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Expert in financial and international corporate law. Extensive experience advising FinTech and licensed companies across the EU, UAE, US, and East Asia. Focused on AML/KYC compliance, M&A transactions, company registration and licensing, and regulatory and banking interactions.
Opening a bank account in Bulgaria
A bank account in Bulgaria may be needed to receive income, pay for housing, settle with counterparties and conduct business. For a foreigner, the procedure depends on citizenship, place of residence, purpose of the account and the results of the bank’s review.
From 1 January 2026, Bulgaria switched to the euro. Therefore, when selecting an account and comparing fees, it is necessary to take into account the current service conditions following the transition to the new currency.
Prikhodko & Partners helps determine the requirements applicable to the applicant and prepare documents and explanations for opening a personal or corporate account. The scope of support is agreed taking into account future payments and the business structure.
How can a non-resident open an account in Bulgaria?
Foreigners may apply to Bulgarian banks to open accounts. In particular, UniCredit Bulbank expressly provides current accounts for adult foreign citizens. At the same time, the required documents depend on citizenship and whether the applicant has a residence permit.
UniCredit Bulbank’s guidance for citizens of countries outside the EU, EEA and Switzerland who do not hold a Bulgarian residence permit specifies:
- an international passport and national passport or ID card;
- proof of permanent address from the country of origin if the address is not shown in the document;
- a document explaining the need to open an account;
- a “Know Your Customer” questionnaire in the bank’s form.
The grounds for applying may include employment, studies, ownership of real estate or a business trip to Bulgaria. For foreigners holding a local residence permit, the bank specifies an international passport and residence permit. Additional documents may be requested individually.
These requirements apply to the particular bank. Before travelling, it is necessary to clarify whether your documents will be accepted, whether translations are required and the procedure for submitting the application.
Can an account be opened online in Bulgaria?
An online application, remote identification and use of an already opened account are separate procedures. For example, on the standard account page of UniCredit Bulbank, the online form provides for an enquiry after which a consultant contacts the applicant. It does not in itself mean that the account opening process is completed.
The bank also offers onboarding through Bulbank Mobile by scanning an ID card, taking a photograph of the face and electronically signing documents. However, the general description of the service does not confirm that this procedure is available to every foreigner based on their documents.
For a standard account, the bank describes an application at a branch either in person or through an authorised representative. If opening by power of attorney is required, its contents, certification and the method of verifying the account holder should be agreed in advance.
Which bank is best for opening an account in Bulgaria?
The choice depends on the purpose of the account. For personal expenses, card use and cash withdrawals are important; for a company, transfers, foreign currency transactions and payment management tools are relevant.
| Bank | What can be considered | What to clarify before applying |
|---|---|---|
| UniCredit Bulbank | Personal accounts in euros and foreign currencies | Documents for a foreign applicant, proof of address and application method |
| United Bulgarian Bank — UBB | Corporate accounts and accounts for contributing capital | Requirements for the company, owners and planned transactions |
| Postbank | Packages for small businesses and self-employed professionals | Availability of the package for the applicant, fees and transfer conditions |
The listed products are described on the banks’ official pages; whether they are available to a particular applicant is determined after the client review.
Account in Bulgaria for an individual
A personal account is selected for receiving a salary, making everyday purchases, paying for services and holding savings. Before opening one, it is advisable to compare service fees, card fees, international transfers and cash transactions.
If a significant incoming payment is expected, it is advisable to prepare documents confirming the source of funds. For example, a property sale may be explained by an agreement and evidence of settlement, while accumulated income may be supported by employment documents and statements.
For an account that you intend to use from abroad, it is necessary to clarify the procedure for restoring access, changing the telephone number and receiving a new card. If incoming payments are related to entrepreneurial activities, inform the bank before selecting the product.
Account in Bulgaria for a business or company
A Bulgarian company with foreign owners and a legal entity registered abroad require different preparation. The bank reviews the company, its representatives, owners and the nature of its activities.
For preliminary preparation of a corporate application, it is advisable to prepare:
- registration and constitutional documents;
- documents of the manager and authorised representatives;
- the ownership structure and information about ultimate beneficial owners;
- a description of the activities, counterparties and expected turnover;
- evidence of sources of financing and existing agreements.
This is an indicative package that is adjusted to the specific bank. For example, in its materials on reviewing business clients, UBB separately considers foreign legal entities and companies with complex ownership structures. Extracts relating to companies in the ownership chain and a control structure chart may be required for them.
If the company is still being established, it is necessary to distinguish between an account for contributing capital and a current account for subsequent operations. UBB offers a separate account for holding funds during the process of establishing a legal entity.
For the company’s subsequent operations, accounting support for business in Bulgaria may also be required.
Foreign currency account in Bulgaria
Following the country’s transition to the euro, a foreign currency account is primarily considered for transactions in other currencies. In particular, UniCredit Bulbank lists the euro, US dollar, British pound and Swiss franc among the currencies available for its standard current account.
Before opening an account, it is necessary to check exchange rates, fees for incoming and outgoing payments and possible correspondent bank charges. For a card, it is important to clarify the debit currency and conversion rules.
If the account is required for a specific contract, it is advisable to discuss in advance the sender’s and recipient’s countries, the currency and supporting documents. Having an account does not mean automatic approval of every international payment.
What is included in legal support?
Prikhodko & Partners helps prepare the application in accordance with the client’s status and planned transactions. Support may include:
- analysis of bank requirements and the applicant’s needs;
- review of the completeness and consistency of documents;
- assistance with completing questionnaires;
- preparation of explanations regarding business activities and source of funds;
- handling additional requests from the bank.
The purpose of legal support is to provide clear information and reduce the risk of delays caused by deficiencies in preparation. The final decision on providing services remains with the bank.
How we support the opening of an account in Bulgaria
- We determine the need. We clarify the applicant’s status, type of account, currencies and future payments.
- We review the conditions. We determine the document requirements and available application method.
- We prepare the package. We work through the questionnaires, supporting documents and explanations.
- We support the review. We help respond to additional requests until a decision is received.
The timeframes and cost of legal work are determined after assessing the situation. Bank fees, translations and document certification are clarified separately.
Advantages of legal support
- The requirements are checked before travelling or executing a power of attorney.
- Documents are prepared according to the specific applicant’s status.
- The banking product is selected according to the planned transactions.
- The client receives assistance during additional checks.
Are you planning to open a personal or corporate account in Bulgaria? Contact Prikhodko & Partners to determine the available application procedure and the list of documents required for your situation.
Calculate the cost of services
1 question
Are you currently in Ukraine?
2 question
Are you planning to open a personal account in Bulgaria?
3 question
Do you have a residence permit in Bulgaria?
4 question
Do you have evidence of the source of funds?
Does legal support guarantee the opening of an account?
No. Lawyers help prepare the documents and guide the application process, but they cannot replace the bank’s decision or waive its requirements.
Do all documents need to be translated into Bulgarian?
The required translations depend on the bank and the applicant’s documents. For example, UniCredit Bulbank’s guidance for foreigners provides for an official Bulgarian translation of the relevant documents if they are in a foreign language without an English translation. The form of certification should be agreed before ordering the translation.
How long does it take to open an account?
There is no single timeframe for all applicants. It depends on the completeness of the documents, the company’s structure and additional requests. The timeframe for preparing the legal package and the duration of the bank’s review should be assessed separately.
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