Romania is a small Eastern European country. In 2007 it became a member of the European Union, however, the Romanian leu remains the national currency. After joining the EU, the country’s economy began to develop actively, and therefore this country became more promising for doing business. But to successfully register your business in Romania, you also need to open a corporate bank account in this country. 

Benefits of registering an account with banks in Romania 

  • Having a bank account in a Romanian bank allows its owner to engage in financial transactions not only within Romania but also in the rest of the European Union. This significantly expands the range of opportunities for business development from the local level to the scale of an international company. 
  • A wide range of specializations of banking institutions in Romania. Today, in the territory of Romania, there are both multidisciplinary financial institutions providing services to various business segments, and narrow-profile organizations serving companies, whose activities are related to a specific industry (for example, mechanical engineering, shipping, metalworking, etc.). 
  • The quality of service in Romanian banks is improving every year. Analysts predict that soon local financial institutions will approach the quality level of the world’s leading banks in terms of this indicator. Today, clients of Romanian banks can take advantage of the full range of financial services necessary for effective business conduct. 
  • Romanian banks provide clients’ deposits and private and corporate accounts with a high degree of protection (it is updated annually). Bank clients can control 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 little more complicated. However, with the help of an experienced lawyer, it does not pose significant difficulties. 

Corporate bank account 

Opening a corporate bank account has become an indispensable condition for modern business. A corporate account is a bank account that is opened by legal entities to pay bills and routinely control financial accruals. It is also necessary to carry out various commercial activities and to control the movement of client charges on the company’s account. 

What are they used for 

A corporate account is opened for the main business of the company, for internal expenses, payment for services, and for ensuring net income for private entrepreneurs. 

In addition, this account is required for non-cash payments outside the country, to pay the costs of operating vehicles, as well as to receive foreign exchange charges at bank branches in the state where the company is registered. 

Benefits of a corporate account 

  1. Optimization of the enterprise in the field of financial planning and accounting by structuring reporting schemes; 
  1. Receiving receipts for payment and expense of any amount from a corporate account; 
  1. The ability to open a corporate account in several currencies; 
  1. Low commission percentage when withdrawing cash from a corporate card; 
  1. The ability to cash out funds from a corporate account at any time using the ATM system, as well as linking an unlimited number of bank cards to one account; 
  1. Significant reduction in the consumption of funds when it is necessary to restore, reissue, and block a corporate card in comparison with other types of bank cards; a simplified system for the design of this card. 

Opening a corporate bank account in Romania 

To open an account individual, a non-resident person needs to provide an identity card and confirmation of the legality of being in the country, a certificate of income, and statements from past banks. 

In the case of opening an account for a legal entity, the package of documents will also be standard: information about the owners of the business, the charter and constituent documents of the company, and information about its monetary movements. Of the unusual, only one thing can be noted. By law, a foreign company can open an account only if its name contains at least one word in Romanian (while the use of the word “Romania” itself is prohibited). 

Banks of Romania 

Raiffeisen Bank is a large European bank operating throughout Europe. It is considered to be very reliable and safe. Besides, it has high privacy standards. 

Banca Transilvania is the third-largest bank in the country, headquartered in Cluj-Napoca. It serves many investment funds, and the total number of the bank’s clients reaches 1.8 million. 

Garanti Bank. It is owned by Turkiye Garanti Bankasi AS (TGB), Turkey’s second-largest bank. The bank has repeatedly received state awards for innovations in its field. 

BCR (Banca Comerciala Romana) accounts for non-residents can be opened in any currency valid in the EU. Offers favorable rates.  Besides, it is popular with the local population as a bank that offers deposits with the highest interest rates. 

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