Banking in Romania for Expats

Your complete guide to choosing the best Romanian bank, opening accounts, and managing your finances as a foreigner

🏦 Best Banks for Expats in Romania

Choosing the right bank as an expat in Romania can make a huge difference in your daily life. Here's our comprehensive comparison of the top banks that cater to foreigners.

Bank English Support Monthly Fee ATM Network Best For Rating
ING Bank Excellent 0-15 RON Large Digital banking, expats ⭐⭐⭐⭐⭐
Banca Transilvania Good 0-10 RON Largest Extensive network ⭐⭐⭐⭐
Raiffeisen Bank Excellent 5-20 RON Medium Premium services ⭐⭐⭐⭐⭐
BCR Limited 0-15 RON Large Traditional banking ⭐⭐⭐
UniCredit Bank Good 5-25 RON Medium International clients ⭐⭐⭐⭐

🥇 Top Recommendation: ING Bank Romania

✅ Pros

  • Excellent English support (app, website, phone)
  • Modern mobile app with full functionality
  • No monthly fees for basic accounts
  • Free ATM withdrawals at ING ATMs
  • Easy online account opening
  • Contactless payments widely supported
  • Instant transfers between ING accounts

❌ Cons

  • Smaller ATM network than BT
  • Limited physical branch locations
  • Some services require Romanian language
  • Higher fees for premium services

⚠️ Important Note

ING Bank is perfect for tech-savvy expats who prefer digital banking. If you need frequent branch visits or live in smaller cities, consider Banca Transilvania for better coverage.

📋 Account Opening Requirements

Documents You'll Need:

Required Documents

  • Valid passport or EU ID card
  • Romanian residence permit (for non-EU citizens)
  • CNP (Personal Numeric Code) - essential for all banks
  • Proof of address in Romania (rental contract, utility bill)
  • Employment contract or proof of income
  • Initial deposit (usually 50-100 RON)

Step-by-Step Process:

  1. Get your CNP first - No bank account without it
  2. Choose your bank - Based on your needs and location
  3. Book an appointment - Most banks require appointments
  4. Bring all documents - Original + photocopies
  5. Complete application - Usually takes 30-60 minutes
  6. Wait for approval - 1-3 business days typically
  7. Collect your card - Pick up at branch or delivery

💳 Banking Services You'll Need

Essential Services:

  • Current Account (Cont Curent): For salary and daily expenses
  • Savings Account (Cont de Economii): Higher interest rates (2-4% APY)
  • Debit Card: Visa/Mastercard accepted everywhere
  • Online Banking: Essential for bill payments and transfers
  • Mobile App: For transfers, balance checks, and payments

Optional Services:

  • Credit Card: Requires 6+ months banking history
  • Overdraft: Emergency credit facility
  • Investment Products: Mutual funds, bonds
  • Insurance: Life, health, travel insurance
  • Currency Exchange: Better rates than exchange houses

💰 Banking Fees & Costs

Typical Monthly Fees:

  • Basic Account: 0-10 RON/month
  • Premium Account: 15-25 RON/month
  • Student Account: Usually free

Transaction Fees:

  • ATM Withdrawals: Free at own bank, 2-5 RON at others
  • Transfers: Free between same bank, 1-3 RON to other banks
  • International Transfers: 15-50 RON + exchange rate margin
  • Card Payments: Usually free

💡 Money-Saving Tips

  • Use your bank's ATMs to avoid fees
  • Set up direct debits for regular payments
  • Consider Revolut/Wise for international transfers
  • Negotiate fees if you have a high balance

🌐 Digital Banking & Apps

Best Mobile Banking Apps:

  1. ING HomeBank: Full English support, excellent UX
  2. BT Pay: Good functionality, limited English
  3. Raiffeisen Smart Mobile: Premium features, English available
  4. BCR Mobile: Basic features, mostly Romanian

Digital Features to Look For:

  • English language support
  • Instant transfers and payments
  • Bill payment functionality
  • ATM locator
  • Spending analytics
  • Card controls (freeze/unfreeze)
  • Customer support chat

🚨 Common Banking Challenges for Expats

Language Barriers:

  • Many bank staff speak limited English
  • Legal documents are in Romanian
  • Phone support often Romanian-only

Bureaucracy Issues:

  • Extensive paperwork requirements
  • Long waiting times for appointments
  • Frequent document updates needed

Solutions:

  • Choose expat-friendly banks (ING, Raiffeisen)
  • Bring a Romanian-speaking friend for complex transactions
  • Use Google Translate for documents
  • Keep all documents updated and organized

Ready to Open Your Romanian Bank Account?

Follow our step-by-step guides to make the process smooth and hassle-free

First Month Checklist Tax Guide All Guides

📚 Related Resources

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