Opening a Bank Account in Romania

It takes an average of one day to open a bank account for an individual or a legal entity (company), while you can open an account in any currency.

To open an account in Romania, you must:

• personally attend all the founders or the head of the company;
• have a passport of all founders or a passport of the head;
• the original and a copy of the registration documents.
• Personal presence is required at the opening (for individuals). In the future, you can dispose of the account on behalf of.

Banc Post S. A. – offers banking services aimed at servicing individuals and small and medium-sized businesses. The Bank has been operating for more than 25 years. During this time, it was able to prove itself as a stable financial institution capable of functioning in a crisis.

BCR – Banca Comerciala Romana – the bank’s services include the possibility of opening a personal account by a non-resident in any currency operating in the EU. The financial organization offers lending services to the local population and small businesses. In addition, among Romanian citizens, BCR is popular as a bank with maximum interest rates on deposits compared to other local institutions.

Vanguard Securities is characterized by extremely high speed of processing applications and transactions. To open an account, a personal presence is required at the bank’s representative office, and Internet banking services are provided to manage your own bank account.

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

Raiffeisen Bank is one of the largest financial institutions in Europe. It has branches and representative offices at its disposal in almost every European country. The Bank is characterized 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

To obtain a personal account in one of the Romanian banks, you must provide a set of documents, including a passport, extracts from previous banks, credit history and income statement.

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

It is worth noting that the data on the founders of the company registered with the bank are entered in the open register. To maintain confidentiality, we have to use 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.

A variety of specializations of Romanian banking institutions. Today, on the territory of this country, there are both multidisciplinary financial institutions providing services to various business segments, and narrow-profile organizations serving companies whose activities are related to a specific industry (for example, mechanical engineering, shipping, metalworking, etc.).

The quality of service in Romanian banks is growing every year. Today, clients of Romanian banks can use a full list of financial services necessary for effective business activities.

Romanian banks provide clients’ deposits, private and corporate accounts with a high degree of protection (upgraded annually).

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

Additional Advantages of Registering an Account With Romanian Banks

The presence of a bank account in a Romanian financial institution allows its owner to engage in financial transactions not only within Romania, but also in the rest of the European Union. This significantly expands the range of opportunities for the development of entrepreneurial activity from the local level to the scale of an international company.

A variety of specializations of Romanian banking institutions. Today, on the territory of this country, there are both multidisciplinary financial institutions providing services to various business segments, and narrow-profile organizations serving companies whose activities are related to a specific industry (for example, mechanical engineering, shipping, metalworking, etc.). Private clients are also served by relevant financial institutions. These organizations are in demand not only among the local population, but also among foreign investors.

The quality of service in Romanian banks is growing every year. Analysts predict that in the near future, local financial institutions will approach the quality level of the world’s leading banks by this indicator. Today, clients of Romanian banks can use a full list of financial services necessary for effective business activities.

Romanian banks provide clients’ deposits, private and corporate accounts with a high degree of protection (which is upgraded annually). The bank’s clients can monitor the status of their account remotely, through a special application that has full functionality for all financial transactions.

The Romanian government has developed a package of bills that significantly simplifies the procedure for registering a bank account, both for residents and non-residents (applies to citizens of other European Union countries). For residents of the rest of the world, the procedure for opening an account is a little more complicated (but with the help of an experienced lawyer, there are no significant difficulties).

Opening an account in a Romanian bank gives you the opportunity to

• safely store your funds in a European bank
• receiving wages for employed persons in Romania
• payment in cashless form for services and goods
• replenishment of non-resident bank cards
• Use a bank card without restrictions
• receive funds to your own bank card in Romania
• using Internet banking

To open an account in a Romanian bank, you must personally come to the bank branch and provide the necessary documents.

What documents are required to open a bank account in Romania for legal entities

As a rule, when requesting to open a bank account for a legal entity, you should prepare:

• Copies of passports/identity cards of administrators (directors) and shareholders;
• Company Charter;
• A copy of the registration certificate issued by the Romanian Trade Register;
• An extract from the trade register (no older than 7 days) and samples of signatures.
• If the shareholder of a Romanian company is another legal entity, banks usually require a shareholder’s decision on the creation of a Romanian company.

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

• identity document (passport, ID card)
• document on registration of residence
• permit for legal stay in the country

Additionally, you may need:

• Income statement
• An extract from financial institutions whose services the client used previously
• A credit history confirming the client’s conscientious fulfilment of obligations to creditors.

Assistance in opening a bank account in Romania includes consulting a lawyer on the availability of proper documents for opening an account, account opening conditions, bank billing, support to the bank, assistance in filling out bank documents and other banking services.

If you wish to open a business bank account in Romania, our team here at RUE will be delighted to assist you. We have eight years of experience in helping clients to open bank accounts in Europe. We tap into our vast network of trusted partners in the European financial services industry to offer the most suitable and cost-effective solutions that improve the functioning of the businesses we serve.

Business bank account in Romania

Opening a corporate bank account in Romania plays a key role for businesses, especially for those seeking to expand internationally. Romania, as a member of the European Union, offers favourable conditions for doing business and opening bank accounts. In this article, we will look at the important aspects and benefits of opening a corporate bank account in Romania.

Advantages of Opening a Corporate Bank Account in Romania

1. Access to the European Market: Romania, as a member of the European Union, provides companies with access to a huge internal market, which favours business expansion and the development of international relations.
2. Stable Financial System: The banking system in Romania is characterised by stability and transparency, ensuring the safety of financial transactions and the protection of clients’ interests.
3. Wide Choice of Financial Services: Banks in Romania offer a variety of financial products and services, including corporate loans, deposits, debit and credit cards, allowing companies to choose the most suitable options for their needs.
4. 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.

Stages of Opening a Corporate Bank Account in Romania

1. Choosing a Bank: Study the offers of different banks in Romania and choose the most suitable one for your company. Take into account the bank’s reputation, its specialisation and service conditions.
2. Preparation of Documents: Prepare the necessary documents to open an account, such as the company’s incorporation documents, ID of the founders and other documents requested by the bank.
3. Visit the Bank or Online Application: Apply to the selected bank in person or fill in an online application for account opening via the bank’s official website. Provide all required documents and complete the account opening application form.
4. Application Review: The Bank will review your application for an account and verify the documents provided. This process may take several working days.
5. Account Activation and Receipt of Bank Services: Once your application is approved, the corporate bank account will be activated and your company will be able to use all the services provided by the bank.

Conclusion

Opening a corporate bank account in Romania is an important step for businesses wishing to establish strong financial foundations and expand internationally. With a favourable tax climate, a stable financial system and a wide range of financial services, your company will be able to manage its finances efficiently and achieve its business goals. When choosing a bank, look at its reputation, terms of service and financial products offered to make the most favourable choice for your business.

 Personal bank account in Romania

Opening a personal bank account in Romania is an important step for those who live or work in this country, providing access to a wide range of banking services and convenience in managing finances. Romania offers a stable financial system, a variety of banking products and services, and a favourable tax climate, making it an attractive place to open personal bank accounts. In this article, we will look at the key aspects and benefits of opening a personal bank account in Romania.

Advantages of Opening a Personal Bank Account in Romania

1. Security and Reliability: The Romanian banking system is characterised by a high level of security and reliability, which ensures the protection of your finances and personal data.
2. Wide Choice of Financial Services: Banks in Romania offer a variety of financial products and services, including debit and credit cards, savings accounts, deposits and internet banking services, catering to different customer needs.
3. Convenience and Efficiency: The process of opening a personal bank account in Romania is usually simple and convenient, thanks to the professionalism of bank employees and access to modern technology.
4. Favourable Tax Climate: Romania offers low tax rates on income and inheritance, making it an attractive place to open personal bank accounts and invest.

Steps of Opening a Personal Bank Account in Romania

1. Choosing a Bank: Explore the offers of different banks in Romania and choose the most suitable one for your needs and preferences.
2. Preparation of Documents: Prepare the necessary documents to open an account such as passport, visa (if required), ID card and proof of address.
3. Visit the Bank or Online Application: Contact the selected bank in person or complete an online application for opening an account through its website.
4. Identification: You may be required to complete an identification procedure at the bank by providing the necessary documents and completing an application form.
5. Receiving Banking Services: Once you have successfully opened an account, you will be able to use all of the services provided by the bank, including accessing online banking, obtaining cards and making transactions.

Conclusion

Opening a personal bank account in Romania gives you access to a wide range of financial services and the opportunity to effectively manage your finances in a stable and reliable banking system. When choosing a bank, look at its reputation, terms of service and financial products offered to make the most favourable choice for you.