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Opening a Bank Account in Bulgaria: What Foreigners Should Know
If you’re a foreigner planning to live or do business in Bulgaria, opening a local bank account is often essential. In this guide, we explain what to expect and how to prepare for the process.
Why Do You Need a Bulgarian Bank Account?
Without a local bank account, many practical and legal processes become difficult or even impossible. Here are common situations that require a bank account:
- Depositing company capital during company registration
- Paying taxes and social security
- Receiving payments from clients
- Paying rent, utilities, and other personal expenses
What Type of Account Do You Need?
- Personal account – for individuals living or working in Bulgaria
- Business account – for registered companies (e.g., EOOD, OOD)
Make sure to clarify the purpose of the account from the start, as requirements differ.
What Documents Are Required?
For a personal account:
- Valid passport or EU ID card
- Bulgarian address (some banks require proof of address)
- Bulgarian tax number or personal ID (depending on the bank)
For a business account:
- Company registration documents
- Company UIC (Bulstat number)
- ID document of the managing director
- Company stamp (some banks still request it)
Tip: Prepare your documents in advance to avoid delays or repeated visits.
Which Banks Should You Consider?
Not all banks in Bulgaria have the same approach toward foreign clients. Some are more flexible and used to working with international owners. Requirements can even vary between different branches of the same bank. At ASB, we work regularly with banks that have proven experience in dealing with foreign-owned companies.
How Long Does It Take?
| Account Type | Estimated Time |
|---|---|
| Personal account | 1–2 business days |
| Business account | 3–7 business days (depending on internal checks) |
For business accounts, if the owner or director is a non-EU national, extra time may be needed for due diligence.
What Are the Main Challenges for Foreigners?
- Language barrier – not all staff speak fluent English
- Banks may hesitate to work with companies owned by foreigners
- Branch-level inconsistencies in requirements
- Extended checks for non-EU nationals
Pro tip: Work with a local accountant or consultant – our team at ASB can assist you at every stage and help avoid unnecessary complications.
Can You Use Online Banks Like Wise or Revolut?
Online services are useful, but they come with limitations:
- Wise Business is not accepted as a valid capital deposit account during company registration.
- Revolut is helpful for personal payments but not suitable for company setup or business expenses.
To register a business in Bulgaria, you will need a bank account with a licensed local bank.
Opening a bank account in Bulgaria as a foreigner can be simple – if you’re well prepared. With the right documents, a suitable bank, and the support of ASB Accounting Services Bulgaria, the process becomes smooth and efficient. Contact us today for tailored advice and reliable support.