How to set up banking in Romania as a foreigner
Opening a bank account in Romania as an expat: difficulty level, required documents, digital banking options, and international transfer tips.
The banking system in Romania may feel unfamiliar at first. Knowing the right steps before you arrive makes the transition much smoother.
Banking Overview in Romania
| Feature | Details |
|---|---|
| Currency | Romanian leu (RON) lei |
| Bank Account for Foreigners | Yes |
| Access Difficulty | Medium |
| Remote Opening | No |
| Wise Available | No |
| N26 Available | No |
Opening a Bank Account in Romania
Foreigners can open bank accounts in Romania. The process difficulty is rated as medium, which means you should expect some bureaucracy and possibly language barriers.
Required Documents
- Valid passport or national ID
- Proof of address / residence registration
- Residence permit (if applicable)
- Tax identification number (if available)
- Initial deposit (amount varies by bank)
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Digital Banking Options
Wise (TransferWise)
Wise has limited availability in Romania. While you may be able to send money to Romania, full local account features may not be available. Check their website for the latest on Romania-specific services.
N26
N26 is not currently available in Romania. You may need to consider local digital bank alternatives or traditional banks.
International Transfers
When transferring money to or from Romania, consider these factors:
- Exchange rate: The currency is RON. Always compare the offered rate with the mid-market rate.
- Transfer fees: Transfer fees vary — compare providers like Wise for the best rates.
- Transfer speed: Bank-to-bank (SWIFT) transfers take 2-5 business days. Digital services often complete within 1-2 days.
- Regular transfers: If sending money home regularly, set up a recurring transfer to lock in better rates.
Salary and Everyday Banking
The average salary in Romania is approximately €1,400 per month. Your employer will typically require a local bank account for salary deposits. Most banks offer:
- Debit card (Visa or Mastercard)
- Online banking portal and mobile app
- Direct debit setup for rent and utilities
- ATM withdrawals (check fee policies)
Tips for Expats
- Set up online banking immediately: Most routine transactions can be handled online or via app, saving you queues and branch visits.
- Understand tax reporting: Bank interest may be taxable. Ask your bank about withholding tax and whether they report to foreign tax authorities.
- Compare fees before choosing: Monthly account fees, ATM charges, and international transfer costs vary wildly between banks. Ask before you open.
- Get a local phone number first: Most banks require a local mobile number for SMS verification. Set this up before visiting the branch.
- Use a multi-currency card: A multi-currency travel card (Wise, Revolut) saves you exchange fees during the transition period.
Additional Practical Information
The following information is compiled from expat community sources and recent reports to complement the official data above.
Key Institutions and Services
Based on current expat reports, the following organisations and services are relevant for newcomers to Romania:
- Romania Commercial Bank
- Romania National Bank
Additional Data Points
Recent reports and expat sources provide these additional figures for Romania:
- Romania has 37 commercial banks, which, in turn, have somewhere around 6,500 branches across the country. Among the most important ones is the Romania Commercial Bank. CEC Bank, ING Bank, Transilvania Bank, and Raiffeisen Bank. All the banking system is governed by the National Bank of Romania, which has the head office in Bucharest. Foreigners will also find a large number of international banks across the country.
- The community of expats in Romania is becoming more and more numerous. Therefore, opening a bank account is mandatory when planning a long stay in this country. The procedures are not that complicated but differ from bank to bank. Here are the general formalities expats need to know, along with the benefits of banking in Romania.
- The process of opening a bank account is not that laborious, but mandatory to proceed. You do not need to be a resident of Romania first of all. Then, expats need to call the bank they are interested in and schedule an appointment with one of the bank officers. Make sure that you have the passport with you and you know the list of requirements of the specific bank.
- You can choose to open an account with Euros and Romanian LEU. Or you can have separate accounts for both of the currencies. Also, it is mandatory to deposit into your account a minimum amount of money, so the account will become operational.
- For a foreigner, it is mandatory to have the following documents to open a bank account:
- Note that some banks might ask for further documents, depending on the specific situation you are going through.
Additional data sourced from expat community reports. All information should be verified with official sources.
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Frequently Asked Questions
Can I open a bank account in Romania as a foreigner?
Yes, foreigners can open bank accounts in Romania. The difficulty level is rated as medium. CNP helpful. BRD and Raiffeisen accessible. You will typically need your passport, proof of address (registration), and sometimes a residence permit.
Can I receive my salary in a foreign bank account in Romania?
Technically yes, but most employers in Romania prefer paying into a local bank account. Using a local account avoids international transfer fees and delays.
Is cryptocurrency banking available in Romania?
Cryptocurrency regulation in Romania varies. Some banks allow crypto-related transactions while others restrict them. Dedicated crypto exchanges operate in many countries. Check local regulations before trading or holding crypto assets in Romania.
Do I need a residence permit to open a bank account in Romania?
Many banks in Romania require a residence permit or proof of address before opening an account. Requirements vary between banks, so shop around.
How do ATM withdrawals work in Romania?
ATMs are widely available in Romania. Your bank's ATM network is usually free; out-of-network ATMs may charge lei1-5 per withdrawal. International cards may incur additional fees.