Who can open a bank account in Romania?

The question that comes up most often regarding bank accounts is: do you have to be a Romanian citizen or at least a EU citizen in order to open a bank account in Romania?

The answer is no, there is no legal condition set by the law in this respect.

However, it should be noted that each bank has its own internal regulation, that can make it difficult for non-EU citizens or people from war zones to open a bank account. From our experience, we mention for example Iran, Iraq, Russia, Belarus, and Ukraine.

Also, most banks require, before opening a bank account for a foreign citizen, their residency permit which they obtain from IGI (the Immigration Office).

When should these bank accounts be opened?

Natural persons usually need to open a bank account when they receive funds, usually in the form of the salaries from their workplace.

As for companies, the current legislation allows opening a bank account immediately after all the formalities have been completed with the Trade Registry and the legal entity is legally set up. There is no longer a need to open a bank account in Romania as part of the company set up process.

Where should you open your bank accounts?

Our recommendation for foreign citizens is to open a bank account at a bank in Bucharest, especially if they live in this city. The main reason we make this recommendation is that more banks clerks speak English here, rather than in other Romanian cities or villages.

When it comes to bank recommendations, it depends from case to case, but our law office works well with ING and BRD.

However, we are sure that you will benefit from a pleasant collaboration with other banks, as well, if you pay attention to the availability shown by the bank, but also to their imposed fees.

If you would like to address more questions or if you need a legal consultation, you can contact us at office@rrpb.ro or by accessing our site www.rrpb.ro for more information.

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