
It is not difficult to open an account at this place. You will need
Bulgarian residency card
Valid National Identity Card or Passport
The company’s bank accounts require a good standing certificate
An address for correspondence purposes
Some charge a minimum deposit to activate a bank account
Once your account is activated, it will provide you with your online login details. Note that the paperwork is heavy so expect to fill out some forms and sign different documents. It will take about one week to issue your bank card. Once issued, you can collect your bank card in person from the bank or select non-residents to have it delivered to their address abroad.
Some good retail banks in Bulgaria
Postbank – They are located in all cities and towns in Bulgaria and have many ATMs as well as branches. Post Bank has various products like current accounts that can be easily opened.
DSK – They offer a variety of credit and debit cards, accounts, and savings products. They are best for investment clients as they offer standardized mobile banking as well as the internet.
Raffleson – They are Austrian banks with a large presence in Eastern and Central Europe. It has more than 140 branches, some of which have extended their opening hours. Lots of rifles are kept in shopping centers so it is best for people who work long hours.
Unicredit Bilbank – This is one of the largest banks in Bulgaria with many branches and ATMs. They offer all banking products and have an English app.
Opening a bank account for foreign companies in Bulgaria
Companies registered in various EU member states can still open accounts in Bulgaria. However, because it involves legal matters, we recommend that individuals work with experienced lawyers. Foreign companies must also provide an apostilled good standing certificate with the Memorandum Association.
Last thoughts (Open a Bank Account in Bulgaria)
The banking environment in Bulgaria is good. Citizens are provided with bank branches and ATMs across the country. But, note that some regional banks have a stronger presence than local banks. So it is wise to consider where you are going to do banking. Again, we recommend opening an account at one of these banks that is easily accessible. Make sure that the ATMs are easily accessible as you are doing a lot of transactions through the internet as online banking is popular in Bulgaria.
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