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 IB-IA GROUP UAB 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.