Opening an account in a Bulgarian bank
Once you decide to buy a property in Bulgaria, you will need to open a bank account. This account will serve you not only to transfer money for the purchase itself, but also to pay bills and taxes via direct debit once you are the owner of the property. In this article we give you some recommendations on which bank to choose in Bulgaria and how to open an account. In addition, we will arrange for an escort when you open the account, because without a notarial deed they will not open the account for you.
Choosing a bank in Bulgaria
The first step is to choose a bank. There are several financial institutions operating in Bulgaria, mostly Bulgarian, such as UniCredit Bulbank, DSK Bank, Postbank, but also branches of foreign banks such as Raiffeisenbank. When choosing a bank, consider the following:
Does the staff speak your language?
If you do not speak Bulgarian, call us and we will help you open an account on the spot.
Do they have enough branches and ATMs?
Unless you plan to open an account with an online bank, you'll probably want a bank branch near your property. The same goes for ATMs. Although card payments are common in Bulgaria, cash is still useful for smaller purchases and shops where you can't pay by card. Choose a bank with a branch and ATM near your home.
Do they offer online and mobile banking?
All banks in Bulgaria provide online banking, which is handy when you're not in the country and need to access your account. However, not all banks offer services in a language other than Bulgarian. If you prefer to bank via a mobile app, make sure your chosen bank's app suits your needs.
What are the fees?
Bulgarian banks are known for their fees and commissions. These fees may include annual or monthly account maintenance fees, transfer commissions, annual debit and credit card fees and fees for ATM withdrawals from outside the bank's network. It is therefore worth comparing offers from different banks and choosing the one with the lowest fees.
Practical information to open an account in Bulgaria
Depending on your status in Bulgaria, you can open an account for non-residents or residents. If you are not officially resident, you cannot open a resident account, but it is easy to convert your account from non-resident to resident if you later become resident.
Non-resident account
This type of account is offered by most banks. To open it, you will need:
Valid proof of identity, such as a passport or a national ID card (driving license is not valid).
Proof of address outside Bulgaria, such as a utility bill, rental agreement or title deed.
Proof of your employment or status (employee, student, pensioner).
Notarized registration. This document is necessary to open a bank account and without it, they will not open your account. We recommend that you arrange this before visiting the bank, or use our escort service to assist with this documentation.
Account for residents
If you are officially resident in Bulgaria, you will need the following to open an account:
Valid proof of identity, such as a passport or national ID card.
Proof of Bulgarian residency and a copy of your NIE (identification number for foreigners).
Proof of Bulgarian address, such as a utility bill, title deed or rental agreement.
Opening an account
Many Bulgarian banks allow you to open an account online. You fill in an application form, upload the required documents and then you have to appear in person at the bank to sign the contractual documentation.
What to know about Bulgarian banks
Banking details
Each Bulgarian bank account has 22 digits. For transfers you will need the IBAN - a code starting with the letters BG, followed by two digits and your account number. For international transfers you will need your bank's SWIFT code.
Bank opening hours in Bulgaria
Banks usually open Monday to Friday between 8:30 and 9:00 and close at 16:00 or 17:00. Banks do not open on weekends and public holidays.