Open a bank account
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 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.
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.
We 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.
OPEN A BANK ACCOUNT IN ROMANIA
Choose the bank
YOUR CRITERIA
The choice can depend on the size of the bank, the number of branches and ATM network, special packages for start-ups or small companies, overall account maintenance fees and more.
Choose the type of account
CORPORATE/PERSONAL
All banks offer corporate or individual bank accounts. They also offer financing options, as well as savings accounts. Special accounts for students or children are also an option with some banks.
Prepare the documents
MANDATORY REQUIREMENTS
These include the individual’s ID and utility bills (for individual accounts), the company’s incorporation documents as well as the administrator’s identification documents in the case of corporate accounts.
Submit the application
FORMAL SUBMISSION
The bank account opening application is usually submitted in person for corporate bank accounts. Personal account opening is also possible via video call or online submissions with some banks in Romania.
Other information
TIMING
Our team advises applicants to be well aware of the required documents. This is especially relevant for corporate bank accounts for which the National Trade Register certificate and other corporate documents are mandatory.
| 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 |