Bank account opening in Romania
FormationWise can assist you in opening a bank account in Romania from beginning to end.
Romania’s remarkably steady banking system has helped make it a top destination for ex-pats and high-net individuals looking for a fresh start. Bucharest is home to many of these ex-pats and high-net-worth individuals. Today, if you’re looking to retire, work, or study in a place filled with pleasant, hardworking people and beautiful cities, there’s no better place than Romania. Its reliable banking system comprises 30+ banks, thousands of branches, and an extensive ATM network.
Who are we
During our years of expertise we have managed to build an impressive network of experts and partners across the globe. Therefore, we are ready to face every challenge and work with our clients towards success.
What we do
Our expert team at FormationWise is here for you every step of the way. Opening a Romanian bank account is a straightforward process. However, tackling it on your own can become overwhelming. Our experts will make sure everything goes smoothly and your account is up and running in no time.
So, Why Should You Open a Bank Account in Romania?
It will benefit you significantly if you’re an international business owner, student, or even planning on relocating. Some of the top benefits you stand to enjoy include:
- Asset protection
- Risk diversification benefits
Send us an inquiry today!
Placing an order is easy
Select the offshore bank account opening package
Simply pick the offshore bank account opening package that you desire. You can do this by filling out our form, giving us a call or by placing your order via our website.
Make your payment
After you have finalized the right package for opening an offshore business bank account or a personal offshore bank account, you next need to make your payment for the service that you have selected.
Send your required documents
Step three involves sending us all of the necessary documents required to get an offshore bank account. You can send this documentation via email through an attachment or you can do so by phone.
Start the process to open new bank account
The fourth step in the process of setting up an offshore bank account online involves our team receiving yoru payment and required documentation. Once we have confirmed receipt, we will begin working on the service that you have ordered for the chosen jurisdiction.
Open an overseas bank account online
The end result of this process involves our team facilitating your offshore bank account opening.
Our Bank Account Opening in Romania Services Include
Why Choose FormationWise?
We pride ourselves in being a market leader in all things related to the process of opening an offshore bank account. Additionally, our services transcend teaching you how to open offshore company and bank account and include auditing and tax consultancy. We offer these services through our global networks of qualified experts and partners spread out worldwide. If you’re unconvinced about why you should come to us for help in setting up an offshore account, the following reasons can help convince you of our expertise:
Complete range of services
Our team provides a complete range of services dedicated to learning about the different types of offshore banking services. Our other offerings range from payroll services to offshore bookkeeping and tax planning to financial reporting and internal audits.
Highly experienced team
We have an experienced team that will assist you in opening a bank account in Romania. It’s a team that will efficiently meet all your needs, regardless of whether you’re an individual, trust, or corporation. It handles everything from compliance audits to offshore accounting.
Our pricing process is transparent and self-explanatory. You can trust us not to charge you any hidden costs for the services and advice we provide when you come to us for help with a bank account opening in Romania.
Free initial consultation
The first consultation is free. We will use this consultation to determine your needs and evaluate what we can do to help you open bank account in Romania online.
Our services are affordable and are within the market range. The FormationWise team is careful not to compromise on quality when guiding clients on how to open a bank account in Romania.
We have an effective and reliable team capable of managing your auditing and offshore accounting needs. The team will handle your financial data with care, allowing your business operations to thrive.
Banking in Romania
Ex-pats and international investors will find that money, taxes, and banking are relatively straightforward in Romania. There are several options for managing finances, as the Romanian banking system has both local and international banks.
Popular banking options include internet and in-person banking. The banking hours in Romania are from 9 am to 1 pm, Monday through Friday.
Currency in Romania
Although the country is a member of the European Union, you should note that it’s yet to adopt the Euro. Adoption is set to occur in 2027 or 2028. Therefore, as you open a bank account in Romania, you should note that the official currency is the Romanian LEU (RON).
Its currency exists in several denominations, which include the following:
- Coins (They are called bani and include 1, 5, 10, and 50 bani coins)
- Banknotes (1, 5, 10, 50, 100, 200, and 500 RON notes)
ATMs and Credit Cards
Locals refer to ATMs as (bancomat), and they are largely available in all the major cities. Common locations include shopping centers and bank branches. Stores in major cities accept credit cards issued by renowned firms such as Plus, Visa, Star, and MasterCard.
Stores located in smaller towns are unlikely to accept credit card transactions.
Key documents you need to prepare
Anyone planning to go through the motions of a bank account opening in Romania must prepare several documents. These documents can help prove that they are who they claim to be.
They will include a driver’s license, a copy of your passport, or any other official document issued by a government agency in your home country. Depending on the chosen bank, you may have to provide documentation to prove your official address.
An example of such a document can include a utility bill. The bank you’re dealing with will need to confirm its authenticity before processing your application. As such, we recommend that you get these documents notarized before submitting them for processing.
In some cases, you may have to provide additional documentation before you can open a bank account in Romania. For example, the banking facility may request that you supply a financial reference document given to you by your bank.
In summary, some of the documents you may have to make available are:
Which Banks to Choose?
Romania has a robust banking ecosystem comprising tens of banks. Below is a look at some of the leading brands and their areas of specialization:
Aedificium Banca Pentru Locuinte S.A came into the industry in July 2004 and traded under the name Raiffeisen Housing bank. The bank specializes in lending and savings for construction and housing.
Alior Bank S. A was established in 2008 and is a universal bank out of Poland. Its services target individual and corporate clients looking to open offshore bank accounts. It combines the principles of innovative solutions with traditional banking.
The European Bank of Reconstruction and Development established Alpha Bank Romania S.A. in 1993. It began operating a year later and provides a broad range of services to individual clients, SMEs, and large corporations.
Banca Comerciala Romana S. A. came into the banking sector in 1990 after taking over the operations of the former National Bank of Romania. Erste Bank from Austria acquired it in 2006, and today offers universal banking solutions, private pensions, and covers leasing operations.
As you prepare to open a bank account in Romania, please note that it’s not uncommon for offshore account holders to pay for banking services in the country. We recommend going through all paperwork to prevent any unwanted surprises.
Make sure you know what you’re signing up for and determine whether there’s a need to upgrade your package to enjoy additional benefits. Examples of banking fees that you’re likely to encounter include the following:
These charges are bank-specific and may vary from bank to bank. A good example is when withdrawing cash from an ATM of a different bank other than the one that issued the card. Such a transaction may attract higher withdrawal fees.
Other fees that may affect you when using an offshore business bank account are the transfer fees. These fees will commonly affect people who tend to make regular or semi-irregular international transfers from their offshore business accounts.
How Long Will the Process Take?
Although the process of opening an offshore bank account may appear challenging, the reality is that it is relatively straightforward. The expert guidance offered by the FormationWise team will ensure that it proceeds smoothly.
To prevent unnecessary delays, you’re advised to carefully check your paperwork and the accompanying documentation. Providing incorrect or incomplete sets of papers will cause this process to take longer than it needs to.
If you have any questions, make sure to consult the team at FormationWise. In most cases, it takes 1-2 business days to complete the application process.
Offshore banking in Romania is pretty easy and includes everything an international investor may expect from a banking system. You’ll find that it encompasses all the characteristics of modern banking that you already know, e.g., in-person and internet banking.
Additionally, you don’t need much documentation to open a bank account in Romania, even if you’re not a citizen. For a personal offshore bank account, the bank will require you to provide previous bank statements, proof of residency, an initial deposit, and a copy of your passport.
Some banks may require you to furnish them with a copy of your salary slip or employment contract. Examples of banks to consider for your offshore banking needs include UniCredit, Alpha Bank, and BRD.
The documentation required for bank account opening in Romania may vary from bank to bank. As a rule of thumb, there are certain documents that the business owner or corporation should expect to provide. They include the following:
- Copies of I.D. cards or passports of the shareholders and directors (administrators)
- Copy of the Certificate of Incorporation provided by the Romanian Trade Register
- Copy of the Company’s Article of association (Romanian)
- The Trade Register Extract (it must not be older than one week)
- Specimen signatures
- Shareholder resolution that agreed to the creation of the business entity (it only applies where the shareholder of this new entity is another business entity.
Students, international investors, and high-net-worth individuals are some of the people who need to open an offshore bank account in Romania. FormationWise recommends this account for any person who has financial commitments spanning multiple jurisdictions.
The account will make it easier for you to attend to and manage your commitments. It allows you to move your money easily, ensuring you’re able to make payments and transfer money at the click of a button.
An offshore business bank account also comes in handy if you want to reduce your political risks.
No, you don’t need to have Romanian residency to open offshore bank account remotely. According to federal regulations, ex-pats and international investors have the option to open a nonresident offshore bank account.
However, this is grounded on you providing all the documentation requested by the bank. If you have your paperwork in order, it should take you 1-2 business days to get your account information.
Unlike other countries in the E.U., Romania doesn’t use the Euro, at least for now, and instead uses its own currency known as the RON or Romanian leu. One leu has 100 bani. The leu is the country’s dominant standard.
Foreigners can, however, still exchange U.S. dollars and euros in Bucharest at the available foreign exchange centres. If you conduct business using multiple currencies, make sure to look at the types of offshore banking available and choose the appropriate one.
The National Bank of Romania operates as the country’s Central Bank and is headquartered in Bucharest. The bank is an independent public institution whose primary role is to guarantee and maintain price stability at all times.
It assists in supporting the general economic policies advanced by the government of the day without prejudice to its primary goal. The bank became a part of the European System of Central Banks in January 2007 when the country joined the European Union.
Yes and No! Many offshore bank accounts require the applicant to make a face-to-face appointment. Often, the processing bank will allow you to start the application process by post or online, but you’ll need to make an appointment with the local branch to complete it. The same holds if you want to validate the account and make it operational.
For most businesses and corporations that undertake international transactions, it makes sense to consult FormationWise on the benefits of setting up an offshore account. This account will enable the company to operate in Romania and other jurisdictions.
Other benefits offered by an offshore bank account will include the following:
- Access to new and extensive investment opportunities
- The account offers a higher degree of privacy for your company
- Offshore banking in Romania means less exposure to market fluctuations
- The accounts offer increased tax benefits
No, the process of opening an offshore bank account in Romania is pretty straightforward. To make it proceed smoothly, make sure to gather the documents needed by the bank beforehand.
Once you hand them over and fill in the application forms, it shouldn’t take long to get accepted and approved to operate a Romanian bank account.
Your offshore banking provider should meet your financial needs. Remember, every bank will differ in terms of its strengths, so it may take a while before you can find one that satisfies your banking needs.
FormationWise recommends choosing a bank that has the following qualities:
- Low banking fees
- Internet banking and in-person banking
- ATM access
- High-interest savings rates
Carefully consider every service on offer by a bank before settling on one.