Bulgaria’s long history, lively culture, great fresh food and warm hospitality make it a special place for tourists. The reasons are not hard to understand: many foreigners live in Sofia, Plovdiv and Varna for work, education or retirement. The country offers both snowy mountains and the Black Sea for everyone’s enjoyment.
If you want to stay in Bulgaria for a longer period, you should consider getting a local bank account. Here is how you can pick the best bank for your needs.
Which papers should you bring to open a bank account in Bulgaria
It is simple to open a bank account in Bulgaria. Dealing with a new language is likely to be the biggest problem, and having a translator with you can solve this issue. Because the documents are usually in another language, having assistance makes you feel more confident.
To start a bank account in Bulgaria, you should have certain documents and information ready:
- A passport or a national identification card.
- If you want, you can give an address for receiving letters or packages (or your office address if you choose).
- You have to deposit the minimum required amount to activate your account.
Bulgaria’s administration is famous for requiring a lot of paperwork. You will probably have to spend time submitting forms and signing documents several times. A bank card is usually sent after a week or two, and you can have it mailed to your address or pick it up at the bank.
Which bank is the best
All over Bulgaria, you will find ATMs and bank branches, making banking easy. Raiffeisen plays a major role in the region, and many other international banks offer services for investment and corporate customers.
It is important to consider how close a branch and an ATM are when selecting a bank. You can do most banking tasks on the internet, but going to an ATM not operated by the bank can cost you. Being able to pay your bills at the ATM is quite common, making it valuable to look for a bank nearby.
If you are interested, these are some national banks in Bulgaria for retail services:
UniCredit Bulbank
Being a major bank in Bulgaria, UniCredit Bulbank provides branch and ATM services across the country. They provide all kinds of financial services and a well-designed online banking app that users can access in English. The main office in Sofia is staffed by people who speak English.
Raiffeisen
It is an Austrian bank that operates in many countries in Central and Eastern Europe, such as Russia. There are 147 bank branches in Bulgaria, and some of them are open longer than usual. Since you can find them in shopping areas, they are helpful for people who work for long periods.
DSK
It provides various accounts, debit and credit cards and savings items. They also look after business and investment clients and provide mobile and internet banking as a regular service.
Postbank
It is located in every town and city in Bulgaria and also offers a wide network of ATMs and branches. They provide different products, such as current accounts, which can easily be opened by showing an ID and filling out the required form.
There is no need to make an appointment ahead of time if you want to open an account at a Bulgarian bank. Most of the time, there is a ticket line, so you only need to turn up and wait for your number to be called. If Bulgarian is not your language, then a big branch with English-speaking workers would be the best choice. Since the process is not smooth, you’ll have to be patient.
Banking fees
Take some time to go over the terms and conditions before you officially open a bank account in Bulgaria. It’s especially necessary to check this part when you pay attention to banking fees and charges.
Request to have the account information given to you in English, or bring someone who can translate for you. Find out if your account is subject to recurring charges for staying open, and use either a credit or debit card.
Besides, you may have to pay a fee for taking out cash from an ATM that belongs to another bank. Commonly, ATMs in Bulgaria are not always the right ones, so remember to choose them wisely.
You may find yourself needing to send money from one account to another when the currencies are different. Avoid using your bank when sending money internationally, because their fees may be very high. Apart from the fees for the transaction and to get the money into your account abroad, the bank adds its profit to the exchange rate, which is not very friendly for you.
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