When setting up a company in Romania and considering banking options, it is crucial to select a bank that offers advantageous financial terms. This is especially important for entrepreneurs who engage with international markets, necessitating both local and international banking facilities.
Romanian bank accounts provide several benefits to account holders, such as:
⇒ Competitive interest rates on deposits.
⇒ Secure asset management based on EU rules
⇒ Protection of financial privacy.
⇒ Diverse investment opportunities in securities, real estate, and other valuable markets.
Additionally, Romanian bank accounts enable business professionals to efficiently handle international financial operations and transactions with clients abroad. It’s essential to perform thorough due diligence when choosing the right bank or jurisdiction to open an account, for which we can offer guidance.
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Choice of the bank
Preparation of the documents
Passing the verification
Getting access and details
Start using the Romanian bank account
Today, entrepreneurs have the option to open a bank account in Romania without visiting the country, but not all Romanian banks offer this service. This limitation arises because banks must conduct thorough verifications of new customers, especially if there are any inconsistencies in the application details. So, if you’re looking to remotely open a bank account in Romania following company formation, you’ll need to undergo a process known as Due Diligence. While some banks may conduct this process remotely, potentially with our assistance acting on your behalf via a power of attorney, others may require your physical presence for a verification interview.
Due Diligence involves the collection and analysis of information to determine the suitability of a client to use the bank’s services. If a bank assesses the financial, legal, and other associated risks as high, they may request additional documentation or even a personal visit to their premises.
Should a Romanian bank require your presence for Due Diligence, it may not be possible to complete the bank account opening process entirely remotely. However, a preliminary assessment can typically be conducted remotely, paving the way for smoother financial operations in Romania. This process is crucial for ensuring compliance and security in banking operations, aligning with banking regulations and anti-money laundering (AML) standards.
In every instance, opening a corporate bank account in Romania requires the submission of specific documents. The requirements can vary across banks, potentially complicating the process with the need for supplementary paperwork.
Navigating the process of opening a bank account in Romania without assistance from experienced service providers can be challenging. To enhance your chances of approval, you’ll need to provide:
— A set of corporate documents, including the Articles of Association and registration certificates.
— Detailed information about the business, beneficiaries, and account managers, tailored to each bank’s specific criteria.
— Verification of the identities of both the beneficiary and the account manager, especially if they are different individuals.
— A brief overview of the company’s operations, including its products, business partners, projected account turnover, and more.
— Evidence of the residential addresses of the beneficiary and the account manager.
If you’ve decided to open a bank account in Romania, reach out to our experts. The list provided above outlines only the fundamental prerequisites. However, additional documents may be necessary depending on the bank’s requirements and the specific nature of your business. Therefore, it’s advisable to entrust this procedure to professionals who are familiar with Romanian banking regulations and practices. This approach minimizes the risk of rejection and ensures a smoother process for opening your Romanian bank account.
Depending on your objectives for opening a bank account in Romania, banks can offer you various account options
— Current accounts: Essential for conducting day-to-day business operations, handling client transactions, and managing personal finances
— Card accounts: Necessary for those looking to manage credit and debit card transactions. These accounts are used to monitor all card-related activities.
— Deposit accounts: Designed for saving funds over the long term, often with higher interest rates to maximize returns.
— Investment accounts: Utilized for making investments in securities, providing opportunities for asset growth through financial markets.
— Brokerage accounts: Essential for individuals or entities engaged in buying and selling securities, often facilitated by financial institutions offering brokerage services.
These account types are tailored to meet different financial needs and goals, whether for personal management, business operations, or investment purposes. Choosing the right type of account in Romania involves considering your specific financial activities and the features offered by each bank.
Romania is rapidly developing economically, and its banking sector is well-equipped to support both individuals and businesses with top-tier banking services. The country boasts a diverse range of banks suitable for opening both personal and business accounts, which is particularly advantageous for tech companies and businesses in special economic zones.
We have established longstanding collaborations with several leading banks in Romania, including:
◊ Banca Transilvania – Known for its dynamic approach and strong support for entrepreneurs, part of the larger BT Financial Group.
◊ BRD Groupe Société Générale – A major player in the Romanian market with comprehensive solutions for both local and international clients.
◊ ING Bank Romania – Part of the international ING Group, known for its innovative and customer-centric banking services.
◊ Patria Bank – Focuses on supporting small and medium enterprises and contributing to local development.
These institutions are ideal for anyone interested in opening a bank account in Romania, offering competitive fees and specialized services for businesses, especially in sectors like IT and within Free Economic Zones.
— We provide guidance on effectively managing bank accounts and offer detailed instructions for maximizing efficiency in banking operations.
— We assist in addressing immediate needs, such as preparing essential documentation for financial transactions and modifying account limits.
— We represent our clients in discussions with banks, handling various issues of complexity to ensure favorable outcomes.
Before submitting documents to the bank, our company will help you:
— Fill out all necessary forms;
— Communicate with bank managers;
— Correct (if necessary) and submit the entire package of documents for preliminary review by the bank;
— Organize a video conference with the bank manager and assist in answering all questions.
In addition, our team has more than 20 years of combined experience in consulting and will find the most optimal solution for you and your company if a bank account in Romania does not suits your needs.
When guiding nonresident corporate entities on selecting the right country and bank for opening a corporate bank account, we consider various key characteristics:
1. Company Profile: We analyze the operating industry of the company.
2. Residence and Citizenship: We assess the residence and citizenship status of company UBOs and officers.
3. Partnerships: We evaluate the company’s relationships with suppliers, clients, partners, and contractors.
In each case, we meticulously consider:
⇒ Banking System Stability: Prioritizing countries with stable and reliable banking systems to safeguard our clients’ funds.
⇒ Regulatory Environment: Ensuring transparency and favorable regulations, including clear laws on taxation and financial stability.
⇒ Political Stability: Choosing countries with stable political environments to mitigate risks.
⇒ Taxation Policies: Evaluating tax policies to optimize our clients’ tax obligations.
⇒ Banking Privacy: Assessing banking privacy laws to protect financial information and comply with regulations.
⇒ Accessibility and Convenience: Considering ease of access to banking services, including online facilities and branch availability.
⇒ Currency Options: Selecting countries with favorable currency options aligned with clients’ business needs.
⇒ Network of Correspondent Banks: Verifying correspondent bank networks for smooth international transactions.
⇒ Account Opening Requirements: Understanding documentation and requirements, including residency and due diligence procedures.
⇒ Supportive Business Environment: Advising countries with business-friendly environments to foster growth opportunities.
We tailor our recommendations to each client’s unique needs, risks, and variables, ensuring the best solution for their situation.
