Several Romanians who have traveled to other parts of the world for work as well as people who live in other countries find the need to send money to Romania every so often. Reasons for sending money to Romania are varied, and so are people’s individual requirements. Fortunately, there are a number of overseas money transfer companies that give you different ways of sending money to this country.
Transfer Money to Romania
- User Rating
- Transfer Type
- Regular Payments
- Mobile App
- Min Transfer Amount
- Two Transfers Fee Free
- 1 - 3 Days
- $250 / £100 / €250
Currency Corridors & Swift Codes
Currency Symbol and Swift Codes
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|
Popular Currency Corridors
Money enters Romania from different countries, and people also send money outside of the country. In 2016, more than U.S. $3.48 billion was sent as remittances from other countries to Romania. During the same period, around U.S. $560 million made its way out of the country in remittances.
The corresponding tables show how much money entered and left the country across popular currency corridors in 2016. The figures are in U.S. dollars.
How Do I Compare Companies When Sending Money to Romania?
It is important that you compare your alternatives when sending money to Romania, because different factors may affect the overall process. Besides, since individual needs tend to vary, there is no single best way to send money to Romania. Here are aspects that need your attention.
- Transfer fees and exchange rates. Both these costs may vary from one service provider to the next. If you choose a company that offers fee-free transfers, determine if it provides unfavorable exchange rates to offset the cost. An easy way to determine which service provider is the most cost effective is to compare how much money the recipient will receive when the transfer amount remains the same.
- Turnaround time. Transfers to bank accounts in Romania may take two to six working days, depending on the service provider you work with as well as the recipient’s bank. Transfers to cash pickup locations, on the other hand, tend to process almost immediately.
- Payment methods. Paying for your money transfer to Romania using your bank account is typically easy. Not all overseas money transfer companies accept payments via debit and credit cards. However, some accept payments through different region-specific methods such as iDEAL and SOFORT.
- Customer service. Turn to websites such as Trustpilot and Feefo to check how previous customers of these companies rate their services. Some of the top companies provide phone support in different countries. While some provide support via chat, email support is the easiest to find.
How to Transfer Money to Romania?
You may begin the transfer process in different ways.
- Online. If you want to transfer money to Romania online, you get to choose from banks and overseas money transfer companies. The latter usually fare better when it comes to speed and cost effectiveness.
- Over the phone. If you prefer to speak to someone over the phone when sending money to Romania, you get to choose from several money transfer companies. Some even give their customers access to dedicated currency brokers.
- In-person. Sending money to Romania by walking into your local bank might be easy, but it may not be the most cost effective way. Instead, consider using the services of money transfer companies that operate out of physical locations or have agent networks.
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.
Cash Pickup Locations in Romania
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|
Safety Tips for Picking Up Cash in Romania
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.
What Information Do I Need to Transfer Money to Romania?
This depends on whether you are transferring money to a bank account or sending it to a cash pickup location.
- Bank account. The information you need to keep handy includes the recipient’s name and bank account number as well as the receiving bank’s name, its IBAN, and its SWIFT code.
- Cash pickup location. You may send money to a physical location by providing the recipient’s name along with a desired cash pickup center. To collect the money, the recipient will need to provide a reference number and a valid form of identification document.
Regulations When Transferring Money To and From Romania
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.
Now that you have reached the end of this page you should know what to look for when you want to send money to Romania the next time around. Make sure you compare your options well, and keep an eye out for promotional offers that may lead to added savings.
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