How to open a bank account in Bulgarian American Credit Bank

Beginning of cooperation	Last contact	Last update
January, 2015	December, 2021	March, 2021

GSL reference about the bank *

Primary requirements:
- the bank opens checking and savings accounts;
- an account can be opened without leaving Bulgaria by meeting with a representative of the Bank in Moscow;
- there are no minimum balance requirements;
- the term for opening an account - case by case (check with the consultant)

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Bank's characteristics

General information and rating

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Global rating	Countrywide rating	Countrywide rating of the head bank	Global rating of the head bank	Credit rating
Not rated	Not rated	—	—	N/R

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Year of foundation	1996
History	The founder of the Bank is the Bulgarian American Enterprise Fund (BAEF). BAEF is a private corporation established in the US. Initially, the Bank was granted a limited banking license by BNB. In 1998 the banking license was expanded. In April 2006, the controlling shareholder of the Bank at this moment - BAEF - sold around 30% from the capital of BACB through secondary public offering of shares executed on the Bulgarian Stock Exchange and the Bank received the status of a public company. On August 29, 2008, after obtaining the required approvals from the authorities in Bulgaria and Ireland, Allied Irish Banks, p.l.c., (AIB) acquired 49.99% of the voting stock of BACB and the participation of BAEF was accordingly decreased to 3.89%. On July 17, 2011, Allied Irish Banks, p.l.c. sold its 6,311,100 shares, representing 49.99% from the registered capital of BACB, to CSIF AD (www.csif.bg), a Bulgarian private investment company, after receiving the necessary approvals from Bulgarian authorities.
Personnel	English & Bulgarian
Bank’s shareholders	CSIF AD (www.csif.bg)
Confidentiality	Judicial Cooperation Agreement with Russia is signed; Double Taxation Agreement with Russia is signed; AML legislation is strictly observed

Minimum requirements

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Minimum balance, €	Transactions permitted per month	Initial deposit of funds, €	Deadline for the initial deposit, month	Minimum turnover, €/year
0	No restrictions	0	No restrictions	No restrictions

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Minimum balance, €	The bank does not limit the number of transactions
Transactions permitted per month	Not required
Initial deposit of funds, €	Not required
Minimum turnover, €/year	No requirement for minimum turnover

Tariffs and services

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Outcoming transfer, €	Incoming transfer, €	Account maintenance, €/year	Payment limit for credit cards, €/day	Funds to be blocked for CC issue, €
50	50	60	2 000	N/A

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Outcoming transfer, €	Outgoing payments - Processing of a payment initiated via Internet banking/Virtual banking (and/or other electronic device) - 0.1% (min EUR 10, max EUR 200) with value date – 2 working days; 0.15% (min EUR 15, max. EUR 300) with value date – same/next working day
Incoming transfer, €	Incoming payments - 0.1% (min EUR 8, max. EUR 200)
Account maintenance, €/year	The commission for opening an account is 25 EUR, for closing an account - 8 EUR. The monthly account maintenance fee ranges from 3 to 10 EUR
Payment limit for credit cards, €/day	Debit Card VISA Business - EUR 2000 - 5000. MasterCard Business - EUR 2000 - 5500
Distant access to the account	Internet Banking / Virtual Banking
Financial products	Банк предлагает широкий спектр банковских услуг и продуктов для корпоративных клиентов и частных лиц, в том числе гарантии, кредиты, escrow счета и пр.
Credit/debit cards	VISA Business, MasterCard Business

Account opening procedure

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Days to open for incoming transfers	Days to open for outcoming transfers	References	Business description	Purpose of the account
case by case	case by case	Not necessary	Detailed	Savings & current

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Visit to the bank	It is possible to open an account without visiting the country where the bank is located
Required	Photocopies of constitutive documents of the company, photocopy of director’s/ attorney’s passport
Types of accounts	Personal; Corporate; Savings; Current
Opening procedure and Due Diligence	It is possible to open an account without visiting the country where the bank is located
Chances to open an account	Predictable
Business description	Reasonably detailed: the bank would like to have the information on the sources of funds, together with the business description.

How to open a bank account in Bulgarian American Credit Bank

GSL reference about the bank *

Bank's characteristics

General information and rating

Minimum requirements

Tariffs and services

Account opening procedure

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