Opening a bank account in Bulgaria can be a difficult experience if you do not know what steps to follow.
Whether you are looking to open a personal, a business or on-line bank account, the steps required to open a bank account online in Bulgaria are similar.
Some banks may require a deposit before they open an account, so it is important to research the specific requirements of the bank you are looking to open an account with. Other banks may also require additional paperwork or supporting documents, so it is important to make sure you have all the necessary documents when submitting your account opening application.
Due to Bulgaria’s stringent regulations, the process of opening a bank account can take longer than in other countries. It is common for banks to charge fees for processing your application, and it’s important to understand that paying these fees does not guarantee the opening of the account.
What documents do I need to open a bank account in Bulgaria?
A similar list of documents is required by all banks to open a personal or business bank account in Bulgaria. Here is what you need to provide for Bulgarian leva (BGN), Euro, or other currencies:
- A valid passport or national ID card.
- Personal data including a mobile phone number and email address.
- An address for correspondence purposes.
- The minimum deposit amount to activate the account.
- A certificate of good standing for corporate bank accounts.
There are many documents (in Bulgarian) to complete when opening the new account and it is possible that the person that you are dealing with does not speak excellent English. So, it is preferable to have a bi-lingual person with you when opening the account to avoid any mistakes or miscommunication.
Expect to wait a week to get your bank card, which can be delivered to your chosen address or collected from the bank in person.
Which Bank should I choose?
The banking system in Bulgaria is first class and if you already have a bank account in your own country then it can only smooth the process. Alternatively, having a personal introduction from your agent, lawyer or friend can be useful.
Also, when choosing a bank, make sure that there is a branch and ATM nearby where you live or conduct business.
