Banks in Bulgaria

Bulgarian banks connect customers to the payment system and safeguard money held in accounts. They commonly serve individuals, sole traders, companies, public bodies, and nonprofit organizations. A payment or current account is used for everyday transactions. It normally has an IBAN, which identifies the account for transfers, while access may be provided through a branch, payment card, online banking, or a mobile application. A debit card usually spends money already available in the linked account. A credit card or overdraft uses borrowed money, so interest, repayment rules, limits, and late consequences must be understood separately. Savings accounts and term deposits are intended for money that is not needed for immediate spending. Access conditions and returns can differ, and ending a fixed arrangement early may reduce the expected benefit. Banks must identify their customers and may ask about address, tax residence, occupation, business activity, or the source of funds. Additional checks are normal when transactions are unusual or when account information is incomplete. Fees can apply to account maintenance, cards, cash withdrawals, transfers, currency conversion, paper statements, or extra services. A low charge in one area does not guarantee that the whole account is inexpensive. Electronic banking is convenient but requires careful security. Customers should protect login details, verify payment instructions, distrust urgent requests for codes, and contact the bank through a known channel when something looks wrong. Opening, changing, or closing an account is a contractual process. Customers should keep the agreement, fee schedule, account statements, and proof that unwanted services or accounts were properly cancelled.