Banking in Romania

Opening an account

 

The National Bank of Romania (NBR) is the country's central bank and is headquartered in Bucharest. There are also many international banks in Romania and you can choose the one you like.

To open a bank account in Romania, individuals need to bring a copy of their passport with them to the bank. Contact the individual banks for a complete list of required documents, which may include bank statements from previous accounts, proof of residency, and other identifying documents. Most banks offer you the possibility of opening an account in Leu or Euros, or separate account for each of them. Different types of accounts (current, savings etc.) are available. Condition and charges vary. For accurate information check directly with your chosen bank. Commissions, fees and interests differ from one bank to another, so it is worth shopping around and talking to people to see if they have recommendations.

Payments

Credit cards are widespread in big cities and you can use them in all supermarkets and large shops. For small stores you will find that in most cases you have to pay in cash. Bank transfers are available but conditions and fees vary depending on the bank.

Transferring/Receiving Money

For international transfers, in addition to normal bank transfers, Western Union and MoneyGram International are services available in Romania. For internal transfer needs you can also use the services of the Romanian Post.

Taxes

Starting in 2007, expatriates are taxed on their annual income. Starting in 2008, all foreigners that have stayed more than three years in Romania, cumulating at least 183 days per year, will have to submit the annual income form for the previous year. They will be exempt from this tax if they provide documents to prove that they have submitted the income tax documents in their country of origin. In addition, the Romanian authorities will analyze financial status of each family and decide if the income tax needs to be imposed.

More information about the way you can declare your income is available at the Ministry of Economy and Finance‚Äôs website, http://www.mfinante.ro/engl/index.jsp 

Further reading

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