Send Money To Romania

Currency Symbol and Swift Codes

The Romanian leu (RON), with lei used as its plural form, is the officially used money in Romania. One leu is divided into 100 bani. The exchange rate of the Romanian leu was fixed by the country’s government from 1970 to 1989. During this period, individuals in Romania could not buy or sell foreign currency.

While Romania joined the European Union in 2007, it has not adopted the euro yet, and is scheduled to in 2019. The Romanian leu remains a free-floating currency, so its exchange rate depends on supply and demand.  While some large hotels in Bucharest accept payments in euros, leu is the only legally traded currency in the country.

Sending money to a Romanian bank account requires that you have the receiving bank’s SWIFT code.  Given below are SWIFT codes of some popular banks in Romania.

Case Study

Andrei and his wife moved to Germany because both found jobs there, but his parents continued living in Romania. Since his parents had retired a few years earlier, he made sure he supported them financially. Upon moving to Germany he decided to keep sending them money every month. He knew his bank let him send money to Romania easily, but he was not sure if it was the best way to go about the process. He compared his alternatives, and the results of his search are illustrated in the corresponding table.

While using the money transfer company instead of the bank resulted in Andrei’s parents getting some extra money, it came with other benefits as well. The company he selected let him schedule his transfers so he did not have to go through the entire process each month. It also gave him the ability to lock in exchange rates for subsequent transfers.

Cash Pickup Locations in Romania

If you want to send money to a cash pickup location in Romania, you get to choose from different companies such as Ria, WorldRemit, Western Union, and MoneyGram.

Safety Tips for Picking Up Cash in Romania

Exercise the same levels of caution in Romania as you would back home. Petty crime takes place in large towns such as Bucharest. Instances of bag snatching and pickpocketing take place on public transport, at the main railways stations, at airport terminals, and around crowded areas such as hotels and exchange shops.

Organized attacks by groups are known to take place. This is usually done by distracting crowds, while a number of people, including children, try to steal jewelry, watches, and wallets. Use hotel safes to keep valuables and important documents, because thefts from hotel rooms are known to occur.

You might not be able to exchange U.S. dollars or British pounds for local currency outside of Bucharest, although you will face no such problems with euros. Credit card fraud is on the rise in Romania, so remain cautious if you plan to use one.

What Information Do I Need to Transfer Money to Romania?

This depends on whether you are transferring money to a bank account or sending it to a cash pickup location.

• Bank account. The information you need to keep handy includes the recipient’s name and bank account number as well as the receiving bank’s name, its IBAN, and its SWIFT code.
• Cash pickup location. You may send money to a physical location by providing the recipient’s name along with a desired cash pickup center. To collect the money, the recipient will need to provide a reference number and a valid form of identification document.

Regulations When Transferring Money To and From Romania

While Romania has not adopted the euro yet, the Romanian leu remains a free-flowing currency. As a result, residents and non-residents of the country do not face any restrictions when moving money in or out of the country.

Banca Nationala a României (the central bank of Romania) watches over the country’s payment systems. However, the European Central Bank (ECB) governs the region’s transfer regulations. While you may transfer any amount in and out of Romania, transfers that exceed EUR 15,000 are reported to the central bank and need to be carried out using domestically licensed bank accounts.

When leaving Romania with local currency, you need to declare any amount over EUR 10,000 to the country’s customs authorities.