banks

Opening a bank account in Romania can be an important step when relocating to the country, whether you are a resident or a non-resident. This guide will walk you through the steps involved and the documents required to open a bank account in Romania.

Choosing a Bank

The first step is to choose a bank that meets your needs. There are many banks in Romania, both local and international. It is important to compare the banking services offered, bank fees, credit and debit card options, online and mobile banking services, etc.

Required Documents

To open a bank account in Romania, you will usually need the following documents:

  • A valid identity document (passport or ID card)
  • Proof of address (utility bill, gas bill, or phone bill)
  • A Romanian tax identification number (if you have one)
  • Proof of income or sufficient funds to open the account (depending on the bank’s requirements)

Making an Appointment

Some Romanian banks allow customers to make an appointment online to open a bank account. This can be helpful to avoid queues and waiting times at bank branches.

Visiting the Bank

Once you have prepared all the necessary documents, you will need to go to the chosen bank to open your account. You will need to fill out an application form and sign a contract with the bank.

Making an Initial Deposit

Most Romanian banks require an initial deposit to open a bank account. The minimum amount varies depending on the bank and the type of account you open.

Activating Online and Mobile Banking Services

If you want to use the bank’s online and mobile banking services, you will need to activate these services online or in person at the bank.

In general, opening a bank account in Romania is a quick and easy process. However, it is important to research the specific requirements of the chosen bank and prepare all the necessary documents before going to the bank.

Overview of Banks in Romania

Romania has a solid and diversified banking system, comprising local and international banks. Here is an overview of the five largest banks in Romania, based on their total assets:

1. BCR (Banca Comercială Română)

  • Founded in 1990
  • Majority-owned by Erste Group (Austria)
  • Wide range of banking services for individuals and businesses
  • Largest bank in Romania by total assets

2. Banca Transilvania

  • Founded in 1994
  • Listed on the Bucharest Stock Exchange
  • Full range of banking services for individuals and businesses
  • Second largest bank in Romania by total assets

3. Raiffeisen Bank

  • Founded in 1998
  • Majority-owned by Raiffeisen Bank International (Austria)
  • Full range of banking services for individuals and businesses
  • Third largest bank in Romania by total assets

4. CEC Bank

  • Founded in 1864
  • Majority-owned by the Romanian state
  • Full range of banking services for individuals and businesses
  • Fourth largest bank in Romania by total assets

5. ING Bank

  • Founded in 1998
  • Majority-owned by ING Group (Netherlands)
  • Full range of banking services for individuals and businesses
  • Fifth largest bank in Romania by total assets

Tips for Choosing a Bank

  • Compare the banking services offered: current accounts, savings accounts, loans, credit cards, online and mobile banking services, etc.
  • Compare bank fees: account fees, transaction fees, credit card fees, etc.
  • Consider your personal situation: your banking needs, your income, your spending habits, etc.
  • Read customer reviews: online reviews can give you an idea of the quality of a bank’s banking services.

Conclusion

Opening a bank account in Romania is an important step when relocating to the country. By following the steps outlined in this guide and choosing a bank that meets your needs, you can make the process smooth and hassle-free.

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