Финансово-консалтинговая компания CYWORLD WEALTH

Opening a bank account in Romania

Opening a bank account in Romania

Today, there is an increase in the interest of domestic entrepreneurs and individuals to register various types of accounts with foreign banks. This is largely due to the desire to provide protection for your deposits from all kinds of risks (for example, from devaluation, depreciation of currency fluctuations and similar negative phenomena). And since the current state of the domestic banking system, the political situation and the unpredictability of the foreseeable future raise doubts about the expediency of keeping capital inside the country, the decision to open an account in a foreign bank is not only an effective way to solve this problem, but also practically the only one. Opening a bank account in Romania is a good way to choose a reliable bank in Europe.

Today, there are many banking systems of various sizes registered in the world, offering clients a full range of financial services and an appropriate level of service. But the cost of opening an account and the cost of maintaining it in the leading financial institutions of the world are not available to all domestic investors. But this does not serve as a reason for refusing to register an account in a foreign bank. You just need to choose a country with the appropriate legislation and a bank with the best rates for servicing accounts. These options include Romania.

Despite the fact that Eastern Europe, according to recent economic research reports, belongs to the poorest segment of the EU, Romania is an exception to this rule (although by economic indicators it is inferior to the leading EU countries – Germany, France, etc.). In terms of GDP, this country today ranks 11th among the countries – members of the European Union. The economic breakthrough was largely due to the introduction of effective reforms and the total fight against corruption. Today, Romania is one of the most successful and economically developed countries in Eastern Europe.

The advantages of registering an account with banks in Romania

  • Having a bank account in a Romanian financial institution allows its owner to engage in financial operations not only within Romania, but also in the rest of the European Union. This significantly expands the range of opportunities for business development from a local level to the scale of an international company.
  • A variety of specializations of banking institutions in Romania. Today, the territory of this country operates as a multi-disciplinary financial institutions that provide services to various business segments, as well as specialized organizations serving companies whose activities are related to a specific industry (for example, engineering, shipping, metalworking industry, etc.). Private clients are also serviced by relevant financial institutions. These organizations are in demand not only among the local population, but also among foreign investors.
  • The quality of service in Romanian banks is growing every year. Analysts predict that in the near future, local financial institutions for this indicator will approach the quality level of the leading banks of the planet. Today, customers of Romanian banks can take advantage of the full range of financial services necessary for the effective conduct of business.
  • Romanian banks provide customer deposits, private and corporate accounts with a high degree of protection (which is updated annually). Bank customers can monitor their account status remotely, through a special application that has full functionality for all financial transactions.
  • The Romanian Government has developed a package of bills that significantly simplifies the procedure for registering a bank account, both for residents and non-residents (applies to citizens of other countries of the European Union). For residents of the rest of the world, the procedure for opening an account is a bit more complicated (but with the help of an experienced lawyer it does not amount to significant difficulties).

The procedure for opening a bank account in Romania

To open an account in local banks, a client is required to submit a package of papers, which includes the following certificates:

  • Passport required to confirm the declared identity of the client.
  • Certificate of income to confirm the solvency of the client.
  • Extract from financial institutions whose services the client used previously.
  • Credit history confirming the faithful fulfillment by the client of obligations to creditors.

Our lawyers are professionals with experience in the financial sector of the EU (and the rest of the world). With our help, registering a bank account in Romania will not be difficult for you. We will prepare the necessary papers, take over the negotiations with the representatives of the bank, and provide all the necessary consultations to the clients.

We draw your attention to the fact that this article is for informational purposes only. For more advice, contact us at the contacts listed on the site.