If you wish to send money to Romania in a cost-effective and easy manner, start by looking at the best alternatives.
Once you have made a selection, sign up as a personal or business customer.
You may need to provide details from a valid form of ID to register.
Look at historical RON exchange rates and check any recent significant volatility.
Get a rate quote from your service provider by visiting its website and entering the amount you wish to transfer.
To begin the process, accept the quoted rate and lock it in place.
Provide the recipient's Romanian bank account details.
To complete the process of sending money to Romania, you need to pay for the transfer.
Once your service provider gets the payment, it transfers the funds to the recipient's bank account.
The turnaround time depends on multiple factors such as mode of payment, your country of residence, and the recipient's bank.
You may receive notifications about your transfer's progress via email or text messages. Most companies also provide timely updates on their websites.
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.
|BRD - Groupe Societe Generale||Bucharest||BRDEROBUCAM|
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.
|BANK||MONEY TRANSFER SERVICE|
|Exchange rate||EUR 1 = RON 4.5277||EUR 1 = 4.5842|
|Transfer fee||EUR 15||EUR 0|
|Amount received for EUR 2,000||RON 8,987.48||RON 9,168.40|
|Transfer fee||2 to 6 days||1 to 3 days|
|Transfer options||Bank account||Bank account|
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.
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.
|WORLDREMIT IN ROMANIA|
|Bucharest SpeedTransfer - Bucuresti Berceni Bd. Alexandru Obregia Nr.22A, BI.II-30, Sc.B, Ap.44||SpeedTransfer - Bucuresti Titan Bd. Nicolae Grigorescu Nr.53, Complex.A13|
|Cluj-Napoca SpeedTransfer - Cluj-Napoca Piata Mihai Viteazu Nr.22-23 parter Ap.10C||Iasi SpeedTransfer lasi Str.Strapungere Silvestru Nr.15, Bl. F, Sc. B, Parter, Ap3.|
|WESTERN UNION IN ROMANIA|
|Bucharest Banca Transilvania - Agentia Piata Sudului Str Srg Nitu Vasile Nr 14||Banca Transilvania Sos Bucuresti Ploiesti Nr 44a, Sector 1|
|Cluj-Napoca Patria Bank - Agentia Cluj Manastur Blvd Maresal Ion Antonescu Nr 1 Bl B1||Credit Europe Bank Str Memorandumului, Nr 5, Ap 1 2 Sucursala Memorandumului Cluj|
|Iasi Banca Transilvania Blvd Tudor Vladiirescu Camin T17 Agentia Campus Tudor|
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.
This depends on whether you are transferring money to a bank account or sending it to a cash pickup location.
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.