How to Open a Bank Account in Romania

The average time taken to open a bank account for an individual or legal entity (company) is one day. You can open any account in any currency.

To be able to open an account in Romania, you must:

• be present in person all the founders or the head of the company;
• have a passport of all founders or a passport of the head;
• original and a copy of the registration documents.
• personal presence at the opening is required – in the future you can dispose of the account on behalf of.

Banc Post S.A. – provides banking services with the purpose of serving individuals and small and medium enterprises. The bank has operated for over 25 years. In all this time, it could prove itself as a stable financial structure capable of acting in conditions of crisis.

BCR – Banca Comerciala Romana – a bank that offers to open a personal account for a non-resident in any currency circulating within the EU. The financial organization lends not only to the local population but also to small businesses. Furthermore, this bank enjoys a high demand among Romanian residents, according to the highest interest rates on deposits among all local banks.

Full-speed application and transaction processing is available with Vanguard Securities. Opening an account will require at least one party’s personal presence in the bank representative office, and internet banking will be provided for the management of your own bank account.

Banca Transilvania – provides service for a big number of investment funds, including in Russia. Moreover, the Bank offers a full range of services in servicing deposit and savings accounts. For customers’ convenience, it provides a service of remote management of a bank account using Internet banking.

Raiffeisen Bank is one of the largest financial institutions in Europe. The bank has at its disposal branches and representative offices in almost every European country. The Bank is characterised as an institution with an overestimated system of confidentiality and security. To register, you will necessarily need a personal meeting with the manager.

Features of receiving an account by non-residents

In order to receive a personal account in one of the Romanian banks, you need to provide a set of documents: a passport, extracts from previous banks, credit history, and income statement.

The registration of a foreign company in the Bank of Romania has some features. For example, at the legislative level, the Romanian financial organizations do not have the right to open a bank account for companies whose name does not contain a word in the Romanian language. At the same time, the names of the country itself, as well as the words “national”, “university” are forbidden in the slogan or the name of the company.

It is worth noting that information about the founders of the company registered with the bank is entered in the open register. In order not to disclose our confidential information, we have to resort to nominee managers.

Advantages of Opening a Bank Account in Romania

Having a bank account in a Romanian financial institution allows its owner to engage in financial transactions not only in Romania but also in the rest of the European Union.

Different specializations of Romanian banking institutions. Nowadays, on the territory of this state, there are both multidisciplinary financial institutions serving different business segments and narrow-profile organizations serving companies whose activities are related to a specific industry—for example, mechanical engineering, shipping, metalworking, etc.

With each passing year, the quality of service in Romanian banks is improving. Nowadays, clients of Romanian banks can use a full list of financial services needed for efficient business activity.

Romanian banks provide a very high degree of protection for clients’ deposits, private and corporate accounts that are upgraded every year.

The Romanian government has prepared a package of draft laws that substantially simplifies the procedure for registering a bank account both for residents and non-residents.

Other Benefits of Opening an Account in a Romanian Bank

The bank account opened in a Romanian financial institution provides its owner with the opportunity to conduct not only local but also international settlements within the territory of the EU. This seriously extends the possibilities of entrepreneurial activity development from local to the level of an international company.

There are various specializations of the Romanian banking institutions. Nowadays on the territory of the country, there are both multidisciplinary financial institutions providing services for various business segments and narrow-profile organizations serving companies whose activity is related to a certain branch—for instance, mechanical engineering, shipping, metalworking, etc. Private clients are served by the relevant financial institutions. Such kind of organizations is in demand not only among the local population but also among foreign investors.

Every year, the quality of the service in Romanian banks is developing. By estimations of analysts, in the near future local financial institutions will be approaching the quality level of the world’s best ones by this indicator. Nowadays, clients of Romanian banks can use the whole list of financial services necessary for effective business activity.

Romanian banks offer a high level of security for clients’ deposits, private and corporate accounts, which is enhanced annually. The status of an account can be monitored from a distance by the clients of the bank with the help of a special application that has been made fully functional for all kinds of financial operations.

The Romanian government has elaborated a package of bills that substantially simplifies the procedure of registering a bank account, both for residents and non-residents alike—for citizens of other European Union countries. The opening procedure of the account is a little more complicated for residents of the rest of the world, but nothing insurmountable—again, with the help of an experienced lawyer.

The possibility of opening an account in a Romanian bank will allow you to: safely store your funds in a European bank; for those employed in Romania, receiving wages; pay for goods and services without using cash; replenishment of bank cards of non-residents; use a bank card without any restrictions; receive money on its own bank card in Romania; use Internet banking.

It is possible to open an account in a Romanian bank only by a personal visit to the bank branch with the submission of documents.

What documents are needed for opening a bank account in Romania for legal entities

As a rule, when applying for the opening of a bank account for a legal entity, you should prepare:

• Copies of passports/identity cards of administrators (directors) and shareholders;
• Company Charter;
• Copy of the registration certificate issued by the Romanian Trade Register;
• Extract from the trade register not older than 7 days and samples of signatures.

In case the shareholder of a Romanian company is another legal entity, usually banks require a decision of the shareholder regarding the establishment of a Romanian company.

What documents are required to open an account in Romanian banks for individuals

• Identity document (passport, ID card)
• Document of registration of residence
• Permit to legally stay in the country

Moreover, there may be a requirement for:

• Income statement
• An extract from financial institutions whose service the client used previously
• Credit history, confirming the conscientious performance by the client of his obligations to creditors.

The opening of a bank account in Romania involves professional assistance to meet with a lawyer for consultation regarding the availability of proper documents for opening an account, conditions for opening an account, bank billing, support to the bank, and help in filling out the bank documents and other services involving banking.

If you would like to open a business bank account in Romania, please contact our staff here at RUE. We have already had eight years of experience opening bank accounts for our clients in Europe. Drawing on an extensive network of reliable partners among European financial services providers, we select the most appropriate and cost-effective solutions that enhance the operational efficiency of the businesses we support.

Business Bank Account in Romania

Opening a corporate bank account in Romania will be of great significance to those enterprises seeking to expand business internationally. Being a member of the European Union, Romania offers favorable conditions in conducting business and opening bank accounts. The following article takes a closer look at the most important features and advantages of opening a corporate bank account in Romania.

Benefits of Opening a Corporate Bank Account in Romania

• Access to the European Market: The fact that Romania is an EU country opens companies’ ways to a huge internal market, which favours business expansion and development of international relations in general.
• Stable Financial System: The Romanian banking system is characterised by stability and transparency that ensure the security of monetary transactions and safeguarding interests of the clients.
• Large Range of Financial Services: Banks in Romania are allowed to offer such a wide choice of financial services and products, be it corporate loans, deposits, debit and credit cards, that a company can choose the kind of financial service or product most relevant for the purpose.
• Convenience and Efficiency: The process of opening a corporate bank account in Romania is usually simple and convenient, thanks to the professionalism of the banking staff and the efficient banking infrastructure.

Steps Involved in Opening a Corporate Bank Account in Romania

Personal Bank Account in Romania

In this respect, opening a personal bank account in Romania covers the most important step for those who want to live or work within its borders, as it provides direct access to a variety of banking services, which make human life very easy by taking care of people’s funds. Romania offers a sound financial system with an extensive variety of banking products and services and is considered to have a favorable tax climate, so it is an ideal destination where one can open a personal bank account. This article explores the most important aspects and advantages related to opening a personal bank account in Romania.

Benefits of Opening a Personal Bank Account in Romania

• Security and Reliability: The Romanian banking system should display a high level of security and reliability, meaning that it will protect your finances and personal data accordingly.
• Rich Choice of Financial Services: Banks in Romania offer various types of financial products and services: a debit and credit card, savings account, deposit, and internet banking services that fit different customers’ needs.
• Convenience and Efficiency: Normally, it is easy and convenient to open a personal bank account in Romania with the professionalism of bank employees supported by modern technologies.
• Favorable Tax Climate: Romania has low tax rates, both for income and inheritance; this is one of the many reasons people would want to open a personal bank account and invest in this wonderful country.

Steps to Follow in Opening a Personal Bank Account in Romania

By opening a personal account in one of the banks in Romania, you will be granted almost all types of available financial services and you will be able to manage your finance in one of the most stable and reliable banking systems. While choosing a bank, take into consideration the reputation of the bank, terms of service, and financial products proposed with the purpose of making as favorable a choice as possible.