Open a Bank Account in Bulgaria

$1,550.00

Bulgaria is a member of the European Union, the Single Euro Payments Area (SEPA). Our banking connection offers accounts in a broad range of currencies, including major currencies such as EUR, USD, CHF, GBP, CAD and AUD, and a variety of debit and credit card options. They offer full online banking facilities including web banking and mobile banking.

EU companies can open bank accounts without major difficulties. When it comes to non-EU companies, and especially offshore companies, accounts can also be opened provided that companies/shareholders have business background, conduct a low-risk business activity, and there is a commercial reason supporting the account application.

Bulgaria is an ideal banking location for foreign-owned EU companies and companies incorporated internationally, including offshore companies, which can benefit from a SEPA account to do business and receive payments in Europe.

Description

We can help you open business accounts in Bulgaria. Accounts are available for both resident and non-resident companies. We invite you to carefully review the bank’s requirements and services to better understand if their banking services meet your needs.

Our banking support service is not just a mere introduction to the bank. We assist you in filling out the business questionnaires appropriately and help you understand and provide business details, commercial information and purpose/use of the bank account that a given bank wants to know in order to approve your account application. Banks want certainty and clarity on how the account will be used. Everything must be watertight. We will work with you to make sure there is minimal ‘back and forth’ and a smooth account opening process.

Account Details

Eligibility Local and Foreign Companies (Including Offshore Companies)
Account type and Currency Corporate Current Account (BGN, EUR, USD, GBP, CHF, JPY, SEK, TRY, CAD, AUD, NZD, NOK, DKK)
Minimum Initial Deposit EUR 200.00*
Minimum Monthly Average Balance (To Avoid Fall-Below Fee) EUR 200.00
Online Banking Full Service (Internet Banking, Mobile Banking)
Cards (Currency) Mastercard Business Debit (EUR, BGN)
Maestro/Visa Business Electron Debit (EUR, BGN)
Visa Business Debit (EUR, BGN)
Visa Gold Business Debit (EUR, BGN)
Other Services Trade Finance
Payroll Services

*Offshore companies may be required to place higher deposits to open the account, which are determined on a case-by-case basis.

Onboarding Process (3 to 5 weeks; Personal visit required)

  1. We will assist you in preparing the KYC and Business Questionnaires. In addition to your company and identity documents, you will need to provide certain business documentation to support your application such as invoices, letters of intent, contracts, etc. Note that a number of documents have to be legalized/ or with apostille and translated to Bulgarian. The translation has to be done by translation agency authorized by the Ministry of Foreign Affairs of the Republic of Bulgaria.
  2. The Bank’s Branch Manager will review your documentation. The banker may come back with additional questions or give green-light to your account opening process. This usually takes 1 week.
  3. Once your account is pre-approved. We will arrange your appointment with the Relationship Manager in Sofia (Bulgaria). The appointment is usually arranged for the following week subject to the client and bankers availability.
  4. You will need to visit the Bank’s branch to provide original documents and sign the application forms.
  5. After one week, you will receive a welcome e-mail from the bank and an SMS confirming the account opening.
  6. After 2 to 3 weeks, you will receive your Internet Banking credentials and Cards.
Business Account

Account Details

Eligibility Local and Foreign Companies (Including Offshore Companies)
Account type and Currency Corporate Current Account (BGN, EUR, USD, GBP, CHF, JPY, SEK, TRY, CAD, AUD, NZD, NOK, DKK)
Minimum Initial Deposit EUR 200.00*
Minimum Monthly Average Balance (To Avoid Fall-Below Fee) EUR 200.00
Online Banking Full Service (Internet Banking, Mobile Banking)
Cards (Currency) Mastercard Business Debit (EUR, BGN)
Maestro/Visa Business Electron Debit (EUR, BGN)
Visa Business Debit (EUR, BGN)
Visa Gold Business Debit (EUR, BGN)
Other Services Trade Finance
Payroll Services

*Offshore companies may be required to place higher deposits to open the account, which are determined on a case-by-case basis.

Onboarding Process (3 to 5 weeks; Personal visit required)

  1. We will assist you in preparing the KYC and Business Questionnaires. In addition to your company and identity documents, you will need to provide certain business documentation to support your application such as invoices, letters of intent, contracts, etc. Note that a number of documents have to be legalized/ or with apostille and translated to Bulgarian. The translation has to be done by translation agency authorized by the Ministry of Foreign Affairs of the Republic of Bulgaria.
  2. The Bank’s Branch Manager will review your documentation. The banker may come back with additional questions or give green-light to your account opening process. This usually takes 1 week.
  3. Once your account is pre-approved. We will arrange your appointment with the Relationship Manager in Sofia (Bulgaria). The appointment is usually arranged for the following week subject to the client and bankers availability.
  4. You will need to visit the Bank’s branch to provide original documents and sign the application forms.
  5. After one week, you will receive a welcome e-mail from the bank and an SMS confirming the account opening.
  6. After 2 to 3 weeks, you will receive your Internet Banking credentials and Cards.

Our banking support services include introductions to payment processors and merchant accounts to better support our e-commerce clients. Whether you just need standard credit card processing or specialized services for high-risk processing, we are happy to help you with introductions that can empower your business.

Bank Account opening requirements are subject to change at the discretion of the bank. There might be additional fees charged by the bank itself. Bank account opening is not guaranteed and is subject to the bank policies and compliance department. There might be restrictions on UBO nationalities, business activities and/or jurisdictions. A refund is guaranteed if the account is not successfully opened, but a 15% administrative fee applies.