Bulgaria (BG)
Bulgaria is the oldest state in Europe (founded 681 AD), a member of the European Union since 2007, and one of the most affordable countries for expats in the EU.
Banking in Bulgaria
Recommended banks, payment culture and credit score basics.
Bulgaria has a well-developed banking sector, largely owned by major European banking groups. The banking system is stable and has improved significantly since joining the EU. Bulgarian banks are generally straightforward to use and offer good online banking. The main challenge for expats is that banking interfaces and communication are primarily in Bulgarian. International neo-banks (Revolut, Wise) are extremely popular among expats and handle many day-to-day needs. Note: Bulgaria adopted the euro on 1 January 2026 — BGN accounts have been converted to EUR at the fixed rate of 1.95583 BGN = 1 EUR. All fees and balances previously quoted in BGN now apply in EUR at this rate. Confirm current account denominations and card details with your bank.
Recommended banks
Revolut
EnglishMonthly fee: Free (standard) | €7.99/month (Premium) | €13.99/month (Metal)
Requirements: Passport, selfie, Bulgarian phone number or any EU number. Fully online — no branch visit. EGN not required for basic account.
- + Full English app and support
- + Instant account opening without visiting a branch
- + Fee-free international transfers at mid-market rate
- + Multi-currency accounts (EUR, USD, GBP, etc.)
- + Free ATM withdrawals up to monthly limit
- + Excellent for managing finances across multiple countries
- + Bulgaria now uses EUR — no currency conversion needed for EU salary or expenses
- - Not always accepted for official Bulgarian purposes requiring a "Bulgarian bank account"
- - Customer support can be slow
- - Lithuanian IBAN — some Bulgarian institutions require a BG IBAN
UniCredit Bulbank
EnglishMonthly fee: €0–5/month depending on account type (converted from BGN at 1 Jan 2026 adoption)
Requirements: Passport or ID, address registration (адресна регистрация), EGN or LNCH. Branch visit required. Some branches have English-speaking staff.
- + Largest Bulgarian bank — extensive ATM and branch network
- + Part of Italian UniCredit Group — international standards
- + Bulgarian IBAN for official purposes
- + Online banking in English available
- + Good mortgage and business banking services
- + Accepts EU and non-EU customers with valid documents
- - Branch visit required for account opening
- - Some services still Bulgarian-language only
- - Higher fees than neo-banks
DSK Bank
Monthly fee: €2–4/month (converted from BGN at 1 Jan 2026 adoption)
Requirements: Bulgarian ID or passport, EGN/LNCH, proof of address. Branch visit required.
- + Second largest Bulgarian bank — excellent branch coverage
- + Strong online banking platform
- + Good consumer credit and mortgage products
- + BULBANK ATM network access
- + Part of OTP Group (Hungarian)
- - App and online banking primarily in Bulgarian
- - Limited English service at branches
- - Some expats report slower processes
First Investment Bank (FIBank)
Monthly fee: €1.50–3.50/month (converted from BGN at 1 Jan 2026 adoption)
Requirements: Passport, EGN/LNCH, proof of address. Branch visit required.
- + Largest Bulgarian-owned bank
- + Good online banking
- + Competitive rates for deposits and savings
- + Convenient branch locations in Sofia
- - Bulgarian-language only service
- - Smaller international network than foreign-owned banks
Wise
EnglishMonthly fee: No monthly fee. Transaction fees apply (typically 0.5–2%).
Requirements: Passport, selfie. Fully online. BGN account available.
- + Best rates for international transfers
- + EUR account with Bulgarian IBAN
- + Multi-currency wallet
- + Transparent fees
- + Excellent for receiving salary from abroad
- - Not a full banking service — limited Bulgarian banking features
- - No branches or ATM network
- - Some Bulgarian institutions do not accept Wise IBAN
Payment culture
Card payments (Visa, Mastercard) are accepted in most Sofia shops, restaurants, supermarkets, and petrol stations. Cash is still preferred or required in smaller towns, markets, local cafés, taxis (without app), and rural areas. Contactless payments are widespread in Sofia. Always carry €10–25 in cash as a backup (Bulgaria adopted EUR 1 Jan 2026). Google Pay and Apple Pay are accepted at many modern POS terminals. Bank transfers (bank превод) are standard for rent, utilities, and business payments.
Cash access
ATMs (банкомати) are available throughout Sofia and major cities. Bank-branded ATMs charge no fee for their own customers. Foreign card withdrawals: typically free at UniCredit, DSK, and other EU bank ATMs. Standalone "Euronet" ATMs charge high fees — avoid. Most supermarkets offer cash back at checkout (up to €25–50). Minimum withdrawal: usually €5–10 (Bulgaria adopted EUR 1 Jan 2026).
BCRA (Bulgarian Credit Registry — Централен кредитен регистър)
Request your credit history from the Bulgarian National Bank (БНБ) Credit Register online at bnb.bg or in person at BNB offices. This shows all credit products in your name.
Free annual check: One free extract per year from BNB.
Bulgaria does not have a widely-used credit score system like SCHUFA in Germany or Equifax in the UK. Banks use their own internal assessment processes. Building a credit history in Bulgaria: open a credit card, use it and pay in full monthly. Good BCRA history helps with mortgage and loan applications.
International transfers
Bulgarian banks offer SEPA transfers (for EUR transactions within EU) and SWIFT for international transfers. Bulgaria uses EUR since 1 Jan 2026 — all domestic transactions are now in EUR. Revolut and Wise are significantly cheaper for international transfers than traditional Bulgarian banks. SEPA transfers within EU: 1–2 business days, usually free or low fee. SWIFT international: 3–5 days, ~€8–15 bank fee + correspondent bank fees. Wise and Revolut are the preferred choice for expats receiving foreign salaries.