Banks in Romania: Everything You Need to Know

Romania has a well-developed banking system with a wide range of services available to citizens and businesses alike.

There are over 30 banks operating in Romania, including both domestic and international institutions.

Banks in Romania offer a variety of accounts, from current accounts to savings accounts, and even specific accounts for students and pensioners.

Many Romanian banks have online banking services, allowing customers to manage their accounts and make transactions from the comfort of their own homes.

Take a look at this: List of Banks in Romania

The banking system in Romania is quite impressive, considering its size. The National Bank of Romania, established in 1880, is one of the oldest central banks in the world and plays a crucial role in setting monetary policy, issuing currency, and managing exchange rates.

The central government also has a significant influence on the banking system, with legislation designed to regulate banks being a key aspect. However, it's worth noting that Romania's banking legislation is less stringent than that of Western Europe, which may put money stored in Romanian banks at a higher risk.

For your interest: Alpha Bank Romania Sa

Romania has a surprisingly large number of banking operations, considering its economy size. There are two state-owned banks, four credit institutions, 22 banks with foreign capital, and seven branches of foreign banks operating within the country.

Here's a breakdown of the types of banks operating in Romania:

The largest bank in Romania is Banca Comerciala Romana (BCR), which has assets totaling RON 70.93 billion and generates RON 2.24 billion in revenue annually. BCR has a significant presence in retail banking, with 551 retail branches and 22 corporate branches across the country.

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Digital banking in Romania is thriving, with 59% of the population using contactless payments. This is a significant number, indicating a strong demand for digital financial products in the country.

Romania has a high adoption rate of online banking, which is driving the growth of digital banking. In fact, online banking is flourishing in Romania.

The success of digital banking in Romania can be attributed to the presence of innovative digital banks like Salt Bank. Salt Bank was built from the ground up as Romania's first native digital neobank with the help of GFT and Engine by Starling.

Consider reading: Salt Bank

Salt Bank's mission is to provide a bright new future for banking in Romania and the European Union. The brand name "Salt" translates to "Leap", which reflects the bank's goal of encouraging customers to take a leap towards a better banking experience.

Salt Bank has been recognized for its innovative approach to digital banking, winning several awards, including the 'Most Innovative Cloud Deployment - Most Impactful Project' award at the 2024 IBSI Global FinTech Innovation Awards and the 'Best Digital Bank' award at the FinTech Breakthrough Awards.

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Romania's banking scene has come a long way since 1990, with the number of banking institutions increasing from five to over 35, all authorized to engage in traditional banking functions.

Many of these institutions are foreign banks, which has brought both benefits and drawbacks. On the one hand, they've made Romania a profitable market, but on the other hand, they've also made the country captive to their decisions and shareholders.

To get the most out of your banking experience in Romania, it's essential to notify your bank of your international travel, especially if you plan to use your card abroad. This will help prevent any issues with your account.

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Opening an account with a bank in Romania can be a straightforward process if you have the right documents and meet the bank's requirements.

Every bank in Romania has its own approach and requirements for clients.

If you have a Romanian identity card and speak Romanian well, you can open an account with most banks in as little as 3 days.

However, if you have an identity card from an EU country and your business is related to services, the bank may require more information and the process can take up to 2 weeks.

Banks may be more cautious when dealing with clients from non-EU countries, such as Russia, Ukraine, or Belarus, and may only open accounts with 2 or 3 banks.

To increase your chances of opening an account, you'll need to provide additional documentation, such as a website, contracts, and a registered office.

Each client's situation is unique, and the bank will assess your case individually, so be prepared to provide detailed information.

We can help you prepare the necessary documentation and submit it to the bank on your behalf.

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Salt Bank's launch was an outstanding success, debuting with a current account paying 3% interest and digital wallet compatibility.

Their aim to onboard 230,000 customers by the end of 2024 was almost achieved within a month of launch, with 200,000 new customers signing up after just one month.

Customers appreciate the simplicity and speed of onboarding, with an average time of less than seven minutes to create a live account.

Salt Bank's systems managed the process faultlessly, handling an unprecedented number of new customers signing up each day.

The bank set an objective of 1 million customers within three years of operation, but early signs suggest they will reach this milestone far sooner.

Salt Bank's success is a testament to the power of collaboration in the digital age, demonstrating the potential of integrating leading industry platform solutions.

GFT harnessed its global delivery model to maintain momentum on the complex build and deployment, showcasing the expertise needed to create a truly integrated and innovative new bank.

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Salt Bank's goal is to become self-sufficient in the medium term, with GFT continuing to support the bank as it takes on more development work itself.

The bank is open to new banking services that can improve customers' financial wellbeing, with digital lending, small business accounts, and investment products under consideration.

Romania has a surprisingly high number of banking operations, considering its small economy. Over 77% of the assets for banks in Romania come from foreign capital, a decrease from the 90% seen just a few years back.

The country has a total of 35 banking institutions, including two state-owned banks, four credit institutions, and 22 banks with foreign capital. This diversity is a result of Romania's membership in the EU and its integration into world financial markets.

Foreign banks have a significant presence in Romania, with seven branches operating within the country. While this has brought benefits, it also makes Romania captive to the decisions of these banks' home offices, especially in the Euro Zone.

For your interest: UniCredit Bank Romania

UniCredit Bank is a significant player in Romania's banking scene, boasting 157 branches and serving 600,000 customers.

The bank's impressive assets of RON 43.5 billion in 2017 are a testament to its growing influence.

UniCredit Bank's revenue in 2017 reached RON 1.35 billion, a substantial amount that highlights the bank's financial strength.

The bank's customer base is diverse, with multinational corporations and Romanian companies that invest overseas making up a significant portion of its assets.

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In Romania, foreign exchange controls are non-existent, allowing for a fully convertible local currency, the Romanian New LEU (RON).

The exchange rate as of October 2, 2023, was USD 1 = 4.73 RON, giving businesses and individuals a clear understanding of the current value.

Romania's financial landscape is diverse, with several international bank subsidiaries operating in the country.

These include subsidiaries from major banks like Citibank, J.C. Flowers & Co, and NCH Capital, all with parent corporations in the United States.

Additionally, banks from Austria, France, Italy, Greece, Cyprus, Hungary, the Netherlands, and Turkey also have a presence in Romania.

Many of these international banks have a significant impact on the Romanian financial market, providing a range of services to businesses and individuals.

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All commercial banks operating in Romania have international correspondent relationships, and all are members of the domestic inter-bank payment-settlement system.

In 2018, a new American bank entered the Romanian market, including the retail banking sector, with the acquisition of Greece-based Piraeus Bank by J.C. Flowers, a private U.S. equity leader.

First Bank Romania was formed after this acquisition and it signed an agreement with Israel-based Bank Leumi for purchasing all the bank's holdings in its subsidiary Bank Leumi Romania.

The purchase was approved by the National Bank of Romania and the Romanian Competition Council, paving the way for the final integration of Bank Leumi in May 2021.

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