Opening a bank account in Romania from abroad: rules and steps

Romanian banking dominated by foreign groups

A bank account in Romania lets a non-resident hold lei (RON) or euros with a bank licensed by the Banca Națională a României. The applicant presents a passport, an address, a tax residence and the concrete reason for the banking relationship. The market is led by Banca Transilvania, alongside BCR, BRD, Raiffeisen Bank, ING and state-owned CEC Bank.

Banca Transilvania, now the country's largest bank, competes with BCR (Erste group), BRD (Société Générale group), Raiffeisen Bank, ING and state-owned CEC Bank. Branch networks are dense in Bucharest, Cluj-Napoca, Timișoara and Iași.

The BNR, central bank and bank supervisor

The Banca Națională a României licenses and supervises credit institutions, while the ASF oversees financial markets, insurance and private pensions. Romanian anti-money-laundering rules transpose EU directives and require scrutiny of the origin of funds.

The leu, a floating currency managed by the BNR

Romania is in the European Union but has not adopted the euro. The leu follows a floating regime managed by the central bank; EUR accounts are common, which makes SEPA transfers with the rest of Europe straightforward.

Documents asked of a foreign customer

For a non-resident account, the bank asks for a passport or EU identity card, proof of address and a foreign tax number. It also wants to understand the purpose: buying a flat, a job in Romania, setting up an SRL or managing an inherited property in the country.

Romanian NIF and the personal CNP code

Romanian residents have a personal numeric code, the CNP. A foreigner without a CNP can obtain a tax identification number, the NIF, from ANAF, which is often useful for a property purchase, a lease or paying local taxes.

FGDB deposit guarantee

The Fondul de Garantare a Depozitelor Bancare protects up to the equivalent of 100,000 euros per depositor and per bank, paid in lei. Certain temporarily high balances, for example from selling a home, receive additional protection for a limited period.

Lei transfers and instant payments

Lei payments are processed by the BNR's ReGIS system and the national clearing house, with an instant transfer service between participating banks. For a foreign client, the Romanian IBAN starts with RO and has twenty-four characters.

Interest withholding and CRS in Romania

Interest on a Romanian account is taxed by withholding at source, possibly reduced under the tax treaty with the country of residence. The bank collects the client's tax residence and exchanges it under CRS, or FATCA for US persons.

Reporting duties of a French-resident holder

Automatic exchange does not replace personal reporting. A French tax resident declares the Romanian account every year on form 3916 and reports any Romanian interest and rental income in their income tax return.

Branch or app: how to get started

Banca Transilvania sometimes lets you start the application online, but a non-resident without a CNP usually goes through a branch for identity checks. For a Romanian bank account, bringing documents translated into Romanian or English avoids a second appointment.

Steps to open a bank account in Romania

The usual route starts with choosing a bank that has an accessible branch, then making a first contact to find out whether it accepts non-resident clients. You agree an appointment and present your file, and the adviser reviews identity, address, tax residence and the reason for the request. Depending on the institution, the decision comes after a few days or longer, and no bank guarantees a favourable answer in advance. Asking these questions first helps you judge whether a Romania bank account is realistic for your situation.

If the file is accepted, signing the agreement gives access to the Romanian IBAN, the debit card and online banking. Credentials are sometimes issued in several steps, by post, secure message or at the branch. Plan a small first transfer to test the account before sending large amounts through it or giving the IBAN to a notary, a seller or an employer. A Romanian bank account only becomes useful once the card and online access both work.

If you are refused, politely ask what was missing from the file and whether another type of account or another branch would suit you better. A refusal is not always final: it often reflects a link with the country judged too weak, or a source of funds not documented enough.

Documents for a non-resident account in Romania

Besides the passport, proof of address and the tax number of the country of residence, the bank may ask for recent bank statements, a proof of income or a document tied to your Romanian project: a sale agreement, a lease, an employment contract or a university certificate.

Documents written in a language other than Romanian or English may need translation, sometimes legalisation or an apostille. Ask the branch for the exact format it accepts before ordering translations, since they are among the slowest steps. Finally, check that your name and address are written the same way on every document: a minor difference is enough to delay the file.

Prepare a short oral or written explanation of how the account will be used: expected amounts, countries the transfers come from, how often you will transact. Answer precisely and consistently with the documents you provide. A vague answer, or one that changes from one meeting to the next, can lead the bank to request further evidence or decline the relationship, even if the client has nothing to hide.

Lei or euros: choosing the currency of your Romanian bank account

The choice of currency depends on use. If you pay rent, bills or salaries in Romania, a lei account is the simplest, because it avoids a conversion on each expense. If you mainly receive euros, for example a pension or rental income, a euro sub-account may be preferable provided the bank offers one and its fees remain reasonable. A lei account and a euro sub-account can also be combined if the use justifies it.

Avoid converting the same funds several times: every conversion carries a margin, often more visible in the rate applied than in the fees displayed. Compare the bank’s rate with the market rate before a large transfer. A regular, planned transfer generally costs less than many small ones, but you must allow for the risk of the leu moving between two operations.

Keep the timing of future spending in mind. A balance meant for a property purchase in a few months is not handled like long-term savings: exchange-rate movements can weigh on the result. Ask the bank what solutions it offers to secure an amount on a given date and on what terms, without committing before you have read the product documentation.

Common mistakes and checks with the bank and the BNR

The most frequent mistakes are comparing only monthly fees, giving out the IBAN before checks are finished and forgetting to declare the account in your country of residence. Another is thinking that an account opened online with a foreign bank is the same as a local one: only an institution authorised in Romania can give you an IBAN starting with RO.

Before transferring funds, check that the institution is licensed by the Banca Națională a României, whose website publishes the registers of authorised institutions. Be wary of offers received by message that promise guaranteed opening with no visit and no documents: no serious bank opens an account without verifying the client’s identity and the origin of the funds.

For tax questions, speak to your own tax authority or a qualified adviser, and keep the statements of the Romanian account, as they are needed to complete your returns.