Bank Account Romania
The Romanian banking sector is safe and it is expected to become one of the leading markets in Eastern and Central Europe. Nowadays, there are more foreign-owned banks than Romanian ones here, mostly Italian, French and German subsidiaries, but all of them with a good international reputation.
Investors can open a bank account in Romania in 2024 with a bank with which they are currently working in their country of origin, as the process will be easier and faster (including security clearance).
Entrepreneurs are required to open a bank account in Romania as part of the company formation procedures. However, foreign investors may also choose to open a personal bank account, subject to a few requirements.
Internet banking services in Romania are offered by all of the major banks and are designed to deliver optimal resources in order to guarantee safe transactions and monitoring.
| Quick Facts | |
|---|---|
| Mandatory local bank account for companies (Yes/No) | Yes |
| Mandatory residence requirement | No |
| Bank account opening time | 1-2 business days in most cases |
| Online bank account opening | Yes, in most cases |
| Bank accounts for foreign nationals in Romania | Yes |
| Required documents – companies | Articles of incorporation Proof of registration with the Trade Register Identification documents for the representative Other documents, as may be requested by the bank |
| Required documents – individuals | Filled-in application Personal identification documents Real beneficiary statement Fiscal residence certificate (if applicable) Other documents, as per the applicant's status |
| Special requirements for foreign nationals | Fiscal registration certificate in certain cases |
| Bank fees | Examples include: 9 lei/month account administration fee 5 lei for ATM withdrawals 18 lei card delivery fee *subject to change; the fees are bank-specific |
| Initial deposit | Not commonly required. Bank account opening fees can apply |
| Types of accounts | Current account Savings account |
| Online banking | Yes |
| Local agent requirements | Power of attorney when the submissions are made through a representative |
| Main banks in Romania | Banca Transilvania BCR BRD ING Bank Raiffeisen Bank and others |
| Criteria for choosing the bank | Online banking/mobile banking services Monthly account management fees Branch/ATM availability |
| Mobile banking | Yes. App features depending on the chosen bank |
| Bank branches network | Country-wide. The actual number of bank branches depends on the chosen bank |
| Credit facilities | Different for natural vs. legal persons |
| Interest rate | Examples include a 2.5% interest rate for savings accounts; Interest rates are established by each bank |
| Savings account minimum balance | Generally not imposed. A maximum balance can apply for individual savings accounts (depending on the bank) |
| Personal credit cards | Can be applied for online (at some banks), offers certain benefits |
| Additional options for credit cards | Special rates and offers from bank partners (depending on the chosen bank) |
| Credit card payment | Payable in installments (3 or more, depending on the chosen bank) |
| Minimum financial information for bank account opening | Employer's name/own company's name, business field, future use for the bank account |
| Differences for residents/non-residents | The fiscal identification number issued by the Romanian authorities can be required in the case of non-residents |
| Bank account opening through a locally appointed agent | No, personal presence is mandatory |
How can we help you?
Opening a bank account in Romania is not a complicated process, however, foreign investors may be in need of assistance when filling in the application and submitting the Romanian-version documents.
Most banks will ask for the same types of documents and official translations into Romanian of the documents issued in a foreign language. The translations may be required for the company’s incorporation documents (for branches or subsidiaries, in some cases), the applicant’s personal identification documents and others, as needed. The foreign national will need to translate the document with the help of a sworn translator and then legalize the translation with a Notary Public in Bucharest. This is mandatory in most cases and not only for the purposes related to starting a corporate bank account in Romania but also for other activities, such as purchasing property (when the foreign national – natural or legal person – will also be asked to provide sworn translations for certain documents).
Working with a local team of experts can reduce the time needed to start a bank account and it will help investors know that they are making the needed submissions in accordance with the local provisions and the most recent legal requirements.
Our team can help you with the following:
- We can recommend you the best options for your company’s needs: local or international;
- We will assist you in opening a temporary cumulative corporate bank account: in order to deposit the minimum required issued share capital;
- After the incorporation of the company: the above-mentioned amount of money can be transferred to the corporate account, we can submit the transfer application for you;
- Additional services: if needed, we can participate in bank meetings or interviews on your company’s behalf in order to secure the corporate bank account approval faster;
- The final step: will be to give you all bank account details and internet banking device.
Our corporate lawyers can help you open a bank account in Romania but can also assist you through the entire company formation procedure in case you want to open a business in this country.
We invite you to watch a short video on how to open a bank account in Romania in 2024:
Open a bank account in Romania for a legal person
Below, we highlight the main types of documents required by banks for the purpose of opening a bank account in Romania for a locally registered company (a Romanian SRL, for example, the equivalent of the private limited liability company):
- The company’s constitutive documents (original copy);
- The National Trade Register registration certificate (original copy);
- The confirmation of company details (certificat constatator, also issued by the National Trade Register Office; this document attests to the company’s current situation);
- The company representative’s identification documents.
In some cases, the bank may also ask for a document that certifiess the appointed individual, the person who will handle the bank account opening as well as other bank-related matters and submissions. This is a decision issued by the company’s General Shareholders’ Meeting. The company’s beneficial owner will need to submit identification documents for the purpose of opening a bank account in Romania.
When a foreign national chooses to open a bank account in Romania with the help of an appointed representative, the power of attorney will be presented as supporting documentation, along with the representative’s identification documents.
A power of attorney can be concluded in Romania, solely for the purpose of opening a bank account. The document can grant or limit the powers of the appointed representative in relation to the chosen bank.
One of our agentscan act on your behalf in relation to the bank and submit all of the needed documents.
Some banks also offer a simplified bank account opening process for businesses, however, in this case, the applicant needs to be the single shareholder and the administrator of the business.
Foreign companies (those that are not incorporated in Romania) will need to present the VAT registration certificate issued by their country of origin (in addition to the aforementioned documents, duly translated as previously mentioned).
Banks reserve the right to request additional documents for bank account opening. In most cases, this is done for collecting sufficient information on their clients. The documents are presented either in original form or a certified copy, in some cases with an apostille.
The bank account fees differ according to the chosen bank branch. Some examples of common fees are the following:
- 0 lei for opening a corporate bank account for a newly incorporated company (conditions may apply according to the bank’s policies, however, banks do encourage startups by offering these attractive packages with zero costs for opening the account and for administration during the company’s first year of activity); some banks also offer free accounting losing;
- 20 lei the administration fee for the current bank account (only applicable by some banks)
- 5-10 lei the fees for payments in lei and EUR to other bank accounts;
- 0,35%, 1% or 1,5% the fee for ATM withdrawals applicable in certain cases by different banks.
Please keep in mind that the fees listed above are for informative purposes only. Banks can change their current fees.
Our team can help those who wish to open a bank account in Romania with more information on the current regulations, the types of accounts, and the types of fees that are applicable in most cases. For updated 2021 fee values, banks post this information online.
Prospective clients can also contact the desired bank for updated information. Foreign investors who need assistance for making requests in Romanian can reach out to our specialists.
How to choose the bank for your corporate bank account in Romania
Choosing a bank to work with can be based on several factors that have to do with the type of business and whether or not it is liked to an international one that already works with a certain bank also present in Romania. In most cases however, foreign investors who wish to do business in the country will open a locally registered business type, meaning that they have full flexibility when chosen the bank to work with.
Our team lists below some of the criteria that can be helpful when choosing the bank to work with for your small or medium-sized business.
- Your business goals: do you wish to open a start-up, invest in an innovative field, receive Government grants or fund your business through a crowdfunding process that targets Romanian customers? the goals of the company can determine the manner in which they receive financial aid;
- The bank’s approach towards entrepreneurs: some banks in Romania have special packages designed for start-ups or entrepreneurs; you may choose to work with the bank that offers the highest number of advantages for your new business;
- Bank services: while many products are services are the same in many cases, there are differences worth exploring between small and large banks; you can look at these in order to determine if they suit your needs;
- Costs: comparing the fee structures is important when choosing a bank; online payment fees or deposit/withdrawal fees can be larger in some cases and you may wish to look for a bank that has convenient fees, especially if you know that you will be making a large number of payments that will be subject to bank fee rates.
Customer support and the manner in which the bank manager has approached you as a client (as well as the bank’s openness towards foreign investors and how they communicate with international clients) can also be important aspects when making a decision. The bank you choose to work with can be your partner as your business develops and may be in need of more complex banking and financial solutions.
Investors in Romania should also know that they can migrate from one bank to another, however, they will need to open the new corporate bank account prior to closing the old one and they will need to submit proper notifications of the said change to the authorities as well as their clients and business partners (the company’s bank account and the branch are indicated in official company information as well as on the issued invoices).
Open a bank account in Romania for a natural person
Many banks in Romania currently offer the option to open a bank account remotely.
Interested individuals can use the bank’s website or app to submit an account opening application, after which they will be asked to provide their identification documents and, in some cases, to enter a video call with a bank representative.
The particular requirements for opening a personal bank account differ according to the chosen bank. Conditions for residency in Romania apply.
Individuals who open a bank account in Romania should take into account the various fees, which are bank-dependent. We list some examples below:
- 9 lei: the monthly bank account administration fee;
- 18 lei: the fee for issuing a new bank account/the renewal fee;
- 5 lei: ATM cash withdrawals with the bank’s ATM;
- 5 lei or 0 lei: the fee for bank transfers, for payments to an account opened with another bank.
Other fees apply. Please keep in mind that the fees above are offered only as examples.
For any further details on how to open a bank account in Romania, as well as assistance during this process, please do not hesitate to contact us.
Internet Banking advantages in Romania
If you want to open a bank account in Romania in 2024 you should know that internet banking offers a wide range of financial tools and services over the internet that might help a company conduct its operations easier and faster.
For instance, you can pay all bills and have permanent access to monthly bank statements with only one click away. Moreover, you can set up recurrent payments in order to be sure that you are paying all your bills and even salaries on time every month.
In addition, you will be permanently updated to new services and banking products that might help your business grow. All you need is a mobile phone and you can set up the app for your internet banking in a few seconds.
Internet banking is user-friendly and convenient to use. It is available around the clock so that you can make your transactions anytime, from anywhere with an internet connection. Also, you can have all your accounts in one place. As a bonus, it is much safer because you can monitor your account any time without going to an ATM.
Our company can provide the necessary assistance for those who open a bank account in Romania intended for business purposes. Internet banking Romania services are included in this package.
Banks in Romania
As previously stated, there are many banks present in Romania. The investor’s final choice can depend on whether or not he has worked with the bank before (either as a corporate or individual client) as well as the bank’s network throughout the country (some banks have a higher number of ATMs not only in Bucharest but also throughout the country; the number of branches and ATMs can be another criterion when choosing the bank with which you will work).
The list below includes some of the major banks present in Romania:
- Alpha Bank;
- BNP Paribas Fortis SA/NV;
- BRD – Groupe Société Générale;
- Citibank Europe PLC, Dublin;
- First Bank;
- ING Bank N.V., Amsterdam;
- Leumi Bank;
- Libra Bank;
- OTP Bank;
- Raiffeisen Bank;
- Romanian Commercial Bank – BCR;
- Transilvania Bank;
- UniCredit Bank.
Please keep in mind that this is not an exhaustive list of banks in Romania. As previously mentioned, each bank sets certain fees and policies for corporate clients. As a previous individual client of a certain bank, you may find that their corporate services are different and you may wish to decide if you will continue to work with the same financial services providers. Having the same bank for your personal and corporate account when you open a company in Romania will provide certain advantages, especially in terms of bank transfer fees (for example, when you need to submit dividend payments to your personal account as the director of the said company).
Company branches in Romania can work with the same bank branch with which the parent company has opened a corporate bank account abroad if the same bank is present in Romania (for example, ING Bank N.V.).
The National Bank of Romania offers a set of key statistical data on payment indicators, such as the number of cards, payment terminals and others:
- The number of active cards at the end of the second semester of 2022 was 20,635,346; by comparison, the number of active cards at the end of the second semester of 2023 this number was highest, at 21,078,127;
- The number of ATMs provided by resident Payment Services Providers (PSPs) was 10,140 at the end of the second semester of 2022 and 10,244 at the end of the second semester of 2023;
- The number of POS terminals provided by resident PSP was 373,807 at the end of 2022’s second semester and 409,072 at the end of the second semester of 2023.
Our team can give you more details if you wish to work with a bank in 2024 and need more information that is only available in Romanian.
Company formation in Romania
Romania offers an attractive taxation regime for companies and micro enterprises benefit from a low profits tax of 3% or 1% if they are able to satisfy the condition to have at least one employee, as well as comply with the other requirements for this particular taxation regime that have to do with the annual turnover.
The incorporation starts with choosing a business form as well as the company name (with a prior verification to ensure that the desired name is available). Investors will need to open a bank account in Romania as the fifth step in most cases, once they have chosen the company type (1), its name, and registered office address (2), after they have prepared the company’s constitutive documents (3) and have proceeded with the company registration with the National Trade Register Office (4). The company’s minimum share capital, which is quite low in Romania, will be deposited into the corporate bank account. Additional steps can include registrations with OSIM, the State Office for Inventions, and Trademarks.
Choosing a bank to work with is an important step that can help investors advance their business operations in Romania or hinder them if the bank does not allow for streamlined processes or good financial services, all according to the needs of the business.
For any further details regarding the customizing features of the online banking Romania service, please do not hesitate to contact us.
by Cristian Darie