Published on and written by Cyril Jarnias
Navigating the banking system of a new country can be complex, and Romania is no exception for expatriates looking to settle there. With a growing economy and a dynamic financial sector, Romania offers a range of diverse banking options worth exploring.
Opening a bank account there is a crucial step for ensuring a successful integration, making modern and reliable banking services tailored to the specific needs of expatriates indispensable.
In this article, we will guide you through the procedures for opening a bank account in Romania, as well as the services specifically designed to facilitate your daily transactions, whether you are a student, professional, or retiree.
Discover how to leverage the services offered by Romanian banks to optimize your banking experience in your new host country.
Financial Institutions Suitable for Expatriates in Romania
| Bank | Remote Account Opening | English Support | Monthly Account Fees | International Transfers | International Agreements/Partnerships | Customer Service Reputation | Key Strengths for Expats |
|---|---|---|---|---|---|---|---|
| ING Bank | Yes (fully digital) | Excellent | 0–15 RON | 15–25 EUR/transfer | SEPA member, ING Group partner | ⭐⭐⭐⭐⭐ (excellent customer experience) | Modern mobile app, English interface, fast account opening, low fees, instant transfers between ING accounts |
| Banca Transilvania (BT) | Partial | Good | 0–10 RON | 15–20 EUR/transfer | Visa/Mastercard partner | ⭐⭐⭐⭐ (very large network, reliable) | Densest branch network, good digital support, ideal for those living outside major cities |
| Raiffeisen Bank | Yes | Very good | 10–25 RON | 10–20 EUR/transfer | Raiffeisen Group, international network | ⭐⭐⭐⭐⭐ (premium service, pro-expats) | Excellent international support, effective English support, premium solutions |
| BCR | Partial | Limited | 5–15 RON | 20–30 EUR/transfer | Erste Group, large European network | ⭐⭐⭐ (traditional, sometimes slow) | Largest ATM and branch network, classic solutions, less digitalized |
| UniCredit Bank | Yes | Good | 5–25 RON | 15–25 EUR/transfer | UniCredit Group, European presence | ⭐⭐⭐⭐ (good for internationals) | Good for international clients, decent English support, multi-currency |
| Crédit Agricole Romania | Yes (dedicated package) | Very good | 5 EUR (expat package) | 10 EUR/transfer, -75% international fees | Crédit Agricole Group, SEPA | ⭐⭐⭐⭐ (dedicated expat experience) | Specific expat offer, multi-currency (RON/EUR/USD), practical advice, Mastercard included |
| Revolut/Wise (fintech) | Yes (100% digital) | Excellent | 0–35 RON | 0.5% or free depending on amount/subscription | Romanian IBAN, global transfers | ⭐⭐⭐⭐⭐ (simplicity, speed) | Multi-currency, English interface, Romanian IBAN, international management, transparent fees |
Services Tailored for Expatriates:
- Remote Account Opening: ING, Crédit Agricole, Raiffeisen, UniCredit, and fintechs (Revolut, Wise) allow online account opening, often without the need to visit a branch.
- English Support: ING and Raiffeisen stand out with customer service and banking apps fully available in English. Other banks offer variable support, but major institutions generally provide assistance in this language, at least in major cities.
- Multi-Currency Accounts: Crédit Agricole, UniCredit, Revolut, and Wise offer accounts that allow managing multiple currencies (RON, EUR, USD), facilitating international transfers and fund management.
- Account Fees: Fees are generally low for standard current accounts (often free or inexpensive).
Steps to Open a Bank Account in Romania
Essential steps for opening a bank account in Romania:
- Choose the right bank based on services offered to expatriates (multi-currency accounts, digital services, English assistance, international transfers).
- Prepare all required documents before applying.
- Visit a branch or submit an online application depending on the bank’s procedures.
- Submit the documents and fill out the account opening form.
- Wait for the bank to review and approve the application.
- Account activation and access to services (card, online banking, transfers).
Documents Typically Required:
| Document Type | Details and Examples |
|---|---|
| Identification Document | Valid passport or national ID card |
| Proof of Residence | Certificate of domicile, utility bill, lease agreement |
| Residence Permit | If you are not an EU citizen |
| Proof of Income | Pay slip, employment contract, tax return |
| Banking/Credit History | (Sometimes requested) Bank statements, credit history |
Selecting the Right Bank:
- Compare offers from major banks (Banca Transilvania, ING, BRD, Raiffeisen).
- Check for the availability of multi-currency accounts, online services, and mobile apps.
- Prioritize banks offering services in English and a user interface suitable for non-residents.
- Review conditions for international transfers and currency management.
Additional Formalities:
- Physical presence is often required for the initial opening, even if some banks allow a pre-application online.
- Mandatory identification by presenting original documents.
- Some banks may request additional supporting documents depending on the client’s profile.
Average Opening Times:
| Account Type | Estimated Time |
|---|---|
| Personal | 1 to 3 business days |
| Business | 1 to 5 business days |
Practical Tips to Facilitate the Process:
- Check bank fees (account fees, withdrawals, international transfers, currency conversion).
- Prefer banks offering online account management and international transfer tools.
- Prepare certified copies of essential documents in advance.
- Ask the bank for the exact list of documents before the appointment to avoid omissions.
- Compare exchange rates and fees for transferring funds outside Romania.
Options for Managing or Transferring Funds Internationally:
- Use online banking services for SEPA or SWIFT transfers.
- Opt for multi-currency accounts to reduce conversion fees.
- Inquire about potential partnerships with transfer platforms (Wise, Revolut, etc.) to optimize costs.
Good to Know:
To open a bank account in Romania, prepare a passport or ID card, a proof of residence, and possibly proof of income, while choosing a bank that offers multi-currency accounts and digital services suitable for expatriates. Consider bank fees and international transfer services to optimize your financial management, and check whether the application is done online or in person to avoid unnecessary delays.
Banking Services and International Transfers for Expatriates
Banking services and international transfers are essential for expatriates in Romania, enabling daily financial management, payment of rent and bills, and receipt of salaries or transfers from abroad. Without access to these services, integrating into local life and meeting common financial needs becomes difficult.
Main Banks for Expatriates in Romania
The main banks in Romania offering services tailored to expatriates include ING Bank, Banca Transilvania, Raiffeisen Bank, BCR, and UniCredit Bank. These institutions generally offer:
- Current accounts in lei (RON) and foreign currencies (mainly euros, sometimes dollars)
- Online services (mobile apps, digital banking)
- Bank cards (debit and credit)
- Access to a vast network of branches and ATMs
| Bank | English Support | Monthly Fees (Current Account) | ATM Network | Main Strengths |
|---|---|---|---|---|
| ING Bank | Excellent | 0-15 RON | Large | Digital bank, expat service |
| Banca Transilvania | Good | 0-10 RON | Very large | National coverage |
| Raiffeisen Bank | Excellent | 5-20 RON | Medium | Premium services, multilingual support |
| BCR | Limited | 0-15 RON | Large | Traditional bank |
| UniCredit Bank | Good | 5-25 RON | Medium | International clients |
Documents Required to Open an Account
To open an account, you generally need to provide:
- Passport
- Proof of tax residence or lease agreement
- Employment contract or pay slips
- Utility bill or proof of address
- Previous bank statements
You do not need to be a Romanian resident to open an account, but the list of documents may vary depending on the bank.
Bank Fees and International Transfers
Account fees vary depending on the bank and account type:
- Basic account: 0 to 10 RON/month
- Premium account: 15 to 25 RON/month
- Students: often free
- Out-of-network ATM withdrawals: 2 to 5 RON/transaction
- Internal transfers: free or 1-3 RON
- International transfers: 15 to 50 RON + exchange rate margin
International transfers are common and can be done:
- Directly through the bank: 1 to 3 business days, fixed fees and exchange rate margin
- Specialized platforms (Wise, Revolut): faster, often lower fees, better exchange rates
| Transfer Option | Timeframe | Estimated Cost | Advantages |
|---|---|---|---|
| SWIFT bank transfer | 1-3 days | 15-50 RON + margin | Security, international network |
| Wise/Revolut | Instant to 1 day | Low, real rate | Speed, transparency, user-friendly |
| Western Union/MoneyGram | Minutes-1 day | Variable, high | Cash, no bank account needed |
Practical Tips for Choosing Your Bank
- Prioritize banks with a mobile app and website in English.
- Check for the availability of multilingual customer support.
- Compare account and transfer fees, especially if you plan frequent transfers.
- Consider the presence of branches and ATMs near your home.
- Consider digital banks if you prefer managing your finances remotely.
Potential Challenges for Expatriates
- Language barrier: many documents and advisors are only available in Romanian.
- Bureaucracy: strict administrative requirements, numerous supporting documents.
- Regulatory variability: frequent changes in rules concerning foreigners, especially regarding anti-money laundering.
- Exchange regulations: the leu remains the main currency, and conversions to other currencies can incur fees or unfavorable exchange rates.
To maximize the simplicity and security of your banking operations, it is highly recommended to prepare your documents well, choose a bank known for its service to expatriates, and use specialized platforms for regular international transfers.
Good to Know:
Some Romanian banks offer fee-free multi-currency accounts, facilitating low-cost international transfers; it is recommended to check multilingual online platforms to simplify operations. Be aware of exchange rate fluctuations and potential regulatory restrictions specifically for transfers to certain countries.
Cyril Jarnias is an independent expert in international wealth management with over 20 years of experience. As an expatriate himself, he is dedicated to helping individuals and business leaders build, protect, and pass on their wealth with complete peace of mind.
On his website, cyriljarnias.com, he shares his expertise on international real estate, offshore company formation, and expatriation.
Thanks to his expertise, he offers sound advice to optimize his clients' wealth management. Cyril Jarnias is also recognized for his appearances in many prestigious media outlets such as BFM Business, les Français de l’étranger, Le Figaro, Les Echos, and Mieux vivre votre argent, where he shares his knowledge and know-how in wealth management.
