Romania is a European country, bordered by Hungary, Serbia, Bulgaria, Moldova, and Ukraine. It uses the Romanian leu, despite it being a member state of the EU. The Romanian banking system has 37 commercial banks with around 6,500 branches across the country. They include the Romania Commercial Bank, CEC Bank, Transylvania Bank, etc. The National Bank of Romania governs all the banking systems of commercial banks. There are several international banks across the country, which are more familiar to foreigners in Romania.
As more expats live in Romania, opening a bank account is necessary when staying for a long time. Although the procedures are not complicated, they differ from bank to bank.
Conditions for opening an account in Romania
Opening a bank account in Romania is as easy as making an omelet. The process might seem tasking, yet it is simple to follow. To successfully open a bank account, it is not required for a person to be a resident of Romania. The first step for expats who want to open an account is to call the bank they are looking to open an account with and then fix an appointment with one of the bank officers. There is no strict policy on the type of currency to open an account with. Be it with Euros or Romanian leu. After opening the account, a certain amount of money is expected to be deposited in the account for it to become functional.
Types of bank accounts in Romania
Expats in Romania can only open certain types of accounts at most banks in the country, namely, the basic account, the credit account, the savings account, etc. Due to differences in bank policies, the banking fees, commissions, conditions, and interest rates differ from bank to bank. Thus, it is advisable to make research and then compare these factors before deciding on a bank to open an account with.
Documents needed for opening a bank account in Romania
Foreigners in Romania require the following documents for them to successfully open a bank account:
- Passport
- Tax residency
- Employment contract
- Proof of address, such as the utility bills or the renting contract
- Previous bank statements, etc.
The provision of further documents depends on the type of account to be opened and the bank policy.
Bank fees in Romania
Bank fees are peculiar to all banks, but every bank charges a different feel from the other. Since paying a lot of expensive fees for using a bank account sounds ridiculous, it is important to be aware of the costs of keeping the account. Having a good idea of the price list of the bank one wants to open an account with, is advised. However, for better understanding, a banker at the bank can explain further how to keep an account with their bank. Another method is by checking the fees on the list of prices, which is available on the internet for anyone to access.
Types of Cards in Romania
These are the main types of bank accounts usually opened by ex-pats in Romania. When choosing debit cards, it is important to note that the debit cards are tied directly to the checking account and can be used the same way as a credit card. It requires the use of a pin for completing the transactions. Credit cards, on the other hand, are credit that foreigners can access with their cards. Usually, one must sign on all purchases done with a credit card. There is interest to be paid on the purchases made in case there is no payment in 30 days.
