Bank account in Bulgaria

Bulgaria made radical changes in its banking law before joining the European Union and adapted it to the European Union requirements. Nowadays, applicants who want to study or get residency in Bulgaria are asked to open a bank account within the country. The same applies to companies willing to provide services/products in the country.

As for legal entities, the company should either be registered within Bulgarian territory in order to open an account at a Bulgarian bank, or outside the jurisdiction of Bulgaria.

One can open an account in a Bulgarian bank remotely or in person. An account can be opened within one day with the appropriate set of documents, which is far quicker than in most European jurisdictions. Even operating a bank account with a Bulgarian bank has recently become very easy: customers can manage their accounts through online interfaces, Internet banking, and mobile applications dedicated to this task.

All citizens of any country can open an account at any Bulgarian bank for a company representing its business interests. Essentially, in order for a client relationship to be initiated with the bank, an employee has to have an idea about a couple of identity documents. However, specific requirements may vary and may be at the discretion of the bank, for instance:

• A notarized copy of the passport of the shareholder(s) and director(s).
• A document proving the residence address of the shareholder(s) and the director(s).
• For non-resident companies, notarized and apostilled statutory documents.
• If the company is represented by a representative, a power of attorney for the opening of an account notarized at the Bulgarian Embassy.
• Contracts with partner companies.

Another important aspect to be considered when choosing which bank should be chosen for opening a bank account in Bulgaria is that this service is usually paid. There is a minimum amount of money required, as a fee, which stands at 500 USD. Other factors not to be ignored refer to the tariffs from the moment and those regarding the transactions made under the account chosen. After all the formalities, which do not take that much time, the customers can be given an option to transfer a minimal amount by issuing an invoice. Non-resident customers may opt for opening their account in different types of currency, such as Bulgarian levs, US dollars, or euros. It is completely up to an institution’s policy to decide about the type of currency selection.

If one considers opening a business bank account in Bulgaria, we kindly invite our staff to contact our Regulated United Europe. Using the widest network of trusted partners in the European financial services market, we try to offer the best and economically feasible solutions that add value to the businesses we serve.

Open a Bank Account in Bulgaria

Before Bulgaria’s accession to the European Union, it brought its banking legislation in line with European requirements. Nowadays, any person who has arrived in the country for study purposes or has applied for residence is obliged to open an account in Bulgaria. This rule also applies to companies planning to do business in Bulgaria.

How to Open a Bank Account in Bulgaria

Any citizen, including non-residents of Bulgaria, can open an account in a Bulgarian bank. Thus, it is quite easy for a non-resident to open an account in Bulgaria.

For a legal entity, the company must either be registered in Bulgaria to open an account with a Bulgarian bank, or it may also be outside the jurisdiction of Bulgaria.

An account in a Bulgarian bank can be opened both remotely and in person. Compared to most other European jurisdictions, with the right package of documents, an account can be opened in one day. Recently, it has become highly convenient to manage a bank account in a Bulgarian bank, as customers can manage their accounts online, via Internet banking, and through a mobile application.

Opening an account in a Bulgarian bank is possible for citizens of any country representing the business interests of a company. To begin working with the client, a bank employee will need to see identity documents. The list of requirements can vary depending on the specific bank; for example, the following may be required:

• Notarized copy of the passport(s) of the shareholder(s) and director(s);
• A document that certifies the residence address of the shareholder(s) and director(s);
• For non-resident companies, notarized and apostilled statutory documents;
• If a representative of the company applies, a power of attorney to open an account notarized at the Bulgarian Embassy;
• Contracts with partner companies.

The bank employee may request certificates, extracts, or other documents. Therefore, legal entities often require professional support to open an account in Bulgaria.

Organization and Management

For Bulgarian Legal Entities

• Certificates of the beneficiary’s identity
• Copies of constituent documents
• Documents confirming the existence of a legal address
• Copies of licenses or permits, if the activity is subject to an authorization regime
• Power of attorney – if a representative acts on behalf of the legal entity

Foreign Legal Entities and Offshore Companies

• Original or notarized copy of Certificate / Certificate of Registration
• Proof of identity of the ultimate beneficiary
• Constituent documents translated into Bulgarian and legalized
• Copies of licenses or permits (if the activity is subject to an authorization regime)
• Power of attorney – for remote account opening

Which Bank to Choose in Bulgaria

When selecting a bank in Bulgaria to open an account, please note that in most cases, a certain fee applies for this service, starting from 500 USD. You should also pay attention to current tariffs and the cost of operations performed within the selected account. It does not take long to issue an invoice, and upon completion of all formalities, customers may be offered to transfer a minimum amount. Non-residents can open a bank account with a Bulgarian bank in the local currency (Bulgarian levs), US dollars, or euros, at the institution’s discretion.

The following conditions are subject to change based on the local financial services market. Here are some of the conditions offered by one of the leading banks in Bulgaria, DSK Bank:

• The term for opening accounts is from 1 up to 3 months.
• No personal visit to the bank is required to open an account.
• Minimum account balance requirement: the minimum amount on the account must be at least 50 Bulgarian levs (BGN).

DSK Bank is one of the oldest financial institutions operating in Bulgaria. It was founded in 1951 as a state-owned bank and became commercial in 1988. Many institutions focus on DSK, but if you want to open an account in Bulgaria, studying the terms of the selected bank in detail is essential.

Professional Support in Opening a Bank Account in Bulgaria

Inclusion Limited is ready to assist in opening an account in a Bulgarian bank. Our experienced experts have worked with corporate clients for over 20 years, ensuring prompt interaction with financial institutions in Bulgaria. We are prepared to accompany you at all stages of account opening.

If you have any questions or would like to contact our specialists to arrange a service, please fill out the feedback form.

Bulgarian Banks

DSK Bank Bulgaria

DSK Bank was founded in 1951 as a state-owned bank. Since 1988, it has operated commercially and joined the OTP financial group headquartered in Hungary in the early 2000s. Today, DSK Bank serves over four million customers, covering nearly every family in Bulgaria.

Unicredit Bulbank Bulgaria

UniCredit Bulbank was established in 1964 and today is one of the largest banks in Bulgaria. The organization is widely involved in finance; besides offering standard financial services, it invests in promising business projects.

Business Bank Account in Bulgaria

Opening a corporate bank account in Bulgaria is one of the basic steps that can be taken by an international company for the purpose of pursuing business activities in this country. Bulgarian banks offer a wide range of services and flexible financial solutions that facilitate efficient management of the company’s finances. Let’s take a closer look at the basic steps related to opening a corporate bank account in Bulgaria, as well as the benefits of this process.

Benefits of Opening a Corporate Bank Account in Bulgaria

• Access to European Markets: Being a European Union country, Bulgaria offers enterprises a gateway to the European markets and favorable conditions for carrying out their businesses.
• Flexible Financial Solutions: Bulgarian banks offer a wide range of financial products and services tailored to the needs of corporate customers, including loans, deposits, trading, and liquidity management.
• Stability and Reliability: Banks operating in Bulgaria provide companies with a high level of protection and security for their funds.
• Professional Service: Corporate clients receive highly qualified service from bank specialists who are ready to provide advice and assistance in solving their current financial issues.

Stages of Opening a Corporate Bank Account in Bulgaria

Opening a corporate bank account in Bulgaria enables the company to utilize various financial services and manage its finances effectively. When selecting a bank, consider the bank’s reputation, terms of service, and available services to ensure the best fit for your business needs.

Personal Bank Account in Bulgaria

For those living, working, or investing in Bulgaria, opening a personal bank account is an important step. Bulgarian banks offer a full range of services for individual clients, making personal finance management convenient and time-saving. Let’s review the steps involved in opening a personal bank account and the benefits this provides.

Advantages of Opening a Personal Bank Account in Bulgaria

• Flexible Service Terms: Bulgarian banks offer various services, including debit and credit cards, high-yield accounts, and online banking facilities, allowing clients to select what best suits their financial management needs.
• Convenience and Efficiency: The process of opening a personal bank account in Bulgaria is fast and easy, enabling clients to manage their finances seamlessly in their everyday lives.
• High Level of Security: Bulgarian banks closely follow security standards, utilizing modern technology to protect customers’ accounts and transactions.
• Individual Approach: Clients receive personalized service and consultations from highly qualified specialists who are ready to assist with financial planning and investment advice.

Steps to Open a Personal Bank Account in Bulgaria

A personal bank account in Bulgaria allows clients to benefit from a wide range of financial services and manage their finances prudently. When choosing a bank, consider the bank’s reputation, service terms, and the included services to make the right financial decision.