Whether you need to send money to your relatives back home or paying your employees, sending money to Romania can be a hustle and cost you a lot of money. Banks charge the most. Remittance companies like Western Union and MoneyGram have also big fess.
So, be smart with your choices and read our Romania Money Transfer Guide to know how to get better deals when sending money to or from Romania.
MoneyCorp is the only big company in this market to have an office in Romania and that is a great boost of confidence for cutomers that want to transfer large amounts of money. TransferWise is mostly used for regular small transfers.
The Guide’s Topics:
- Best Way to Send Money to Romania
- Best Company to Transfer Money from Romania
- Today’s Romanian Leu Rates
- Reasons to Move Funds into Romania
- Regulation and Limitations
Best Company To Transfer Money To Romania
* Expected Rates reflect our rate expectations based on our research. We do not guarantee accuracy. For some companies, we used a range of rates because they offer wholesale rates for large trades and higher rates for small trades.
Supported Countries & Payment methods
Currencies Direct is a UK based company that has been dealing with European transfers since 1996. Of course, it works with locations from all over the world but their delivery times are much better when talking about European destinations. For more information, be sure to visit their website and, why not, get a free quote to see how much can you save when compared to your local banks.
With Azimo you will get the same benefits with the same high-quality services. The only memorable differences being that:
- There is no minimum amount to be transferred which makes it a great option of remittances.
- They offer the option to pick-up the money as cash from many locations in the country.
Best Company to Transfer Money from Romania
|Min. Transfer: £ / € 50.|
Transfer: Online or by Phone.
Why Them? 2 Year Forward Contracts. Operating since 1979. £11Bn in Annual Turnover
Supported Regions & Currencies
Even though Romania is not a part of the EU, it has many similarities with the EU countries as far the money transfer legislation is concerned. No special restrictions on currencies or regions. Our reviewed companies can provide their services to all the customers from Romania, no matter the region or city.
Currencies: With World First, you can send money from Romania to literally any country in the world. How are we so confident in saying that? Well, you can read the Review we have made for this company and see that it works with over 100 currencies.
Tip: Because WorldFirst has a minimum transfer amount of €1000, a smaller transfer might carry a fee. With this company, the benefits are greater when the amount to be transferred is bigger.
So, for smaller transfers, we recommend using TransferWise because they have very small fees and fixed spreads – meaning that you will get the same benefits no matter how much you want to transfer. You can read more about this company in our detailed TransferWise Review.
Today’s Foreign Exchange Rates for RON
Why Send Money To A Romanian Bank Account
If you are a U.K. owned business with employees in Romania, then you are already familiar with many of the nightmares that accompany sending payroll to your workers. The cost of sending money to pay your employees is only the first of the many high overhead expenses you encounter. Exploring other alternatives for transferring sums on a regular basis across the border may make the effort lucrative to your bottom line.
Smaller U.K businesses hoping to establish a single satellite office may be surprised to learn that they will have to set up government accounts to pay taxes assessed on an employee’s gross income for health insurance, pension, unemployment, accident (for work accidents) and provide evidence that they are a legitimate business not involved in laundering schemes.
All these funds can be paid through one government account but that still means that you must send someone money in Romania. The upside to all of this is that business has a higher rate of success and better profits even after the overhead.
Thinking Of Relocating To Romania?
If you consider moving into Romania and live there as an expat, you may find the following information helpful.
Advantages Of Moving To Romania:
- Affordable Food Cost: Food is 51% lower on average than in the UK.
- Affordable Housing: Housing is on average 79% lower than the UK.
- Personal Care is Affordable: Personal Care costs 56% less in Romania than in the UK.
Disadvantages Of Moving To Romania:
- High Corruption Rate: 40% rate of corruption higher than most EU countries.
- Public Healthcare is Poor: Private clinics are 20% more expensive than EU countries and are the only option due to poor public healthcare.
- Low Minimum Wage: The average monthly income in Romania is 240 EUR per month.
What Features to Look For
The amount you might save to make an international money transfer to Romania from the U.K. one time may not be enough to warrant scoping out the various ways to make the transfer if it is a small amount.
But, for those who must send money across the border at least 6 times a year, finding the best way to send money with as little aggravation as possible is important.
Here are some major features that will be to your benefit:
- You can send money to Romania online from your desk, with your smartphone outfitted with the app or by telephone if you like human interaction.
- You are not paying high commissions to the transferring agency for exchanging GBP to RON.
- Pay attention to Transfer fees.
- How long will the process take from the time that you initiate the order until it lands in the account as usual cash.
- Get a quote in advance of sending the money.
- Ask if the Pound to Romania Leu exchange rate is locked in if you wish to send the money next week (Today it is 1:6 which means that your money may go much further).
- Make sure the minimum and maximum transfer amounts meet your needs.
- Ask how much the end-user has to pay and prepare to cover that amount if necessary.
Lloyds Bank states on its website that they endeavour to complete their end of the transaction within 1 to 3 days of the order. They also warn that this does not mean that the currency will be posted and available to the account holder since the receiving bank may hold it for clearance for up to several weeks.
Banks charge high fees on both ends.
By contrast, using a trader of currency you can eliminate the time it takes to get the funds over using a bank to bank method.
With money transfer companies, the wait time for the funds to be transferred and recorded in Romania is minutes to a maximum of 24 hours from the time of order. Brokers charge considerably lower rates than banks and make this the best way to send money to Romania.
What you need to send money to Romania
- Bank Name and Address
- Swift Code
- Account Number
- Receiver’s Complete Name
After you provide all the details listed above, the process is simple:
- Create a free account with your chosen company.
- Get a quote from one of the dealers.
- Fund your account with the necessary amount.
- Get confirmation from the company when the transfer is completed.
Our Company Recommendation:
- Send Money to Romania: Companies that can send money to Romania.
- Send Money from Romania: Companies that can take on Romanian Customers.
Regulations and taxes when transferring money to and from Romania
Although Romania does not yet use the Euro, the Romanian Leu (RON) is a free-flowing currency. Therefore, transferring money in and out of Romania is not restricted for non-residents and residents alike.
As a member state of the Eurozone, Romania is required to adopt the Euro eventually. The target date, originally set for 2015, has been postponed to 2019.
Banca Nationala a României
Banca Nationala a României (the central bank of Romania) oversees payment systems to ensure the stability of their financial sector.
Transfer regulations are governed by the European Central Bank (ECB).
Transfer regulations are the same as with any other state in the Eurozone, despite its non-use of the Euro. Therefore, transfers of any sum are allowed in and out of Romania. However, transfers exceeding EUR15,000 must be conducted through a domestically licensed bank account and must be reported to the central bank.
Hard currency exceeding EUR10,000 must be declared to Romanian customs authorities before being taken out of the country.
Taxation on foreign income
Romanian residents are taxed on any foreign income. Non-residents are taxed only on income originating in Romania. Double tax treaties are in place to avoid double-taxation.
Biggest banks in Romania
- UniCredit Tiriac
- CEC Bank
Romania – A good place for abroad offices
According to Targetjobs.co.uk, the number of multinational firms operating in Romania is increasing every year and big cities like Bucharest, Brasov or Cluj, constantly provide qualified workers in areas like IT, medicine or finance.
The economy is slowly recovering but it’s still accessible for many employers from Western Europe. The salaries, taxes and all-around expenses, makes it a great hub for abroad offices and working power for all kind of companies.
With 400 British pounds, you easily rent monthly a 3 bedroom apartment with all the utilities and transform it in a small office. Or if you want a place in an office building, you can get that with 70 £ per square meter / monthly with all the utilities included. As a comparison, in Germany the same is available at more than double.
Or better yet, think about buying an apartment or house to transform into a real office. The properties are cheap in Romania so it’s a great investment in the long run.
Taking into consideration the fact that the bank fees are, most of the times, 10 times bigger than the fees applied by the FX companies reviewed by us above, you start to paint a picture on how many you will be saving with each transfer.
It doesn’t matter if you want to open a business and need to send money to Romania to make it happen, or if you have a relative abroad that needs your help and you want to send money from Romania, using the FX companies we have listed in this article is the best solution. Your local banks will apply so many big fees to your transfer that by the end of the transaction, you will end up paying 30% of the amount you sent.
Indiferent ca vrei sa trimiti bani rudelor de acasa ori sa-ti platesti angajatii, procesul de a trimite bani in Romania poate fi foarte anevoios si te poate costa foarte mult. Bancile taxeaza cel mai mult. Companii precum Western Union si MoneyGram au si ele taxe mari. In acest caz, brokerii specializati in schimburi de valuta sunt cea mai buna solutie pentru ca vor avea mereu taxe mai mici si un schimb valutar mult mai bun pentru orice tip de valuta.
MoneyCorp este singura companie mare din acest sector ce are birou fizic in Romania. Acest lucru este foarte important pentru clientii care doresc sa transfere sume mari de bani in siguranta si au nevoie de consiliere fata in fata.
Cele mai bune companii pentru trimis bani in Romania
* Nu garantam acuratetea ratelor de schimb valutar. Unele companii ofera rate de schimb valutar preferentiale in functie de volumul de bani pe care doriti sa il trimiteti.
Cea mai buna companie pentru trimis bani din Romania
|Min. Transfer: £ / € 50.|
Transfer: Online or by Phone.
Why Them? 2 Year Forward Contracts. Operating since 1979. £11Bn in Annual Turnover
Daca ai nevoie sa trimiti bani des in Romania, inseamna ca stii deja tot stresul prin care treci atunci cand trebuie sa faci un transfer. Taxa pentru a trimite bani in tara este doar una din multitudinea de taxe pe care trebuie sa le achiti.
De unele taxe ai cunostinta dar stii ca exista si altele de care nu iti spune nimeni ? De exemplu, bancile au cele mai multe taxe. Un exemplu simplu de transfer in Romania din Lira Sterlina in Lei Romanesti ar insemna:
- Taxa pentru transfer de la Banca A la Banca B;
- Taxa pentru schimbul valutar (pe care nimeni nu o sa ti-o zica);
- Taxa din partea bancii B pentru ca a primit banii;
- Taxa de la bancomat cand vei scoate banii.
Asa ca, de ce sa nu cauti si alte solutii care sa faca acest process mult mai simplu si cu costuri mai mici ?
Ce facilitati ar trebui sa cauti
Daca trebuie sa trimiti o singura data pe an bani in Romania, cel mai probabil ca nu o sa te intereseze foarte mult taxele, mai ales daca vorbim si de o suma mica.
Dar acest articol este adresat mai mult persoanelor care fac peste 6 transferuri pe an si mai ales persoanel or care muncesc in Anglia si trimit lunar bani celor de acasa in Romania.
Mai jos sunt prezentate cele mai importante facilitate pe care ar trebui sa le cauti la firma cu care vei face transferuri de bani in Romania:
- Poti realiza transferul online de la birou, la telefon cu ajutorul unei personae specializate sau chiar de pe telefon cu ajutorul unei aplicatii
- Sa nu platesti comisioane prea mari
- Sa nu necesite prea mult timp pentru ca banii sa ajunga la destinatie
- Sa ti se spuna in avans cat vei plati si cati bani vor ajunge in Romania
- Intreaba daca poti rezerva o anumita suma de bani la cursul valutar de astazi chiar daca tu vrei sa trimiti banii saptamana viitoare (in cazul in care dai peste un curs valutar avantajos)
- Asigurate ca te incadrezi intre sumele minime si maxime practicate de acea firma (unele companii taxeaza mai mult daca depasesti limitele lor uzuale)
Daca vei avea curiozitatea sa citesti cu atentie pe siteurile oficiale ale bancilor vei putea vedea ca transferurile vor fi efectuate in 1-3 zile DAR exista posibilitatea ca bancile sa retina platile pentru investigatii si alte lucruri de genul. De cele mai multe ori transferurile ajung sa fie finalizate intr-o saptamana sau poate chiar doua.
Pe de alta parte, brokerii de schimb valutar (cunoscuti ca si FX companies in engleza) vor oferi tranzactii finalizate in aceeasi zi, la care se adauga si taxe mult mai mici.
Companiile prezentate in tabelele de mai sus au de departe cele mai bune schimburi valutare de pe piata, castigand detasat batalia cu bancile.
Dar cum ramane cu Western Union si MoneyGram? Ei bine, aceste firme au taxe destul de mari si pierd in fata celor precum CurrenciesDirect pentru simplul fapt ca aceasta din urma te taxeaza cu 0…adica nu platesti nimic J
Cum este posibil ? Prin modul lor de functionare care are la baza schimbul valutar in sine. Acesti brokeri obtine profit din cumpararea si vanzarea valutei in cantitati mari. Astazi cumpara cu un schimb avantajos si maine, cand cursul creste iarasi, vinde valuta de ieri si astfel obtine profit.
Din acest motiv brokerii pot oferi taxe foarte mici sau inexistente, pentru ca prin acest transferuri ei vand valuta pe care au achizitionat-o anterior.