OPENING A BULGARIAN BANK ACOUNT

It will be necessary to open a Bulgarian bank account at some stage either during or after the buying process. All that is necessary to open an account is a valid passport.
Banking hours are 9.00am to 4.00pm.

We opened a euro account on our first viewing trip, as it was a free service provided by the representative of the agent. He drove us to the bank and assisted us by acting as a translator between ourselves and the bank. We had to deposit a small amount of 10 euros in order to ensure the account was kept open until we were ready to use it as apparently the Bulgarian banks have a habit of closing accounts which have a zero balance.

With hindsight it is worth checking a number of banks in order to decide which may be more suitable for management of your account from long distance. Many Bulgarian banks now offer an internet service, but this needs to be requested at the time of opening or on a subsequent visit.

When deciding on a bank account, look for a Bulgarian bank that can offer the following:

• An interest bearing current account, if possible
• Low fees or none at all, when receiving foreign currency transfers
• Full internet banking - with no monthly charges
• Low initial deposit to open the account
• English speaking bank staff
• Low fees or none at all for withdrawals

Page last updated: 5th February 2007