Personal Bank Account in Bulgaria for Foreign Citizens (2026)

Opening an Account for EU Citizens

Citizens of the European Union, the European Economic Area and Switzerland benefit from a simplified procedure for opening a personal bank account in Bulgaria. The key requirements are:

• Identity document — a valid national ID card or passport issued by an EU Member State.
• Address — residential address (in Bulgaria or abroad). Some banks also accept an address in the country of origin.
• Personal Identification Number (EGN or LNCH) — EGN (Unified Civil Number) for persons with permanent residence or LNCH (Personal Number of a Foreigner) for persons with a residence permit. EU citizens can obtain an LNCH relatively easily upon address registration in Bulgaria.

In practice, the procedure for EU citizens is considerably easier and faster. Most banks are ready to open an account upon presentation of the above documents, usually within the same business day.

It should be noted that under Directive 2014/92/EU on payment accounts (transposed into the Bulgarian Payment Services and Payment Systems Act), banks are obliged to provide access to a basic payment account to any consumer lawfully resident in the EU, including persons without a permanent address.

Opening an Account for Non-EU Citizens

The procedure for third-country nationals is more complex and requires additional preparation. Key features:

• Passport — a valid national passport with sufficient remaining validity (usually at least 6 months).
• Residence permit or visa — since 2019, most Bulgarian banks refuse to open a personal account for non-EU citizens without a valid residence permit or at least a Type D Visa. This is due to stricter anti-money laundering (AML) and know-your-customer (KYC) requirements.
• Address in Bulgaria — address registration within the country is required.
• LNCH — personal number of a foreigner, issued by the Ministry of Interior upon obtaining a residence permit.
• Additional documents — some banks require proof of income, a tax return from the country of origin, a criminal record certificate or a reference letter from another bank.

In practice, having a residence permit or a company registration in Bulgaria significantly facilitates the process. Without them, most banks will refuse to open an account.

Required Documents — Summary

The following table summarises the documents required to open a personal bank account:

The account opening fee ranges between EUR 100 и EUR 500 depending on the bank and account type. Some banks waive the fee under certain conditions (minimum balance, monthly deposit).

Remote Account Opening

Unlike corporate accounts, where remote opening is extremely rare, personal accounts in Bulgaria are subject to the following limitations:

• Physical presence — mandatory — as a rule, Bulgarian banks require the physical presence of the client when opening a personal account. This is due to the identification requirements under the Measures Against Money Laundering Act.
• Power of attorney — opening through a power of attorney is theoretically possible, but in practice rarely accepted by banks. Most institutions require personal attendance for the initial identification.
• Digital banks — some newer fintech solutions such as Satchel offer remote account opening with video verification. However, these services are usually limited in scope and do not provide the full range of banking services of a traditional bank.

We recommend planning a personal visit to Bulgaria to open a bank account, contacting the chosen bank in advance to clarify the required documents.

The Euro and SEPA Transfers

The adoption of the euro from 1 January 2026 brings significant changes to the banking system:

• Automatic conversion — all existing BGN accounts were automatically converted to euros at the fixed rate of 1 EUR = 1,95583 BGN. New accounts are opened directly in euros.
• SEPA transfers — Bulgaria is now a full participant in the Single Euro Payments Area (SEPA). This means that euro transfers within the SEPA zone (36 countries) are processed under the same conditions as domestic transfers — quickly and at low cost.
• BGN in transition — during the transitional period (until 30 June 2026), BGN banknotes and coins are still accepted, but the new currency for all banking operations is the euro.

For foreign citizens, especially those from the Eurozone, this is a significant convenience — currency conversion is no longer needed when making transfers to/from Bulgarian accounts.

Major Banks and Fees

Over 20 banks operate in Bulgaria, but the following are among the most popular for foreign clients:

Typical Fees

• Monthly maintenance — EUR 8–51 depending on the bank and service package.
• Domestic transfers — EUR 0,25–1 per transfer within the bank or via SEPA.
• International transfers (outside SEPA) — EUR 7–26 depending on the currency and destination.
• Debit card — usually free with most packages or with a minimal annual fee.

Practical Tips

Based on our experience assisting foreign citizens with banking services, we share the following practical recommendations:

• Differences between branches — practice shows that different branches of the same bank may apply different standards. If you are refused at one branch, try another — especially central branches in major cities, where staff have more experience with foreign clients.
• A residence permit helps — having a valid residence permit (even a long-term one) significantly increases the chances of successfully opening an account, especially for non-EU citizens.
• Employer or company — if you have an employment contract with a Bulgarian employer or are a manager of a Bulgarian company, banks usually open an account without difficulty. Present a copy of the employment contract or an extract from the Commercial Register.
• Language barrier — not all staff speak English. We recommend visiting a central branch in Sofia or another major city, where you are more likely to receive service in English.
• Prior arrangement — contact the bank in advance by phone or email to clarify the specific document requirements for your case. This will save you unnecessary visits.

Frequently asked questions