home3 fxcompared-logo-footer twitter-square facebook-square linkedin-square google-plus-square

Send money to Romania

Top 10 Money Transfer Providers

Exchange Rates as of 2017-04-24T03:34:17+00:00

OFX (prev. UKForex)

More Info Less Info
Request Quote
SELECT

Moneycorp

More Info Less Info
Request Quote
SELECT

TorFX

More Info Less Info
Request Quote
SELECT

Currencies Direct

More Info Less Info
Request Quote
SELECT

World First

More Info Less Info
Request Quote
SELECT

Currency Solutions

More Info Less Info
Request Quote
SELECT

FC Exchange

More Info Less Info
Request Quote
SELECT

Transferwise

More Info Less Info
Request Quote
SELECT

Smart Currency Exchange

More Info Less Info
Request Quote
SELECT

CurrencyFair

More Info Less Info
Request Quote
SELECT

Next steps:

Review the results and select a provider from the list shown.

Check out our exclusive offers and special offers

FXcompared is an independent comparison website for international money transfer providers.

Read about money transfer.

Featured on:

BBC Logo
Reuters Logo
Forbes Logo
Bloomberg Logo
Business insider logo
world bank Logo
Safe and Secure

Safe and Secure

Each provider goes through a full vetting and is regulated by the relevant authority (FCA in the UK, FinCEN in the USA, ASIC in Australia)

Frequently asked questions

How we calculate the savings

Romania Resources

Summary

The Romanian leu (RON) is a fully convertible currency for both current and capital account transfers related to trade, personal money transfers to Romania or from Romania, or investment. Similarly, Romanian overseas money transfers related to profits, capital gains, or imported goods used in local manufacturing are unrestricted.

Romania's money transfer regulations

Romania’s foreign exchange controls are governed by its membership of the EU, and so are minimal. Since instituting capital account convertibility in 2005, its foreign exchange system has been fully liberalised and the RON floats freely, albeit with occasional intervention by the central bank.

Even though nationals and foreigners may hold foreign currency accounts, residents are not usually permitted to use foreign currency in domestic transactions. They are, however, allowed to use foreign currency to make external payments, although banks will require specific documentation and all transfers between resident and non-resident accounts exceeding the equivalent of EUR50,000 must be reported to the central bank within 20 days of the end of the month.

There are no limits on the amount of hard currency that travellers may bring in or out of the country at a time, but any amount equivalent to EUR10,000 or more must be declared to customs authorities.

Romania’s regulatory and monetary authorities

The National Bank of Romania (Banca Naţională a României, BNR) sets national monetary policy, oversees the banking sector and other financial service providers, and works to maintain price stability and healthy levels of foreign exchange reserves.

Romania joined the European Union in 2007, but has not yet joined the eurozone. Its national currency, the Romanian leu (RON), is held on a managed float. The leu is benchmarked to the euro, and the central bank seeks to keep its value stable by meeting inflation targets and intervening in the money markets in the case of rapid, potentially disruptive price shifts. The leu’s value dropped to a record low in July 2012 (4.56 leu to the euro) as a protracted dispute among the government raised investor concerns, but the currency has since stabilised. The BNR set an annual inflation target of 2.5% in 2014.

BNR officials indicated in 2014 that as the regional economy begins to improve, Romania will plan to join the EU banking and currency zone once the accession criteria are in place. The government has adopted January 2019 as the date to join the euro (having postponed it from 2015), although the governor of the NBR has said that even more time may be needed to meet convergence criteria. Romania seems to have benefitted from maintaining its cheaper national currency throughout the eurozone crisis, which helped to attract investment from flagging eurozone economies and make cheaper Romanian exports more competitive.

Trade and investment

Successive governments have sought to boost foreign direct investment (FDI), announcing EUR600m in state aid in 2014-20 to encourage foreign companies to come to the country.. Since joining the EU in 2007, the country has reformed its legal framework in accordance with European free market principles. Although the implementation of some regulations and FDI incentives has been slow or inconsistent, foreign investment has nonetheless expanded considerably in recent years.

There are no constraints on foreign participation in commercial enterprises, and Romanian legislation applies the same conditions to foreign investors as domestic firms. Investors are permitted to convert 100% of after-tax profits to foreign currency and transfer them abroad freely.

Romania's economic background

Romania enjoyed solid economic growth in the decade leading up to the beginning of the global economic downturn in 2008, supported by strong foreign capital inflows. Romania’s economy struggled alongside its European neighbours in the last five years, but by 2013, its public debt ratio was the fourth smallest in Europe, at 38.4% of GDP. Nevertheless, with economic activity in the EU remaining weak, Romania is likely to suffer accordingly given that some 70% of exports go to Europe.

Currency

The Romanian leu (plural: lei), is divided into 100 cents, or bani. The central bank issues banknotes in values of 1, 5, 10, 50, 100, 200 and 500 lei, and coins in values of 1, 5, 10 and 50 bani.

Our Country Guides

LIKE WHAT YOU SEE?

Follow us on our social network pages.

Your Feedback

We welcome all suggestions for improvements. Send us an email at feedback@fxcompared.com.

The website and the information it provides on this site is for informational purposes only, and does not constitute an offer or solicitation to sell shares or securities. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended. Accordingly, this website and its contents do not constitute investment advice or counsel or solicitation for investment in any security. This website and its contents should not form the basis of, or be relied on in any connection with, any contract or commitment whatsoever. FX Compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from: reliance on any information contained in the website, (ii) any error, omission or inaccuracy in any such information or (iii) any action resulting therefrom.