Opening a Bank Account in Bulgaria — Guide for Locals and Foreigners (2026)

The banking system in Bulgaria

Bulgaria has a well-developed banking system comprising 22 licensed commercial banks regulated by the Bulgarian National Bank (BNB). The country is a member of the European Union, and since 1 January 2026 — also of the eurozone, meaning all bank accounts now operate in euro.

Bulgarian banks offer a full range of services: current accounts, lending, online banking, international transfers (SEPA), debit and credit cards. SEPA payments within the eurozone are standard, fast, and carry minimal fees.

All deposits up to EUR 100,000 per client are guaranteed by the Deposit Insurance Fund — in full compliance with the European directive.

Types of bank accounts

Corporate accounts

• For Bulgarian companies — standard current account for OOD, EOOD, AD, VCC, and other forms registered in the Commercial Register. See our guide on company registration.
• For EU companies — a branch or representative office of a company from another member state can open an account upon presenting the relevant documents with apostille and translation.
• For non-EU companies — additional pre-approval is required, which may take 1–2 weeks.

Personal accounts

• For Bulgarian citizens — in-branch opening with an ID card, typically within 15–30 minutes.
• For foreign citizens — a valid passport (or ID card for EU citizens) and proof of address are required.

Opening an account for a Bulgarian company

The procedure for Bulgarian companies is highly simplified. Most banks do not require pre-approval and can open the account on the same day.

Required documents

• Extract from the Commercial Register (the bank can verify it online)
• ID card of the manager (or passport if the manager is a foreigner)
• Company stamp (not legally required, but some banks request it)
• General Assembly resolution to open an account and authorize signatories (for OOD)

For newly incorporated companies, the escrow account (opened for capital contribution) is usually converted to a current account after registration in the Commercial Register.

Opening an account for a foreign company

Foreign companies wishing to open a bank account in Bulgaria go through a more detailed procedure, including pre-approval from the bank's compliance department.

Procedure

1. Application submission — completing a pre-approval form with information about the company, its activity, expected turnover, and the purpose of the account.
2. Verification — the bank conducts a check on the company and its ultimate beneficial owners (UBO). The timeline is usually 1–2 weeks.
3. Document submission — upon approval, original documents are presented in person.
4. Activation — the account is activated within 1–3 business days after document submission.

Необходими документи

• Articles of Association — with apostille and certified translation into Bulgarian
• Certificate of Good Standing — not older than 3 months, with apostille and translation
• Certificate of Incorporation
• Resolution of the competent body to open an account in Bulgaria
• Passport of the manager and ultimate beneficial owners
• Proof of address of the manager
• Description of activities and expected turnover

Online banking and an international debit card are provided as standard by most banks.

Accounts for individuals

Bulgarian citizens

You open an account at a branch of the chosen bank with a valid ID card. The procedure takes 15–30 minutes. Most banks do not require a minimum deposit.

Foreign citizens

EU citizens can open an account with an ID card or passport. For non-EU citizens, a valid passport and proof of address are required — in Bulgaria or abroad. Some banks may request additional documents, such as a residence permit or employment contract.

Since 2026, all personal accounts operate in euro. Foreign currency accounts (USD, GBP, etc.) remain available as an additional option.

Remote account opening

If you cannot be present in person in Bulgaria, the following options are available:

• Via power of attorney — a notarized power of attorney issued at a Bulgarian embassy/consulate or by a local notary (with apostille and certified translation). The authorized representative appears in person at the bank branch.
• Via an attorney — an authorized attorney can perform all actions on your behalf.

Practical limitations

Not all banks accept account opening via power of attorney, especially for new clients. We recommend contacting your chosen bank in advance to confirm this option. DSK Bank and UniCredit Bulbank are generally more flexible in this regard.

Some banks offer video identification for EU citizens, but the service is not yet widely available.

Impact of the euro

With the adoption of the euro on 1 January 2026, the following changes occurred in the banking sector:

• Automatic conversion — all BGN accounts were automatically converted to euro at the fixed rate of 1 EUR = 1.95583 BGN. No action was required from the client.
• SEPA payments — all transfers within the eurozone (including Bulgaria) are executed as SEPA transfers — fast and with low fees.
• No conversion fees — EUR transactions no longer involve currency conversion, eliminating exchange fees.
• IBAN — Bulgarian IBAN numbers (starting with BG) remain unchanged.

AML requirements and customer due diligence

Bulgarian banks apply strict anti-money laundering (AML) and counter-terrorism financing measures, in accordance with European directives and the Anti-Money Laundering Act.

What does the check include?

• Customer identification (KYC) — identity verification of all persons associated with the account.
• Ultimate beneficial owner (UBO) identification — the bank is required to identify the individual who owns or controls the company (threshold of 25 % or more).
• Source of funds — for larger deposits, an explanation of the source of funds may be required.
• Enhanced due diligence for foreign persons — citizens and companies from higher-risk jurisdictions are subject to Enhanced Due Diligence.

We recommend preparing documents proving the origin of capital and business activity in advance — this significantly speeds up the process. If you are a foreign person, also inform yourself about tax residency in Bulgaria.

Major banks in Bulgaria

Frequently asked questions