Basics of banking in Bulgaria



Anywhere in the world, successful banking will require knowledge and understanding of the local currency.

In Bulgaria, money comes as Lev (the currency of Bulgaria), which can be divided into 100 Stotinki (Bulgarian coin) and has a permanent value of 1.955 to 1 Euros. The country has strict currency rules and anyone bringing in more than 8,000 Leva have to declare it to customs upon arrival.  

Anyone moving to Bulgaria will benefit from opening an account at a local bank. Whether for direct paycheck deposits or for paying the bills, having one's own bank account will surely make a lot of things more convenient for any expat. The fact that it is practically free to open a bank account in Bulgaria helps in simplifying the procedure. This is going to be very helpful for expats, especially those who need to send money back home. Interest rates are at 1.25%, and the most common banks in Bulgaria include the UniCredit Bulbank, DSK Bank EAD, United Bulgarian Bank, Alpha Bank and Raiffeisenbank (Bulgaria) EAD. 

What's even more convenient is that anyone can open a bank account without any service charge. The amount one initially puts in will depend wholly on the person, as there is not any minimum initial deposit amount. Expats do enjoy great freedom when banking in Bulgaria, although all banks are closed on weekends and national holidays. Mondays thru Fridays, however, banks are open. 

Requirements for banking in Bulgaria differ from bank to bank, but the most important of these is proof that one is a Bulgarian resident. This means one must be a legally documented immigrant of the country before he can open an account. It is important to note that to open a bank account, the requirements needed include a valid passport, proof of address, any utility bill and the deposit of a small amount of money.


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Moving to Bulgaria


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