Open a bank account in Bulgaria
Can a foreigner open a bank account in Bulgaria?
EU & Non-EU Guide | Expats Varna
Bulgaria Residence Permit
Opening your first bank account in Bulgaria is one of those things that sounds simple and then quietly costs people a week. As a foreigner you can absolutely do it, both EU and non-EU nationals open Bulgarian bank accounts all the time, but banks are cautious and the details matter.
This expats guide walks you through opening a bank account in Bulgaria: what the banks ask for, why they sometimes refuse newcomers, the difference between a personal and a business account, and how to get it done in a single visit. We do this every week for people moving to Varna, in the right order and in your own language.
Can a foreigner open a bank account in Bulgaria?
Yes. Foreigners can open a bank account in Bulgaria, and both EU and non-EU nationals do it regularly. The catch is that banks are cautious: many ask for a Bulgarian personal number (EGN), a local address and an in-person visit, and some quietly refuse newcomers without the right introduction. With the paperwork ready and a local contact at the bank, it is usually a single appointment.
Why you need a Bulgarian bank account
Almost everything in your new life runs through it. Paying rent and utilities, receiving a salary, running your company, setting up your residence, even some mobile and internet contracts. A local account also saves you the fees and hassle of moving money through a foreign card. In short, it is one of the first things to sort when you move to Varna, and one of the things people most often get stuck on alone.
Why banks can be difficult
This is the honest part. Bulgarian banks apply strict know-your-customer and anti-money-laundering checks, and a foreigner with no local history is exactly the profile they scrutinise. Some branches will open an account in twenty minutes. Others will ask for extra documents, a reason for the account, or simply say no without really explaining why. The difference often comes down to the branch, the paperwork you bring, and whether someone can vouch for you. That is where local knowledge quietly does the heavy lifting.
What you need to open one
It varies per bank, but the usual list is:
- A valid passport or ID card
- A Bulgarian personal number (EGN), which many banks want and which comes with your residence
- Proof of a local address
- A Bulgarian phone number, for the account and its app
- Sometimes proof of income, employment or the reason for the account
- A small initial deposit
Most banks want you there in person to sign, so plan the appointment rather than hoping to do it fully online.
Personal or business account
If you are only managing your own money, a personal account is enough. If you run a Bulgarian company, you also need a business account in the company name, which the bank opens against your company documents. Many people set both up at once when they arrive. If a company is part of your plan, see our guide on how to open a company in Bulgaria.
Which bank is right for you
Bulgaria has several large, reliable banks, including names like UniCredit Bulbank, DSK and Postbank, each with its own appetite for foreign clients, its own fees and its own app. There is no single best bank for everyone. The right choice depends on whether you need a personal or business account, how you will use it, and, frankly, which branch is most welcoming to newcomers. We match you to a bank and a branch that we know works well for expats, so you are not knocking on doors at random.
Your account is now in euros
One thing that makes life simpler: since 1 January 2026 Bulgaria uses the euro, at a fixed rate of 1.95583 lev to the euro, and the lev has been retired. So your Bulgarian account, card and salary are all in euros, with no currency conversion between here and the rest of the eurozone. For anyone moving from another euro country, that removes a whole layer of friction.
How it works, step by step
In practice it is a short, ordered process: get your address and EGN in place, choose the right bank and branch, prepare and translate your documents, book the appointment, then go in and sign. When the sequence is right and the paperwork is complete, you usually walk out with an active account and a card on the way the same day. When it is not, you lose a morning and get asked to come back. The order is everything.
How we help
We tell you which bank and branch to use, get your documents and certified translations ready, book the appointment, and come with you to translate and vouch for you at the counter. Personal account, business account, or both. We know the right people at the banks, so your account gets opened instead of quietly refused. You get one fixed point of contact until the card is in your hand. You can read more about us, and when you are ready, book a free intro call.
Why this matters to us
Almost everyone who moves here hits the bank wall. We have watched people get turned away at three branches in a day, for no reason anyone would explain, while rent was due and a deposit was waiting. It is demoralising, and it is completely avoidable.
So we built Expats Varna to make this the easy part. We know which doors open, we bring the right papers, and we sit next to you while you sign. A bank account should take one appointment, not one bad week.
The key points
- Both EU and non-EU foreigners can open a Bulgarian account.
- Most banks want an EGN, a local address and an in-person visit.
- Since January 2026 accounts are in euros, at 1.95583 lev to the euro.
- With the paperwork ready and the right branch, it is usually one appointment.
"The account is easy once the right door is open. Getting turned away for no clear reason is the part we make disappear." From the team at Expats Varna
Your Bulgarian bank account, sorted in one visit
We handle personal and business accounts for EU and non-EU clients, from Varna, in your own language.
- We know which banks and branches welcome foreigners
- Documents and certified translations prepared for you
- We come with you and translate at the counter
- Personal account, business account for your EOOD, or both
- One fixed point of contact until the card is in your hand
Opening a bank account in Bulgaria: frequently asked questions from our clients worldwide
Yes. Both EU and non-EU nationals can open one. Banks apply strict checks and often want a personal number (EGN), a local address and an in-person visit, so the smoothest route is with your paperwork ready and the right branch.
Most banks ask for a Bulgarian personal number (EGN), which comes with your residence registration. A few may open a limited account without one, but having your EGN first makes the whole process far easier.
Usually you need to be present in person to sign. In some cases it can be arranged through a power of attorney, but this depends on the bank. We tell you upfront which option fits your situation.
Typically a valid passport or ID, your EGN, proof of a local address, a Bulgarian phone number and a small initial deposit. Some banks also ask for proof of income or the reason for the account. Requirements vary per bank.
There is no single best bank. Large banks such as UniCredit Bulbank, DSK and Postbank each have their own fees, apps and appetite for foreign clients. We match you to a bank and branch that we know works well for newcomers.
Yes. A company needs its own business account in the company name, opened against your company documents. Many people set up a personal and a business account at the same time when they arrive.
Yes. Since 1 January 2026 Bulgaria uses the euro, at a fixed rate of 1.95583 lev to the euro, and the lev has been retired. Your account, card and salary are all in euros.
It is down to strict anti-money-laundering and know-your-customer rules. A newcomer with no local history is scrutinised more heavily, and some branches simply decline rather than do the extra work. The right branch and the right paperwork avoid this.
