Opening the bank account 💳

Opening the bank account can be done in a couple of hours 🛑

I will not need to come to the bank in person at first stage. I can simply empower a representative, which can be a delegate of the accounting firm for instance; the representative will open the bank account on my behalf and present the documents needed

IBAN

Opening the bank account is done on the same day of going to the bank: the IBAN number is obtained on the spot and communicated to me

Tokens

It depends what bank I choose, or, more specifically, if you have a preference for a physical token or for an e-token. The e-token eliminates the need for a physical token by replacing it with a code sent via SMS ⚠️ to a mobile number, to be used as a 2-factor authentication in addition to username&password. A number of banks in Romania still use the physical token, while others use the e-token:

• a physical token arrives to an address in Bucharest in up to 7 working days. Plus a couple of days more if I prefer the bank to ship it directly to me abroad
• an e-token is simply a matter of configuring the bank server, which can be done on the same day, or next day at the latest

I can apply for multiple tokens remotely. No need to go to the bank

🛑 Opening the bank account can be done in a couple of hours - with one exception

• There is the specific example of a bank from Romania which asks for my NIF code (=ro. shorthand for Număr de Înregistrare Fiscală, applicable for non-Romanian citizens). This code will be required later on anyways by the tax agency, 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