Banking In Romania

Knowledge of the banking system will help you plan your financial affairs when purchasing property in Romania. Find out the basics below.

Overview

The banking industry in Romania has been upgraded in terms of its risk assessment profile by the financial evaluation agency, Standard & Poor, reflecting the healthy growth and profitability of Romania’s banking sector. Furthermore, specialist investors in private equity funds now fully believe in Romania’s potential which, along with Poland, has been voted as one of the most attractive destinations for Western risk capital investment funds.

The agency’s recent Banking Industry Country Risk Assessment (BICRA) on Romania reflects several years of economic growth boosted by a massive inflow of foreign investment to the banking sector. This, in turn, creates a healthy basis for an increase in available credit. Standard & Poor goes as far as to reduce its estimate of the likelihood of economic recession in Romania, even in the face of the global economic downturn.

Credit Cards

Romania is still largely a "cash only" economy but, little by little, more businesses, such as international hotels and car rental companies, are now accepting credit cards and you will usually be required to use your PIN number. Unfortunately there is a prevalence of credit card fraud, so using cash for goods and services is a preferable alternative.

ATMs

More ATMs are being installed throughout major cities; however, be aware that there are increasingly sophisticated identity theft rings targeting them – cash, some of which is left at your home or hotel in a safe, is the better option. If you use an ATM, for the sake of security, it is advisable to use one located inside a bank.

Travelers' cheques

Travelers' cheques are rarely accepted but may be used to purchase local currency at some exchange bureaus.

National currency

The national currency of romania is the leu (plural lei). Coins come in denominations of 1, 50,100 and 500 lei. Notes are in denominations of 500, 1,000, 5,000, 10,000, 50,000 and 100,000 lei.

Links to Romanian Banks

Banca Transilvania S.A.
Banca Comerciala Româna (BCR)
Unicredit Romania
Banca Româna pentru Dezvoltare (BRD) - owned by the French Société Générale
Raiffeisen Romania

Banking hours

9 am. to 4 pm. Monday to Friday.

Mortgages

Banks now offer mortgages to locals and foreigners wishing to purchase real estate in Romania. Capital and repayment mortgages can be obtained from Romanian banks, for 35 years or until age 70.

Minimum loans are normally 5,000 Euros, while maximum loans can reach 500,000 Euros to finance 75% LTV. Currently, in order to qualify, your total debt should not exceed 35% of your income.