Choosing the right bank 💳

How do I choose the right bank for my Business in Romania?

Choosing the right bank will help me afterwards by simplifying the transfers of money. There are a number of things I can ask:

Opening the account:

• how long does it take?
• what is the procedure for foreign citizens?
• what documents are needed? 🛑
• can I open another account remotely or do I have to be physically present?
• what is the closest branch?
• what are the fees for foreign exchange accounts and transactions?

Operating the account:

• does the bank offer 2-step authentication via SMS ⚠️or physical token?
• what if I forget my password?
• for how long can I keep the account open if I don't have any transactions?
• can they bank put in place a 2-signature type of account, where my accountant prepares the payments orders for me and I just sign them electronically?

Closing the account:

• what are the closing fees?
• how long does it take?

🛑 Speaking of documents needed:

• There is the specific example of a bank from Romania which asks for my NIF code. This code will be required later on anyways, for instance when I register my business for VAT purposes above the RON 300 000 threshold, but it can be a surprise when the bank asks for the NIF code already at the opening of the account: it can even be a showstopper when I'm in Romania for only a couple of days and my flight is tomorrow - and everything else is related to the opening of the bank account. Luckily, other banks are more understanding with the document workflow and only require the NIF code after opening the account. If, however, I prefer this specific bank and am willing to wait until obtaining the NIF code first, then here are the documents I need to present to the tax authorities:
  • Tax Form 030 for the tax registration of the individuals who do not have a Romanian Personal Numerical Code (=ro. Cod Numeric Personal, CNP)
  • copy of my ID
  • copy of the Certificat de Înregistrare (CUI) (=en. Registration Certificate) from the Trade Registry
  • copy of the Certificat Constatator forma extinsă (=en. extended format of the Trade Registry Statement)
  • Power of Attorney & a copy of the ID of the trustee, if I mandate someone to get the code on my behalf

⚠️ Speaking of SMS:

• I need to make sure that the SMS will arrive to my non-Romanian mobile number once I leave Romania
• There is the specific example of a bank from Romania which uses SMS for various steps in its e-banking processes, however cannot send SMS to numbers from outside Romania. This is more the exception rather than the rule: most banking systems are adapted to working with foreigners

If I need a comparison of all banks' fees and package offers, I can ask Maria