The one thing you can’t benefit as a foreign citizen in Romania is a loan. The condition is imposed by all Romanian Banks. Loans can be made only by Romanian citizens, living in Romania.
We’ve studied the offers of several important private Romanian banks: HVB Bank, BRD Groupe Societe Generale, Bancpost, Alpha Bank, BCR, Volksbank, Raiffesien, UniCredit, and here’s what we’ve found.
At HVB Bank you can get a card with overdraft
If you choose HVB Bank then you’ll benefit from quality services. I’ve noticed this in an instant, just by calling this bank’s information center. A specialized banker offered me all the details I needed as a foreign citizen in Romania. First of all you can deposit money in a current account, in this case without having an interest rate if your deposit is in Romanian LEU (RON).
You can also deposit your money safely at HVB Bank. If you have a current account opened there is no interest rate for lei, but you’ll have 0,10% per year for saving money in USD or euros. In case that you make this deposit for 6 months, you’ll have a 2.50% interest rate for lei, 2,80% for USD and 1,75% for euros, per year.
The alternative for a credit is an overdraft. So if you need no more than two salaries you can go for this kind of “loan”. Basically, you can benefit from an overdraft if you are a resident and your income is transferred monthly into a HVB account. Based on this amount of money (your salary) you can obtain a loan, maximum 2 times the amount your monthly salary.
You can also be issued a debit card, either in Lei (the Romanian currency) or in euros or US dollars. If you want both a deposit and a debit card, there’s a special package at the price of 20 euros per year. That’s for the administration of your current account and the issuing of your debit card.
If you want to operate through Online Banking half of the taxes are cut off. To open a deposit you only need your passport or an ID.
All cards issued by HVB Bank are international debit cards, to which can be attached both ROL and foreign currency (EUR/USD) accounts. There is no need to create a special account and the debit of transactions on the card can be done in the account(s) chosen by the cardholder when filling the application for the card. To one account can be attached only one main card and more supplementary cards. If you wish, one of the supplementary cards can be issued for a partner (spouse, business partner, etc) and enjoys lower fees.
Useful information: the minimum amount requested for opening a deposit is 100 euros.
Contact HVB Bank at: 080.100.1000
BRD has a special office for foreigners
Another important bank which offers banking services is BRD Groupe Societe Generale. The second bank as importance in Romania, after BCR (The Commercial Bank of Romania) has a special office in its Charles de Gaulle branch for foreign citizens.
There’s a restriction for loans, but, as a plus this bank can offer you a credit card in certain conditions. First of all you have to open an account, and make a deposit. Based on the amount of money you deposit, and provided you have residency and income in Romania, BRD can establish if you are eligible for having a credit card. But that’s only after working with the bank for a few months.
On the other hand, you can receive a debit card BRD issued in any currency you want, choosing from euros, US dollars or the Romanian lei. The minimum amount for having a debit card is 1000 USD.
To open an account, you need to complete a form at the bank, and have a copy of your ID or passport. Same deal if you want a debit card. You can make a deposit right away, but for the debit card you have to wait 10 working days.
There are some taxes you should know about when applying for a debit card: 5 euros per issue and an administration fee of 10 euros per year.
The address and telephone number of the special branch reserved to expats:
Charles de Gaulle Branch
239 Calea Dorobantilor, sector 1, Bucharest
tel: 40(0)21. 318. 2697
UniCredit provides you a Personal Banker
As soon as you start a conversation with an UniCredit employee, you know that you’re in the right place for obtaining information. When you call their number, you’re put on the line almost instantly with a personal banker. This personal banker told me that I could open accounts, make deposits and saving plans. When depositing money, a debit card is included in the package. And there’s a cost of 24 US dollars per year for the whole administration.
Raiffeisen requires a 6 months client history. ½Sorry for that!½
At Raiffeisen bank, one of the most important banks in Romania, you can make deposits whenever you want, but concerning debit cards, the bank has to “know” you for at least 6 months. “Sorry for that!” were the words of a Raiffeisen employee.
BCR offers the information you need by e-mail
BCR, the biggest Romanian Bank doesn’t speak with “strangers” on the phone. I called their TelVerde, a special phone for customers and a lady told me that this service isn’t available for foreigners. “This service is available only for Romanian citizens”, a lady told me. But, you can always e-mail at contact.center@bcr.ro. She also told me that I would obtain all the information I requested if I e-mailed them. I’m sure that you will find interesting stuff available for you if you try that.
Bancpost has a new saving product
At Bancpost you may also open a current account or deposit and benefit from other banking services. You must know you cannot come to the bank with more than 10.000 Euro in your pocket or purse at once. There is a money laundering law that forbids deposits over 10.000 Euro without being registered.
But if you want to transfer in your count a larger amount, you can choose a bank transfer.
The councilor also informed me about a new product. A new product for saving money, with an interest rate calculated every day. It means that you can deposit and extract money whenever you want.
You have 2,5% interest rate per year for a deposit in the Romanian currency and 1,25% interest rate per year for a deposit in euros (if the sum is between 500 and 2000 euros) or 2% interest rate per year if the amount of money exceeds 2000 euros.
Well served at Alpha Bank
Alpha Bank is another Romanian bank to work with as a foreigner in Romania. You can make deposits and have debit cards in lei, euros or dollars. The councilor told me that there are no taxes for issuing a debit card (VISA Electron only). She also told me that there isn’t a tax for withdrawing the money from your deposit. Nice. And you only need a passport!
Volksbank is closed for foreigners
Volksbank is a well-known bank in Romania, but, unfortunately, as a foreigner you can’t benefit from any of its services. “There are no products especially designed for foreigners”, the lady on the phone told me.
Daily Romanian banking news available at www.ghiseulbancar.ro, news section.
Ana Maria Megan
