The banking system in Bulgaria
Do you wish to open a bank account in Bulgaria? Find out how to proceed in this article.
The Bulgarian banking system is rather liberal. Hence, you will easily be able to open a bank account there if you wish. Indeed, having a bank account in the country shall facilitate many transactions such as receiving your salary if you are working, make bank transfers, settle your bills by direct debit, etc. Moreover, you need not be a resident to be authorized to open a bank account in Bulgaria. In fact, you can do so even if you do not live there.
You will find three types of banks in Bulgaria, namely commercial banks, postal banks and international banks. In general, interest rates and other policies are regulated by the National Bank of Bulgaria. However, it is not possible to open a bank account in this bank.
Banking system
The different types of banks are present in most major Bulgarian cities. In total, there are some thirty commercial banks across the country, including foreign banks. The Post Bank, for its part, has 30 regional branches, as well as 2,300 post office counters. In smaller cities, you are more likely to find Post Bank counters in post offices. This is indeed a real advantage for those living in remote areas.
Finally, international banks are more popular with regular travelers performing their transactions in foreign currency. Note that banks are officially open from Monday to Friday between 9 am and 4 pm.
Formalities
To open a bank account in Bulgaria, whether you are a resident or a non-resident, you simply have to produce your identity documents, your passport preferably, as well as proof of address. Procedures are free of charge. However, some banks may require a minimum deposit for the opening of the bank account. The amount generally varies from one bank to another. The deposit can be made in leva or in euros.
Transactions
Most banks will offer you the choice between a leva and euro bank account. You can even choose both, depending on your needs. You can thus make transfers from one bank to another. Moreover, some banks even provide Internet banking facilities. However, this system is still developing, hence it is not yet widespread. Internet banking fees may vary from one bank to another. Thus, it is best to check with these directly.
Finally, some banks only allow their customers to check their bank balance online. Therefore, you are advised to make the best choice according to your needs.
Useful links:
Bulgarian National Bank www.bnb.bg
Bulgarian National Bank - List of banks operating in Bulgaria www.bnb.bg/BankSupervision
Postal Bank www.postbank.bg
