How to open a bank account in Bulgaria: the main points

Residents and non-residents can easily open a Bulgarian bank account. Therefore, individuals should not worry about how to open a bank account in Bulgaria without being a resident. Legal entities can either register their company in Bulgaria or remain outside its jurisdiction. When opening an account, keep in mind that financial institutions do not open anonymous accounts.

Features of the procedure

The list of documents depends on who is going to open an account: an individual or a legal entity. Paper packages vary. For individuals, you need to collect the following documents for submission to the bank:

• statement of intent to open an account;
• identity documents - a passport, ID-card, registration or any other document containing information about the place of residence (for example, checks for paying for electricity, water supply);
• power of attorney - in the case when the account is opened by an authorized representative of a non-resident who is not personally present in the country.

In Bulgaria, for citizens of Ukraine, the same procedure for opening bank accounts applies as for other foreigners.

To open an account, Bulgarian legal entities, firms, companies, enterprises will need to collect and provide the following documents:

• power of attorney - is needed if this is done by a representative of the company;
• passport of the person opening the account;
• scans and photocopies of the constituent papers of the company/enterprise;
• confirmation that the company has an official (physical) legal address;
• copies of licenses or documents on permission to conduct the selected type of activity (if required).

A legal entity that is a non-resident of this country can also open an account with a financial institution in Bulgaria. In this case, the foreign company must provide:

• notarized copy or original of the company registration certificate;
• the beneficiary of the bank account must submit papers confirming his identity;
• legalized constituent documents in Bulgarian and native language of the founder;
• documents and licenses (or their copies) on permission to conduct activities in Bulgaria (upon request);
• power of attorney, if the account is opened by a representative or authorized person.

When do I need to open an account and how does it work?

Bulgaria's regulatory documents provide for a number of cases when it is mandatory to open a bank account. These include the following situations:

• Registration of a category D visa, which provides for a long stay in Bulgaria and obtaining a residence permit. It is required to start a personal account in any financial institution of the country and request a document that confirms a sufficient amount of money on it.
• If you need to make a deal that exceeds 10 thousand leva.
• Payment of utility services.
• Receiving transfers from abroad.
• Conducting business or organization.

In addition to these documents, the bank may ask for additional ones. It all depends on the individual situation and the needs of the client.

If the documents are issued more than 6 months ago, the bank may refuse to consider them.

You can open an account remotely or in person by visiting the bank. You can manage your accounts through mobile applications or online banking. By linking plastic payment cards to your account, you can freely withdraw cash, pay for services and purchases in any country in the world.

Waiting for opening an account on average takes from three to seven days from the date of submission and execution of all the necessary documents.

In which banks can non-residents of the country open accounts

Before going to the bank, be sure to study the information on how to open a bank account in Bulgaria on their official websites. There are several banks that open such accounts. These include:

• UniCredit Bulbank.
• Postbank.
• Citibank.
• United Bulgarian Bank.
• First investment bank.

These financial institutions specialize in working with foreign clients. They can provide you with a manager who speaks English or another language that is easy to communicate with.

What you should focus on when opening a bank account in Bulgaria

When registering a bank account, keep in mind that a certain amount is charged for this service. Often it is 500 or more US dollars. Look also at the cost of tariffs and operations that are performed within the account you have chosen.

Its design takes very little time. Upon completion of formal transactions, the client is offered to deposit the minimum amount to open an account.

Non-residents can create an account not only in the national currency - Bulgarian leva. It is also possible to open a l / s in the currency of Canada, USA, Great Britain, Australia, Japan, New Zealand, Sweden, Switzerland, Norway, Denmark, Turkey. It depends on how the selected bank operates.