Bank account in Bulgaria in 2023: what to know
Until recently, opening an account in Bulgaria in 2023 would have been one of the simple procedures in the EU. According to previous rules it was enough to show identity documents (passport) and confirm address in Bulgaria. Now the situation has become more complicated: because of strict KYC/AML rules banks do not want to work with foreigners. Nevertheless it is possible to open an account quickly and easily if you contact our company.
Documents for account opening
To become a client of a Bulgarian bank your passport is not enough. You have to provide:
- A residence permit (the right to long-term residence does not work);
- A rental agreement which proves the address where you will be staying.
It is desirable to have a person or company with an unstained reputation for you.
What you should know about banks in Bulgaria
There are three types of banks in Bulgaria:
- Commercial - there are about 30 commercial banks in the country, including those owned by foreigners. They are mostly found in the big cities of Bulgaria.
- Postal bank - has 30 regional branches with more than 2,000 branches. They are especially helpful in remote towns, as each post office has a Post bank counter.
- International - popular with travelers who carry out transactions in foreign currency.
The National Bank of Bulgaria supervises the financial institutions. The best options for foreigners are considered UniCredit, FiBank, KBC Bank Bulgaria.
UniCredit Bulbank is on the list of the best for foreigners due to the support in English. The largest bank in Bulgaria offers different variants of debit cards, real estate purchase, insurance.
It is possible to open an account in UniCredit Bulbank quickly, without providing additional recommendations. The structure is part of the UniCredit Group, which has hundreds of companies around the world and offers excellent service in every office.
The First Investment Bank of Bulgaria (FiBank) has been operating since 1993 and is now one of the largest in the country. Here you can open debit cards of different payment systems, including Visa and Mastercard, which are relevant anywhere in the world.
There is an opportunity not only to open an account at FiBank, but also to get additional cards for relatives of the person who opened the main card. The main requirement for them: age from 14 years old, Bulgarian citizenship or residence permit. All transactions from these cards are tracked by the owner of the main account.
KBC Bank Bulgaria
KBC Bank Bulgaria is one of the most popular banks, whose services are used by more than 2.5 million people. The bank is happy to cooperate with foreign companies and to open accounts in Bulgarian levs and foreign currencies.
In order to open an account with KBC Bank Bulgaria a legal entity must:
- Apply to open an account, sign an agreement.
- The documents must be signed in the presence of an employee of the bank or certified by a notary.
- Pay the minimum balance on the account according to the current tariff.
- Pay a one-time fee for opening an account.
- Regularly pay a monthly fee.
According to the Income Tax Law, foreign companies must pay 10% withholding tax on certain types of income earned in Bulgaria, including income from interest on bank accounts. Therefore KBC Bank Bulgaria automatically withholds this tax.
How to become a bank client in Bulgaria
To open a bank account in Bulgaria in 2023, contact IT-OFFSHORE.