Introduction

Bulgaria is one of the best places to go for vacation and adventure or do business as it has the lowest cost of doing business, including a large skilled workforce and favorable tax system for both locals and international residents. Bulgaria is rich in culture and the cost of living is low, and there are multiple places to explore, including the black sea garden, shopping streets, rivers, lakes, and plains. If you are traveling to Bulgaria frequently or intending to settle down in Bulgaria then one of the best things to do is to open a bank account. Here is how to open a bank account in Bulgaria.

How to open a bank account in Bulgaria

From the 1st of August 2019, there is a law that for one to open an account in Bulgaria you need to have a Bulgarian residency card. Once you have this residency card opening an account is as easy as 1, 2, and 3 because all you need is to present the original passport or Identification Card, including your address which will be used to register the bank account to.

If you are a non-resident you can use verified agents in Bulgaria to help you with the process of obtaining your residency card at an agreed fee by granting the power of attorney. You also need to have a minimum of 10BGN to be deposited in your account but the amount varies from bank to bank.

Therefore it is an easy process to open a bank account in Bulgaria. With the right documents available it will take one working week and you will get your bank details, including your online login details, and your ATM and pin will be delivered to the address you provided during the opening of your bank account.

Although the procedure on how to open a bank account is easy, all the process involves large paperwork and signing, which is written in Bulgaria. Thus the language may slow down the procedure, and you need to have a translator to help you translate as it is not written in English. Most of this paperwork takes time but once done with all the signing, it will take a week, and your bank card will be ready and you can collect it from the bank or it will be delivered to the address you provided.

When opening your bank account in Bulgaria you should select the bank which has an easily accessible branch and a functional ATM card which can be used in any bank. Bulgaria has a good network with ATMs as most bills are paid through ATM. So choosing an appropriate bank with favorable charges is important, especially if you are residing abroad and need to do bank transfers.

Some of the most popular banks in Bulgaria include:

UniCredit Bulbank – This is the largest bank in Bulgaria with many branches easily accessible ATMs, and most of the staff speak in English in the Sofia branch. It has an online banking app that is accessible in English.

Raiffeisen Bank – It is a group of Australian banking groups with 147 branches in Bulgaria and 20 branches open for extended hours, and therefore it targets those people who work for long hours and most of the branches are located in the city. It also has extensive networks in Central and Eastern Europe and Russia.

DSK Bank – It deals with a wide variety of products such as debit, credit cards, investment, and offers standard online banking.

Postbank – This bank is available in most of the Bulgarian cities and offers huge networks of ATMs and products such as current accounts that are easy to open with just an Identification document.

Bank fees

You need to read the terms and conditions of the bank, including bank charges before signing the dotted line. These types of fees include transaction fees, withdrawal fees, overdraft fees, interest fees, transfer fees, and account handling fees to keep your credit card or debit card working.

You should explore economical ways of transferring money in your bank account with different currencies as it is painful to lose your hard-earned money during transfers. Consequently, proper understanding and careful scrutinizing are important if you want to have smooth banking with the Bulgarian banks.

Conclusion

Opening a bank account in Bulgaria is worth it, especially with your frequent visits, and you can choose the currency that suits you well. With a valid Identification Card, passport, address, and minimum amount to deposit you can easily open a bank account in Bulgaria. If you are residing abroad then a verified agent is important to help you with the process. Hence, you can enjoy all the natural sceneries and tourist attractions in Bulgaria when you open a bank account in Bulgaria.