Remote Banking in Romania

## A Comprehensive Banking Guide for Expats in Romania

If you are an expatriate living or working in Romania, setting up a local bank account is essential for managing your finances efficiently. This guide will provide you with all the necessary information regarding banking in Romania, including the banks that accept foreigners, KYC (Know Your Customer) requirements, availability of digital banking services like Wise and Revolut, ATM fees, multi-currency options, the account opening process, currency exchange tips, and clarifications on tax residency.

### Banks Accepting Foreigners in Romania

Romania has a well-established banking sector with several local and international banks operating in the country. Some of the major banks that accept foreigners for opening bank accounts in Romania include:

1.

BCR (Banca Comerciala Romana)

BCR is one of the largest banks in Romania and offers a range of banking services to expatriates, including current accounts, savings accounts, and credit cards.

2.

Raiffeisen Bank

Raiffeisen Bank is another popular choice for expats in Romania due to its wide network of branches and English-speaking staff.

3.

ING Bank

ING Bank is known for its digital banking services and is a preferred choice for expats looking for convenient and user-friendly banking solutions.

4.

Alpha Bank

Alpha Bank is a reliable option for expatriates seeking multi-currency accounts and international banking services.

### KYC Requirements in Romania

When opening a bank account in Romania, you will be required to fulfill certain KYC requirements to comply with anti-money laundering regulations. The typical documents needed for KYC verification include:

- Valid passport or national ID card - Proof of address (utility bill or rental agreement) - Proof of income (pay slips or employment contract)

Additionally, some banks may require a minimum initial deposit to open an account, so it's advisable to inquire about this when choosing a bank.

### Availability of Wise and Revolut in Romania

For expats looking for digital banking solutions, services like Wise (formerly TransferWise) and Revolut are available in Romania. Both Wise and Revolut offer multi-currency accounts, low-cost international transfers, and competitive exchange rates, making them popular choices among expatriates for managing their finances across borders.

### ATM Fees and Multi-Currency Options

In Romania, most banks have a wide network of ATMs that accept international cards. While some banks may charge a small fee for using ATMs, it's advisable to check with your bank for any additional charges. Additionally, certain banks offer multi-currency accounts that allow you to hold multiple currencies in a single account, making it convenient for expats dealing with different currencies.

### Account Opening Process in Romania

The process of opening a bank account in Romania as a foreigner is relatively straightforward. Here are the general steps involved:

1. Choose a bank that meets your requirements and visit a branch in person. 2. Fill out the account opening application form and provide the necessary KYC documents. 3. Complete the KYC verification process, which may involve a face-to-face interview with a bank representative. 4. Fund your account with the minimum initial deposit required by the bank.

Once your account is successfully opened, you will receive your debit card and access to online banking services, allowing you to manage your finances conveniently.

### Currency Exchange Tips and Tax Residency Clarification

When dealing with currency exchange in Romania, it's recommended to compare exchange rates offered by banks and independent currency exchange offices to get the best deal. Additionally, be aware of any applicable fees or commissions for currency exchange transactions.

For tax residency clarification, expatriates residing in Romania for more than 183 days in a tax year are considered tax residents and are subject to Romanian tax laws. It's advisable to seek professional advice from a tax consultant or accountant to understand your tax obligations and benefits as a tax resident in Romania.

In conclusion, setting up a bank account in Romania as an expatriate is a straightforward process with various banking options available to meet your financial needs. By choosing a bank that suits your requirements, understanding the KYC requirements, exploring digital banking solutions like Wise and Revolut, and being aware of ATM fees, multi-currency options, and tax residency considerations, you can efficiently manage your finances and enjoy a hassle-free banking experience in Romania.