It is not simple for third-country nationals to open a bank account in Bulgaria, and you may not be sure that your application will be successful. Occasionally, people succeed the first time, and that’s fantastic, but it’s worth emphasising that it can be difficult and may need more than one try to reach the goal.
Can residents of Bulgaria open a personal bank account
Being part of the European Union requires Bulgaria to obey various regulations, such as those for banking. A Directive in the EU grants people the right to use and open a payment account for basic transactions. As a result, the bank cannot deny a foreigner the right to live in Bulgaria, even if they lack a permanent home.
Is it possible to open a personal bank account in Bulgaria when not a resident
A non-resident can open an account at a Bulgarian bank. Non-residents do not have to open a bank account in Bulgaria. Opening one makes sense when you begin your new life in the country.
It is often difficult to open a bank account for a foreign company because verifying the customer’s identity and beneficial ownership is challenging. That is why banks must review a lot of paperwork and details before conducting checks.
What papers or certificates should one bring when opening a bank account as a foreigner
Even though setting up a bank account doesn’t take much time, dealing with the required paperwork can be slow. It requires filling out applications, answering their questions and signing many papers.
Before opening an account, you must supply the necessary details:
- Showing a passport or national ID card is a way to prove who you are.
- Fill in your Bulgarian address to help register your account. The address will serve as the place where people send letters and packages.
- Don’t forget that all documents you use for proof of address should include your whole name and present address.
- A statement of financial readiness. You might need to keep a different amount in your account, depending on where you open it.
How much time is required to open a bank account in Bulgaria
When all the required paperwork is finished, the account should be open within 2 to 5 working days.
The possible fees that banks may impose for setting up a bank account
You ask the employees about how to verify documents to open a bank account, but they do not respond. No response is received when I try to mention today’s worldwide efforts against money laundering. They claim that these fees have always been part of the system, and no one can complain or raise concerns. For this reason, foreign people keep quiet and just pay the fees without complaining. Also, it is noticeable that certain banks hide these fees and do not include them in the tariff schedules they provide.
When dialling the banks’ call centres, the staff don’t say anything about the fees at first. Moreover, getting help from them by phone is not very helpful. The officials at the physical branch then respond by saying that such fees do exist, and they often state that the amount could range from EUR 200 to EUR 500. Even so, there is more silence when people seek more details.
Not able to open a personal bank account
In Bulgaria, banks do not have to tell you why they have refused to open a bank account for you. Even in such cases, they rarely explain why they made their choice. For this reason, you might not find out why you were denied if your immigration status is behind it.
Banks do not have to open an account when they cannot meet the necessary due diligence requirements. At the same time, no laws require banks to take specific steps in checking the documents. For instance, if the bank feels that performing due diligence would take lots of time and resources (it would be complicated and expensive). It could choose to reject the account application because it cannot fulfil its requirements. The process is made easier for banks since they do not have to offer reasons or explanations for turning down a loan.
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