Opening a Bank Account in Bulgaria: A Practical Guide

Published on September 29, 2025 and written by Cyril Jarnias

Bulgaria, a European Union member state since 2007, offers numerous opportunities for foreign entrepreneurs looking to expand their business in Eastern Europe. Opening a bank account in Bulgaria is a crucial step to effectively manage your finances and facilitate your business operations in the country. This article will guide you through the different steps of the process, providing valuable information about the Bulgarian banking system and best practices to follow.

The Bulgarian Banking System: An Overview

The Bulgarian banking sector has undergone significant transformation since the country joined the European Union. Today, it is characterized by its stability and modernity, offering a wide range of financial services to individuals and businesses.

The Bulgarian National Bank (BNB) plays a central role in regulating and supervising the banking system. It ensures the country’s financial stability and banks’ compliance with European standards. In 2024, the Bulgarian banking sector included 25 commercial banks, including 7 branches of foreign banks.

The main banks operating in Bulgaria include UniCredit Bulbank, DSK Bank (subsidiary of OTP Bank), United Bulgarian Bank (UBB), and First Investment Bank. These institutions offer various modern banking services, including online and mobile banking solutions tailored to the needs of international entrepreneurs.

Choosing the Right Bank for Your Needs

Choosing a bank is a crucial decision that will significantly influence your banking experience in Bulgaria. Here are some criteria to consider during your selection:

• Geographic presence: Choose a bank with an extensive branch network if you plan to travel frequently within the country.
• Foreign language services: Verify that the bank offers services in English or your native language to facilitate communication.
• Business offerings: Ensure the bank has products and services specifically designed for entrepreneurs and foreign companies.
• Banking fees: Compare account maintenance fees, international transaction fees, and exchange rates between different banks.
• Digital solutions: Prioritize banks offering efficient online and mobile banking platforms to manage your accounts remotely.

UniCredit Bulbank, for example, is renowned for its expertise in serving international businesses. It offers a comprehensive range of banking products, including financing and cash management solutions tailored to foreign entrepreneurs’ needs.

DSK Bank, on the other hand, stands out for its extensive network of branches and ATMs throughout the country, which can be an advantage if you plan frequent cash operations.

It is recommended to contact several banks to compare their offers and services before making your choice. Don’t hesitate to schedule appointments with advisors dedicated to international clients to discuss your specific needs.

Requirements for Opening a Bank Account in Bulgaria

Opening a bank account in Bulgaria for foreign entrepreneurs requires preparing several documents. Requirements may vary slightly from bank to bank, but here is a list of generally required documents:

• Valid passport or identity card
• Recent proof of address (less than 3 months old)
• Business registry extract from your country of origin (less than 3 months old)
• Company statutes
• Power of attorney if you are not the legal representative of the company
• Bulgarian tax identification number (if already obtained)
• Account opening application form provided by the bank

It’s important to note that all these documents must be translated into Bulgarian by a certified translator and, in some cases, apostilled or legalized. This process can take time, so it’s advisable to start the procedures well before your arrival in Bulgaria.

Bulgarian banks are required to comply with strict regulations regarding anti-money laundering and counter-terrorism financing. In this context, they may request additional information about the origin of funds you plan to deposit, as well as the nature of your planned commercial activities in Bulgaria.

According to Bulgarian National Bank statistics, in 2024, approximately 15% of new bank accounts opened in the country were by non-residents, including a significant portion of foreign entrepreneurs. This trend reflects Bulgaria’s growing attractiveness to international investors.

The Step-by-Step Account Opening Process

Opening a bank account in Bulgaria for foreign entrepreneurs generally follows these steps:

1. Document Preparation

Gather all required documents mentioned previously. Ensure they are translated into Bulgarian and, if necessary, apostilled or legalized. This step can take several weeks, so it’s crucial to start early.

2. Scheduling an Appointment with the Bank

Contact your chosen bank to schedule an appointment with an advisor specializing in accounts for foreign businesses. Some banks offer online pre-opening services, which can speed up the process.

3. Bank Interview

During your appointment, you’ll need to present all your documents and answer questions about your business and projects in Bulgaria. The advisor will verify your file’s compliance and may request additional information if necessary.

4. File Verification

The bank will conduct a thorough verification of your file, which can take from a few days to several weeks, depending on the complexity of your situation and the bank’s workload.

5. Contract Signing

Once your file is approved, you’ll be invited to sign the account opening contract. Read all documents carefully, particularly the general terms and fee schedules.

6. Account Activation

After signing the contract, your account will be activated. You’ll receive your online banking credentials and, if requested, your bank card.

The average time for opening a bank account in Bulgaria for foreign entrepreneurs is approximately 2 to 4 weeks, depending on the file’s complexity and the bank’s responsiveness. However, this timeframe can be reduced if you choose a bank offering online pre-opening services.

Banking Services Available for Entrepreneurs in Bulgaria

Bulgarian banks offer a wide range of services tailored to foreign entrepreneurs’ needs. Here’s an overview of the main services you can benefit from:

Multi-Currency Current Accounts

Most banks offer current accounts in Bulgarian lev (BGN), euros (EUR), and US dollars (USD). Some also offer accounts in other major currencies. This flexibility is particularly advantageous for companies engaged in international trade.

International Payment Services

Bulgarian banks are well integrated into the SEPA (Single Euro Payments Area) system for euro payments. They also offer SWIFT transfer services for international transactions in other currencies. Fees and processing times vary between banks, so it’s important to compare offers.

Financing Solutions

Many banks offer credit lines, short and long-term loans, as well as international trade financing solutions (letters of credit, bank guarantees, etc.). Access to these services may however be subject to stricter conditions for newly established companies in Bulgaria.

Cash Management Services

To optimize your cash flow management, banks offer services such as cash pooling, term deposits, and business savings accounts. These solutions allow you to maximize returns on your cash surpluses while maintaining sufficient liquidity for your daily operations.

Online and Mobile Banking

Most Bulgarian banks have developed efficient online and mobile banking platforms, allowing you to manage your accounts, make payments, and track your transactions in real time, wherever you are. Some banks even offer applications specifically designed for business needs.

Currency Exchange Services

Although Bulgaria is not yet part of the eurozone, many commercial transactions are conducted in euros. Banks offer competitive exchange services, with the possibility to negotiate preferential rates for large volumes.

Business Bank Cards

Banks offer a variety of debit and credit cards for businesses, often accompanied by benefits such as travel insurance, loyalty programs, or concierge services for premium cards.

According to a study by the Association of Bulgarian Banks, in 2024, more than 80% of businesses in Bulgaria actively used online banking services, demonstrating the growing digitalization of the banking sector in the country.

Effective Management of Your Bank Account in Bulgaria

Once your bank account is opened in Bulgaria, effective management is essential to optimize your financial operations and avoid complications. Here are some tips for managing your account effectively:

Master Digital Tools

Familiarize yourself with your bank’s online platform and mobile application. These tools will allow you to manage your accounts remotely, make payments, track your transactions in real time, and access many banking services without having to visit a branch.

Regularly Monitor Your Transactions

Establish a routine for regularly checking your bank statements to quickly detect any anomalies or unauthorized transactions. Most Bulgarian banks offer SMS or email alerts to inform you of significant movements on your account.

Anticipate Your Currency Needs

If your activity involves transactions in different currencies, plan your exchange operations in advance to benefit from the best rates. Some banks offer the possibility to fix exchange rates for future transactions, which can help you better manage your exposure to exchange rate risk.

Optimize Your Cash Flow

Use the various savings and investment products offered by your bank to optimize your cash flow management. Instant access savings accounts or term deposits can allow you to generate interest on your cash surpluses while maintaining some flexibility.

Stay Informed About Regulatory Changes

The banking regulatory framework in Bulgaria may evolve, particularly in view of the future adoption of the euro. Maintain regular contact with your bank advisor to be informed of changes that could affect your account management.

Use Customer Support Services

Don’t hesitate to contact your bank’s customer service in case of questions or problems. Many Bulgarian banks offer dedicated support for business clients, often available in English.

A study conducted by the European Central Bank in 2024 revealed that businesses operating in Bulgaria that actively used digital banking services achieved on average 15% savings on their banking fees compared to those that preferred branch operations.

Challenges and Opportunities for Foreign Entrepreneurs in Bulgaria

Opening and managing a bank account in Bulgaria as a foreign entrepreneur presents both challenges and opportunities. Here’s an overview of the main points to consider:

Challenges

• Language barrier: Although many banks offer services in English, some documents or communications may only be available in Bulgarian.
• Administrative complexity: Account opening procedures may seem lengthy and complex, particularly due to document translation and legalization requirements.
• Adaptation to local standards: Banking practices in Bulgaria may differ from those in your home country, requiring an adjustment period.

Opportunities

• Access to European market: A bank account in Bulgaria gives you access to the EU banking system, facilitating transactions with other member countries.
• Competitive costs: Banking fees in Bulgaria are generally lower than in many other European countries.
• Financial innovation: The Bulgarian banking sector is undergoing modernization, offering advanced digital services and innovative solutions for businesses.

According to a World Bank report published in 2024, Bulgaria ranked 61st worldwide in terms of ease of doing business, a significant improvement compared to previous years. This progress reflects the country’s efforts to attract foreign investors and simplify administrative procedures, including in the banking sector.

In conclusion, opening a bank account in Bulgaria as a foreign entrepreneur requires careful preparation and a good understanding of the local system. Despite some initial challenges, the benefits in terms of costs, access to the European market, and financial innovation make Bulgaria an attractive destination for international entrepreneurs. By following the advice and detailed steps in this article, you’ll be well prepared to navigate the Bulgarian banking landscape and make the most of the opportunities offered by this growing market.