In MUNDO we have already told you about the little explored land of opportunities that Bulgaria represents in the field of business and tourism. 

If you have made the decision to visit the country or to invest money in it, it is important that you take a look at the banking system that the Balkan country possesses.

Current Situation with the Banks

Bulgaria has a fairly liberal banking system in terms of fees and access to its services. Thus, opening a personal bank account is a matter of minutes or a few hours.

On the other hand, different types of banks have branches in the main cities of the country. In total, there are 25 banking entities operating within the financial system, including foreign banks. 

Also, according to data from the Banking Supervision Department of the BNB, in 2021 there are about five banks holding 66.6% of the assets within the Bulgarian banking system.

When visiting the country you will find three types of banks in Bulgaria: 

-Commercial banks

-Postal banks 

-International banks

Banks such as the Postal Bank are commonly used and have a presence throughout the country. They also have payment and withdrawal counters in post offices. Therefore, it is common to find a teller window in the postal services offering their services. The latter is more common in rural areas.

International banks are common among tourists or travelers. Since in them they are able to exchange foreign currencies to the local one in a much faster way.

Finally, the Bulgarian banking system is considered stable, profitable, with high levels of capital adequacy and liquidity. They are currently undergoing an acceleration of technological adaptation due to the demands of their users for remote services. Bulgaria is on the way to having a modern and innovative banking system.

Services Offered by Banks in Bulgaria

The vast majority of banks in the country offer. The opportunity to open your account in local currency or in foreign currency. In fact, you can do it in both. All tailored to your needs. Thus, you can make much easier and faster transfers from one bank to another. 

Moreover, banks in Bulgaria offer good credit lines for both individuals and legal entities. The interest rates fluctuate according to the agency where you apply for your credit. 

There are savings accounts, current accounts with or without remuneration, electronic accounts if you wish to do everything via the web and accounts for companies. 

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Existing payment methods in Bulgaria

According to recent data from the Bulgarian National Bank, the country is moving towards the use of electronic payment methods. Whether they are part of banks or not, Bulgarians are making more electronic transfers as the internet and smartphones penetrate the society. 

During 2020 electronic transactions accounted for 66% of payments across the country. While 34% were made by cash, debit cards or bank transactions. 

Other people also make use of the SMS payment method. Especially in rural areas where there is no or very little internet access. 

So these are the existing payment methods in Bulgaria and their percentage of use among the population: 

-Mobile applications: 80%

-Credit cards: 16%.

-E-wallets: 2%

-Debit cards: 1%.

-Bank transfers: 1%.

How to Open a Personal Account in Bulgaria

Indeed, having an account in the country, if in your case you are going to spend some time in the territory, will facilitate many things such as payments for services, transactions with other people, access to cash or exchange from one currency to another. 

In addition, you do not need to be a national of the country to access a bank account. But we can say that the situation is getting a bit difficult nowadays for foreigners with all the restrictions in place. Not as easy as it was before.

Normally, to open a personal bank account in Bulgaria you do not need a big pile of documents. You will only need:

-Present a personal document (preferably passport). 

-Proof of address

In addition to this we must inform you that the procedures are completely free of charge. Some banks may require a minimum amount to open your account. You can do it in Levas or Euros. This will depend on the service you need.

Bank Accounts for Companies 

Since August 2019 there is a restriction for foreign companies on opening accounts in domestic banks in Bulgaria.

So in order to open a bank account for your company on Bulgarian territory you will need to have a Bulgarian residence card. This will also serve for tax residence in the country.

However, like the personal account, it is not necessary for you to be in the country to do the procedure.

This type of account is offered with debit cards to access ATMs or points of sale. It is delivered to your personal address or to your company's address. 

Opening a bank account for your company will also facilitate the establishment of a Bulgarian limited company or branch office. 

If you wish to open an account for your company in this country, MUNDO will be glad to provide you with expert assistance. We have a long track record in terms of business and ensure a comfortable and safe experience for your business. 

Requirements

Just like a personal account, opening a business bank account for a local is a simple and quick process. To open a business account, you would only need:

-A valid passport or identification card from your home country.

-A Bulgarian residence card.

-A mobile address for correspondence services with the bank.

-A minimum deposit amount to activate the account (10 BGN).

-Certificate of good standing.

Upon activation of your bank account you will be provided with your web access data. On the other hand, the debit card will be delivered personally or it can be sent to your home address within the country or abroad. 

If at the end of this article it is still within your wishes or expectations to get an account in Bulgaria, please contact us. We will try to assist you in any possible way or offer you a decent alternative.

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