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Opening bank accounts in Bulgaria

Opening bank accounts in Bulgaria

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 document (passport) and confirm the address in Bulgaria. Recently, the situation has become more complicated. Because of strict KYC/AML rules, banks no longer want to work with foreigners. Nevertheless, opening an account quickly and easily is possible if you contact our company.

Documents for account opening

To become a client of a Bulgarian bank, it's not enough to show your passport. You have to provide the following:

  • A residence permit (the long-term residence right is not good enough);
  • A rental agreement that proves the address where you will be staying.

Having a person or company with an unstained reputation for you is desirable.

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 primarily 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 these financial institutions. The best options for foreigners are considered UniCredit, FiBank, and KBC Bank Bulgaria.

UniCredit Bulbank

UniCredit Bulbank is on the list of the best for foreigners due to its support in English. The largest bank in Bulgaria offers different variants of debit cards, real estate purchases, and insurance services.

Opening an account in UniCredit Bulbank quickly is possible without providing additional recommendations. This bank is part of the UniCredit Group, which has hundreds of companies worldwide and offers excellent service in every office.

FiBank

The First Investment Bank of Bulgaria (FiBank) has been operating since 1993 and is now one of the largest in the country. There you can open debit cards of different payment systems, including Visa and Mastercard, which are relevant anywhere in the world.

There is an opportunity to open an account at FiBank and also get additional cards for the primary cardholder's. Their main requirement is the age from 14 years old, Bulgarian citizenship, or a residence permit. The owner of the main account tracks all transactions from these cards. 

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.

To open an account with KBC Bank Bulgaria a legal entity must:

  • Apply to open an account and sign an agreement.
  • The documents must be signed in the presence of an employee of the bank or certified by a notary.
  • Deposit and reach 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 a 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

Contact IT-OFFSHORE to open a bank account in Bulgaria in 2023.

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