Romania – Banking

What are the main banks in Romania?

As of 2024, Romania is home to 63 licensed credit institutions, with total consolidated banking assets of around €180.56 billion. The sector is led by a small number of prominent banks, many of which operate as subsidiaries of well-known European financial groups. Below are the key institutions you are most likely to encounter as an expat living in Romania:

• Banca Transilvania (BT) — Romania’s largest bank by total assets, commanding approximately 21.85% of the market as of 2024. BT serves a client base of more than 3.5 million and has established itself as a leader in digital banking, with offerings that include the BT Pay platform and a broad suite of online services. Official website: www.bancatransilvania.ro
• Banca Comercială Română (BCR) — Founded in 1990 and taken over by Austria’s Erste Bank in 2006, BCR delivers a comprehensive range of banking services spanning retail, business, corporate, and investment banking, alongside treasury, capital markets, leasing, and housing finance through affiliated subsidiaries. Its extensive branch and ATM network ensures coverage across the country. Official website: www.bcr.ro
• CEC Bank — Having climbed from sixth place in 2022 to third by assets in 2023, CEC Bank reached total assets of approximately 83.5 billion RON and holds around a 10.4% market share. It remains under state ownership via the Ministry of Finance. Official website: www.cec.ro
• BRD – Groupe Société Générale — A long-standing subsidiary of France’s Société Générale, BRD is one of Romania’s most established financial institutions and offers a wide spectrum of banking products and services. Official website: www.brd.ro
• Raiffeisen Bank Romania — The fifth largest Romanian bank by total assets, holding approximately a 9.67% share of the market as of 2024. Austrian-owned, Raiffeisen is widely recognised for strong international banking expertise and its appeal to globally mobile clients. Official website: www.raiffeisen.ro
• ING Bank (Bucharest Branch) — ING Bank NV Amsterdam’s Bucharest Branch ranks sixth by total assets in Romania, with approximately 9.25% of the market as of 2024. ING is frequently highlighted for its reliable English-language support, contemporary digital banking tools, and services well-suited to expats. Official website: www.ing.ro
• UniCredit Bank Romania — A member of the Italian UniCredit Group, UniCredit Bank S.A. operates as a universal commercial bank catering to individuals, private clients, entrepreneurs, and corporate customers. It is recognised for its expertise in corporate and private banking and its modern approach to retail services. Official website: www.unicredit.ro

For a definitive and current list of all credit institutions licensed to operate in Romania, refer to the National Bank of Romania (BNR) at www.bnr.ro. Contact details, branch locations, and service offerings for individual banks should always be confirmed directly with each institution, as these are subject to change.

Do any major international banks operate in Romania?

Romania hosts 11 branches of foreign banks from 8 different countries. Several prominent European banking groups maintain a substantial retail or corporate footprint through locally incorporated subsidiaries — most notably Erste Group via BCR, Société Générale via BRD, and the Austrian, Italian, and Dutch parents of Raiffeisen, UniCredit, and ING respectively. These subsidiaries function as full Romanian banks regulated by the BNR, rather than simple representative offices.

Banks headquartered outside Europe generally do not maintain a significant retail presence in Romania. Some international institutions, such as Citibank, have historically operated in the country, but their Romanian activities have tended to focus on corporate and institutional clients rather than personal banking. Expats looking for everyday personal accounts should not assume a familiar global brand will offer local retail services — the current local availability of any specific institution should always be verified directly, as international banking footprints can shift with commercial decisions.

Those who wish to retain an international banking relationship while residing in Romania may find that offshore or expat-focused services — such as HSBC Expat, based in Jersey — can provide a secure central platform for managing and growing wealth regardless of where clients relocate. These services are generally designed for those with higher asset levels and differ from standard everyday local banking. Eligibility and current product offerings should be confirmed directly with the relevant provider.

Credit institutions authorised and supervised by an EU member state may carry out banking activities in Romania, either directly or via branches, within the scope of their home-country licence. This means certain EU-headquartered banks may offer services in Romania without a dedicated physical presence. The BNR’s registry — available at www.bnr.ro — provides up-to-date information on which institutions are active in the country.

Do banks in Romania offer accounts or services specifically for expats?

Romanian banks rarely market products under an explicit “expat account” label in the way that some offshore banking providers do. Nevertheless, several institutions offer multi-currency accounts, foreign-currency current accounts (most commonly in EUR and USD), and services tailored to internationally mobile customers. Banks with stronger international banking backgrounds tend to be the most practical choices for expats settling in Romania.

ING Bank is frequently recommended for its solid English-language support and user-friendly digital banking platform, both of which ease the transition for newcomers to the country. Banca Transilvania stands out for its forward-thinking digital tools, while Raiffeisen Bank, as an Austrian-owned institution, brings considerable experience in serving clients who move frequently across borders.

Certain Romanian banks offer products and services with expats in mind, and the account-opening process at some institutions may require proof of residency or a valid work permit. Multi-currency accounts holding RON alongside EUR or USD are widely available at major banks, a particularly helpful feature for those receiving income in foreign currencies or making regular international payments.

Current account fees differ across banks and may cover monthly maintenance charges, card issuance costs, and ATM withdrawal fees. Unexpectedly high charges for seemingly routine services are a common complaint among newcomers — it is advisable to request a full fee schedule and read the terms carefully before committing to any account. Fee structures evolve regularly, so always verify the latest conditions directly with your chosen bank. As of 2025, some banks — ING being a notable example — have offered zero-fee current accounts, though you should confirm whether this applies to your specific circumstances and nationality at the time of application.

What are typical bank opening hours in Romania?

Standard bank branch hours in Romania run Monday to Friday, generally from 09:00 to 17:00. Some branches extend their hours and open on Saturday mornings. A midday break, typically from around 13:00 to 13:30, is observed at many locations. Banks are ordinarily closed on Sundays and on Romanian public holidays.

Hours can vary from one branch to another, particularly between city-centre locations and smaller towns. Branches situated within large shopping centres or malls in cities such as Bucharest, Cluj-Napoca, Timișoara, and Brașov often operate extended hours to match retail foot traffic. In rural parts of the country, the physical branch network may be sparser, making digital banking an especially important resource.

Online and mobile banking is the norm across Romania, and customers can access a comprehensive range of services around the clock. Digital platforms allow users to manage accounts, transfer money, and settle bills without setting foot in a branch, and are equipped with robust security features including two-factor authentication and encryption. Most major banks also provide telephone banking, though call centres may operate exclusively in Romanian — another reason to consider ING or Raiffeisen if consistent English-language phone support matters to you.

Restricted branch hours and lengthy queues can be a source of frustration; making use of mobile banking for most transactions, visiting branches early in the day, or booking an appointment in advance are practical ways to avoid unnecessary delays.

What do expats need to know about the banking system in Romania?

Romania’s EU membership means its banking sector is subject to European-level regulatory oversight and consumer protection standards. That said, there are several aspects of the Romanian banking landscape that are worth familiarising yourself with before you arrive.

Currency and exchange rates

Although Romania is a member of the EU, it has not yet introduced the euro. The national currency remains the Romanian leu (RON). EUR and USD accounts are widely offered by Romanian banks, but day-to-day transactions — including salaries, utility bills, and rent — are typically conducted in RON. Exchange rates have a meaningful impact on the value of international transfers, and both banks and money transfer services in Romania commonly apply a margin above the mid-market rate, which adds to the overall cost.

Deposit protection

Bank deposits in Romania are covered by deposit guarantee schemes approved by the National Bank of Romania. The Bank Deposit Guarantee Fund (FGDB) is currently the sole recognised deposit guarantee scheme operating within Romania. The protection ceiling is the leu equivalent of €100,000 per depositor, per bank, for both private individuals and legal persons — the same limit that applies across all EU member states. This is broadly comparable to the FSCS scheme in the UK (£85,000) and the FDIC in the US ($250,000), although the mechanisms and scope of coverage differ. As of 2025, the FGDB coverage limit stands at €100,000.

Compensation is paid within a maximum of 7 working days from the date on which deposits are declared unavailable. It is worth noting that branches of EU-based banks operating in Romania are covered by the deposit guarantee scheme of their home country rather than by the FGDB — so deposits held with ING Romania, for example, fall under the Dutch deposit guarantee scheme, also at €100,000.

For further information on deposit protection arrangements, visit the official FGDB website at www.fgdb.ro.

Language barriers

The majority of Romanian banks conduct their operations primarily in Romanian. For more reliable English-language assistance, ING and Raiffeisen are the most commonly recommended options. Translation apps with a camera function can be a useful workaround for navigating documents on the spot. Contracts and terms and conditions are generally issued in Romanian, so it is sensible to seek help from a bilingual person or a legal adviser if you have any doubts about the content of documents you are asked to sign.

Card fraud awareness

Card fraud is a concern for expats in Romania that should not be overlooked. It is advisable to use ATMs located inside bank branches or established shopping centres, and to review your account regularly for any transactions you do not recognise. Opting for contactless payments and mobile wallets wherever possible can also help reduce exposure to card skimming.

Digital infrastructure

Romania has developed a robust and rapidly expanding digital infrastructure, with broadband and mobile data connectivity ranked among the fastest and most affordable in Europe. This makes mobile and internet banking highly dependable in urban centres. In more remote rural areas, both physical banking access and internet connectivity may be more limited.

For authoritative and current information on Romania’s banking system, refer to the National Bank of Romania (BNR) and the Bank Deposit Guarantee Fund (FGDB).

How do I open a bank account in Romania as an expat?

Opening a bank account in Romania as a foreign national is entirely possible, but it typically requires you to be present in the country and to have certain official documents in hand. Requirements can differ from one bank to another, so it is worth contacting your chosen institution by phone or email before your visit to confirm what is currently needed. The steps below describe the standard process at a traditional Romanian bank branch.

1. Obtain your Romanian Personal Identification Number (CNP). The CNP (Cod Numeric Personal) is Romania’s equivalent of a national ID or tax file number. The vast majority of banks will require this before they can open an account for you. EU citizens can obtain a CNP by registering their presence with the relevant local authorities; non-EU citizens normally receive theirs as part of the residence permit application process through the General Inspectorate for Immigration (IGI). Completing this step is a prerequisite for opening a bank account.
2. Choose your bank. Take time to research which institution best aligns with your requirements, taking into account English-language support, digital banking functionality, branch proximity, account fees, and whether multi-currency accounts are available. Drawing up a shortlist of two or three banks and comparing their current fee schedules before making any visits is a sensible approach.
3. Gather your documents. Attend a branch with a valid passport or national ID card, proof of residency or a work permit, and any other documentation the bank has specified. You will typically also need your CNP and proof of your Romanian address — such as a signed rental contract or a recent utility bill. In some cases, banks additionally request evidence of income or employment, such as a work contract or recent payslips. Non-EU nationals will usually need to present their long-stay visa or residence permit issued by the IGI.
4. Complete the application form at the branch. You will be asked to fill in an application form and supply all relevant information. Bank staff will carry out identity verification in accordance with anti-money-laundering (AML) and Know Your Customer (KYC) requirements — a standard procedure across the EU banking system.
5. Wait for account verification. Allow the bank time to review your documentation and finalise the account opening. At major banks, applications with complete and straightforward documentation can often be processed on the same day. Cases requiring additional verification — for instance, where non-EU nationals need further checks — may take several days.
6. Activate your account. Once the account is open, activate it by making an initial deposit. Minimum deposit requirements vary between banks and account types; as of 2025, many standard current accounts at major banks carry no mandatory minimum opening balance, but this should be confirmed directly with your chosen bank before your visit, as terms can change.
7. Set up digital banking. Download your bank’s mobile app and register for internet banking. Most major Romanian banks provide fully featured apps, some of which include an English-language interface. Enabling SMS or in-app transaction alerts is a straightforward way to keep track of your account activity and identify any suspicious transactions without delay.

Specific requirements may differ depending on the bank and the type of account you intend to open. Always consult your chosen bank’s official website for current documentation requirements, and the National Bank of Romania for regulatory guidance. If you reach out to ING or Raiffeisen before arriving in Romania, both banks are known for having English-speaking staff and clear online information for international applicants.

What banking and payment apps are widely used in Romania?

Romania’s digital banking landscape is lively and growing, with established banks and fintech challengers alike competing for customers. For expats, this competitive environment generally works in their favour: digital-first options can make it considerably easier to manage finances without being dependent on branch visits.

Major bank apps

Mobile banking apps from Romania’s leading banks — including BT Pay from Banca Transilvania, BRD@ffice from BRD, and ING Home’Bank — are indispensable tools for on-the-go account management. They allow users to make instant transfers, pay bills, and monitor account activity with ease. BCR provides a well-regarded app through its George platform. These apps are predominantly in Romanian, though ING’s application offers English-language support.

Fintech and neobanks

Digital-only providers such as Revolut and N26 have carved out a significant following in Romania by offering multi-currency functionality, competitive transaction fees, and real-time spending notifications — all features that resonate strongly with expats and frequent travellers. Revolut is accessible to Romanian residents aged 16 and over and has become a mainstream choice for everyday payments, peer-to-peer transfers, and online shopping. It provides a Romanian IBAN, making it practical for receiving local salary payments and conducting domestic bank transfers.

International transfer platforms

Wise offers local account details for Romania, enabling users to receive payments in Romanian leu via local bank transfers as well as in a range of other currencies. As a multi-currency account and international money transfer service, Wise allows users to hold and spend money in multiple currencies — including RON — and to transact internationally at the mid-market exchange rate. PayPal is also widely used in Romania for online purchases and collecting payments from international clients, though it is less well-suited to everyday local banking needs.

Regulatory considerations

Fintech providers such as Revolut and Wise function under EU financial regulation and are authorised by regulators in their respective home jurisdictions — Revolut holds a European banking licence issued by Lithuanian authorities, while Wise is licensed as an electronic money institution. Both services are fully legal and widely used across Romania. However, these platforms are not conventional banks in the traditional sense and may not offer the full range of products — such as mortgages or overdrafts — available through a standard Romanian bank. Always verify the current regulatory status and terms of any provider before committing to their services.

How can expats manage money between Romania and their home country?

Handling finances across national borders is one of the most practical challenges that comes with living abroad. Romania’s membership of the EU’s SEPA (Single Euro Payments Area) payment network makes euro-denominated transfers within Europe relatively swift and affordable — although, since Romania’s currency is the RON rather than the euro, most SEPA transfers will still involve a currency conversion at some stage.

Bank transfers

International transfers can be executed through your bank’s SWIFT network or via specialist online money transfer platforms such as Wise or PayPal. You will need the recipient’s full bank details, including their IBAN and SWIFT/BIC code. Bank-to-bank transfers typically take two to five business days and may attract higher fees, whereas dedicated transfer platforms frequently offer quicker turnaround times and more competitive pricing.

Exchange rate considerations

Romanian banks and money transfer operators commonly apply a markup above the mid-market exchange rate, which adds to the effective cost of transferring money. Comparing rates and total costs across several platforms before sending money is the best way to secure a favourable deal. It is also important to look out for fixed transfer fees and less visible charges that might not be immediately apparent. Banks may levy separate fees for initiating and receiving transfers, particularly for transactions outside the EU. Using a dedicated transfer service — such as Wise, which applies the real mid-market rate — can produce noticeable savings on regular international transfers, especially where larger sums are involved.

Recommended platforms

For a cost-effective alternative to conventional bank wire transfers, platforms such as Wise (formerly TransferWise) and PayPal generally offer more attractive exchange rates and reduced fees. For international transactions more broadly, services like Wise and Payoneer streamline the process through transparent fee structures and competitive rates. Always calculate the total cost of a transfer — including any exchange rate margin and fixed charges — before proceeding, as rates shift over time.

Legal and reporting requirements

As an EU member state, Romania is bound by EU anti-money-laundering legislation. There are no blanket restrictions on transferring funds into or out of the country, but cash amounts exceeding €10,000 must be declared to Romanian customs when crossing the border. For electronic transfers, banks are obliged to apply appropriate due diligence measures to large or atypical transactions as part of their KYC obligations.

If you qualify as a Romanian tax resident — generally defined as spending more than 183 days in Romania within a calendar year — you may be subject to reporting obligations with the National Agency for Fiscal Administration (ANAF) concerning foreign-held accounts and overseas income. Romania has concluded double-tax avoidance agreements with a number of countries, so it is worth consulting a local tax adviser or the relevant tax authority to determine whether such an agreement exists between Romania and your home country. For authoritative guidance, refer to ANAF (www.anaf.ro) and the National Bank of Romania. Thresholds and fees should be checked against the most current information, as they are liable to change.

Frequently Asked Questions

Can I open a Romanian bank account before I move to Romania?

Setting up a full Romanian bank account prior to arriving in the country is challenging with most traditional banks, as they typically require in-person identity verification and a Romanian CNP — a number that can only be obtained once you have registered in Romania. Digital providers such as Revolut or Wise can be activated before you travel and used from the moment you land, offering a convenient interim solution while you work through the administrative steps needed to establish a conventional local bank account.

Do I need a Romanian residence permit to open a bank account?

EU citizens can generally open an account using a valid passport or national ID card along with proof of address in Romania. Non-EU nationals are typically required to present a valid residence permit or long-stay visa in addition to their passport. Most banks will also ask for your CNP. Requirements differ between institutions, so always confirm the current conditions directly with your chosen bank before attending an appointment.

Is my money protected if a Romanian bank fails?

Deposits are protected up to the leu equivalent of €100,000 per depositor, per bank, covering both private individuals and legal persons. The Bank Deposit Guarantee Fund (FGDB) is the institution tasked with safeguarding depositors by guaranteeing their funds in the event that a credit institution is declared insolvent, and will make compensation payments if a bank is unable to return customers’ money. Note that branches of EU-headquartered banks — such as ING — are protected by the deposit guarantee scheme of their home country rather than the FGDB. Full details are available at www.fgdb.ro.

Does Romania use the euro?

No. While Romania is a member of the European Union, it has not yet introduced the euro as its currency. The official currency is the Romanian leu (RON). Euro-denominated accounts are available at most major Romanian banks and can be useful for handling international transactions, but the majority of local prices, salaries, and bills are quoted and settled in RON. Always check prevailing exchange rates when converting between currencies.

Which Romanian banks offer the best English-language support?

Most banks in Romania operate primarily in Romanian. ING Bank and Raiffeisen Bank are the most frequently recommended options for expats seeking reliable English-language service. Both institutions also offer digital banking platforms with English-language interfaces, making them a particularly practical choice for those who have not yet acquired proficiency in Romanian.

Are international transfer apps like Wise and Revolut widely accepted in Romania?

Yes. Both Wise and Revolut are widely used in Romania and operate entirely within EU financial regulations. These digital-first platforms provide multi-currency accounts, low transaction fees, and instant spending notifications, making them a popular choice among expats and those who travel regularly. Wise can issue a Romanian IBAN, enabling users to receive local payments directly. Both platforms work well alongside a traditional Romanian bank account, particularly for managing international money flows.

What documents do I typically need to open a bank account in Romania?

You will generally need: a valid passport or national ID card; your Romanian CNP (personal identification number); proof of your Romanian address (for example, a rental contract or a utility bill); and — if you are a non-EU national — a valid residence permit or long-stay visa. Some banks may also ask for evidence of your employment or income. Requirements vary between institutions, so always confirm the specific documentation required with your chosen bank before your appointment.

How long does it take to open a bank account in Romania?

The time needed to open an account depends on the bank and the completeness of your documentation. At major banks such as ING or Banca Transilvania, straightforward applications with all the necessary documents in order can often be completed on the same day. Cases involving additional verification steps — particularly for non-EU nationals — may take longer. Digital providers such as Revolut can typically complete the sign-up process in a matter of minutes through their mobile apps.