How to open a bank account in Romania?

After Romania joined the European Union, the country's banking system was brought to the standards of this organization. Most of the financial institutions operating in the country are affiliates of foreign banking groups. There is a high level of financial services, online banking is developed. From the reports of the last three years, it follows that Romanian banks are working with a positive financial result.

The quality of customer service is growing every year, a full range of services for doing business is offered. Private and corporate clients are provided with the proper degree of protection of personal data.

There are financial institutions of narrow specialization in the country, created to improve the quality of customer service in certain industries, multi-profile banks, departments for servicing VIP clients. Specialization is important to consider when registering a company and opening a current account.

Why do I need a bank account in a Romanian bank?

A valid bank account is required for financial transactions in the country and in the EU states:

• for doing business;
• when moving to Romania for permanent residence;
• if you work in the country or travel there frequently for tourism purposes.

Entrepreneurs, individuals from Ukraine, CIS countries, due to the unpredictability of capital storage within their native countries, prefer to keep funds in foreign banks. Since 2019, citizens of Ukraine can open accounts in foreign banks, including in Romania, for an amount not exceeding 100,000 euros.

Who can open an account in a Romanian bank?

Any citizen of Romania or a foreigner from an EU state can register a financial account. For such citizens, the procedure is simple. If the service applicant comes from a country that is not a member of the EU, in addition to the standard package of documents, proof of residence in Romania, a valid employment contract or a letter of recommendation from the employer is required.

The procedure for opening a bank account in Romania for non-residents

How to open a bank account in Romania? This can be done by independent in-person contact, through an intermediary company, independently in a remote mode. Non-resident individuals provide:

• international passport;
• confirmation of the legality of stay in the country;
• documents confirming the origin of income;
• questionnaire. The list of questions in it may differ in different institutions, but the essence is the applicant's explanation of the purpose of the account and the list of proposed transactions;
• statements from past banks to check credit history;
• marital status data.

Only a few banks open settlement accounts for entrepreneurs from Ukraine, Belarus, Moldova. Requirements and documents for legal entities:

• the company has a website, actual legal address;
• statutory documents;
• information about the owners of the company;
• contracts explaining the type of activity;
• information about counterparties with whom it is supposed to conduct business relations.

The opening procedure includes obtaining certificates of the absence of debts, filling out a questionnaire in person or remotely. The security service of the institution checks the information provided. In case of a positive result, an agreement is concluded with the client and an account is opened.

Submission of documents does not guarantee a positive response from the bank. The applicant may be refused without giving reasons.

The main bank account is a settlement (current). Upon opening, for the convenience of settlements, the client is issued a debit card. Less often, a credit card with a dedicated overdraft is attached to the account, the amount of which is determined by the decision of the bank individually.

Since the beginning of the war between Russia and Ukraine, Romania has been accepting Ukrainian refugees. For them, the procedure for opening an account is simplified as much as possible. Procedure:

• registration on the official website of a financial institution;
• choice of debit card type;
• filling out a questionnaire;
• video call with the manager and signing of an electronic service contract.

To put money into the account, you need to provide evidence of the legality of their origin.

Results

The beginning of financial activity in a foreign country should be approached with maximum responsibility. If your own knowledge for choosing a bank, justifications for opening an account is not enough, it is better to consult with specialists.

Opening an account guarantees round-the-clock access to it by remote means, the ability to pay not only in Romania, but also in the EU countries, and pay with a card anywhere in the world. Preservation of confidentiality and banking secrecy is guaranteed. The most famous financial institutions providing the service are Banca Comercială Română, Banca Comercială Română, Raiffeisen Bank Romania.