How to open a bank account in Bulgaria

Bulgaria is one of the most vibrant and exciting countries in Europe with a rich history, a vibrant culture, a growing GDP and the warm embrace of Bulgarians welcoming those looking to experience it as tourists or new residents. It is no wonder that its major cities such as Sofia, Plovdiv and Varna have ever growing expat communities composed of those looking to live, study or retire. The country has bits of everything we love: mountains, the beautiful Black Sea, gorgeous national parks: the lot.

If this is a destination that you are considering to be your home for at least a while, chances are you will need to know how to open a bank account in Bulgaria.

What are the documents needed to open a bank account in Bulgaria?

It is easy to open a bank account in Bulgaria and the biggest hurdle you are likely to have to go through is the language. It will be much easier if you have a translator with you since English is not as common as in other countries in Europe and documents and forms are going to be in Bulgarian. Having someone to help out will certainly be useful.

Here is a list of documents to open a bank account in Bulgaria:

A valid passport or national ID
An address which can be your office address
A minimum deposit that is a requirement for activation

The paperwork load is heavy and therefore expect to fill out a lot of forms and having to sign a large number of documents. It will take about a week to get a bank card which will be delivered to the address that you provided. The card may also be collected in person straight from the branch.

As a non-resident, can I open a bank account in Bulgaria?

Yes, all you need is your passport and your address which will be used upon registration. You can open a bank account in Bulgaria as a non-resident quite easily.

Best banks in Bulgaria

How to choose a good bank in Bulgaria

Bulgaria's banking network is very good and it provides its citizens with branches and ATMs all over the nation. Certain regional banks have a much stronger presence with international giants focusing on businesses and investments as it is common all over the world.

We recommend that when choosing a bank in Bulgaria, go for those with ease access and ATMs convenient to you. With online banking being normal in Bulgaria, you will be doing most of your banking via the internet so it is important that when you need cash or need to pay bills you have easy access to ATMs which are close by.

Here is a list of retil banks with a strong presence in Bulgaria:

Unicredit Bulbank: this is one of the largest banks in Bulgaria and it has a wide reaching network of branches and ATMs. They have all the normal banking and financial products and their app is available in English.
Raiffeisen: Raiffeisen is a bank from Austria with a large presence in Central and Eastern Europe. With about 150 branches in Bulgaria and many ATMs, they are conveniently located in shopping centers.
DSK: DSK has a good selection of cards and investment and saving offers. ATMs are plentiful.They have a department that works specifically with corporate clients and their internet banking is good.
Postbank: Postbank has enormous presence in Bulgaria with a branch or ATM in virtually every town in the country. It is very easy to open an account here: an ID will suffice.

Opening a bank account in Bulgaria is rather easy. In some branches it is likely that you will find staff that speaks English which will be helpful. There will be lines which are made easier with a numbered queueing system which is omnipresent in Bulgaria.

Regarding fees, consider asking for a list of all fees from the person activating your account which will detail information regarding monthly charges, debit card fees and other important charges that may come as a surprise if you aren't aware of the bank's pricing model.

The virtual bank account alternative

International banking fees can be high in Bulgaria

With a virtual bank account by B2B Pay, you get a European IBAN number and can transfer money between accounts easily and best of all, you get to transfer money back to your home country's bank account with the mid market rate, the lowest in the market. This is the rate in which banks transfer money amongst themselves. We only charge 1% above this rate, which is 80% lower than traditional banks and yes you do not have to pay for a SWIFT change which is usually 20-50 Euros.

Page content

1. How to open a bank account in Bulgaria
2. What are the documents needed to open a bank account in Bulgaria?
3. As a non-resident, can I open a bank account in Bulgaria?
4. Best banks in Bulgaria
5. How to choose a good bank in Bulgaria
6. Here is a list of retil banks with a strong presence in Bulgaria:
7. The virtual bank account alternative
8. International banking fees can be high in Bulgaria

How to open a bank account in Europe

We have a few guides to guide you through the process of opening a bank account in multiple European countries and explaining why a virtual bank account with B2B Pay may be a better alternative if you are transferring money outside of Europe and taking advantage of a better rate.

How to open a bank account overseas

We have a few guides to guide you through the process of opening a bank account in multiple countries all over the world and explaining why a virtual bank account with B2B Pay may be a better alternative if you are transferring money outside of Europe and taking advantage of a better rate.