How to send money to Romania
Learn how to send money to Romania with the best exchange rate with these 4 steps
1. Make sure the Romanian leu conversion rate is in your favor
Converting your money on a favorable day can help you save money. Keep an eye on the evolution of the Romanian leu mid-market and convert your money when the RON rate gets to a specific level.
2. Make your choice among the 30 money transfer companies available to send money to Romania in order to find the best one.
Monito lists 30 money transfer companies to make money transfers to Romania, such as TransferGo, TransferWise, Western Union, MoneyGram, Currencies Direct. Picking the right company from the more than 30 available options is a sure way to save on fees and exchange rate.
3. Choose the best provider for your specific needs
Which criteria is the most important for you? Exchange rate and fees, speed of transfer, number of positive evaluations? Consider the pros and cons before making your decision.
Another important aspect is to take into account the pay-in and pay-out methods. Providers often give you the choice to pay by transferring the money from your bank account or by debit or credit cards. To receive the money in Romania, look at different options if you need the money to be deposited on a local bank account or received in cash (from an agent location).
4. Sign up and start your transaction to Romania with the service you selected
Go to the money transfer provider's homepage to register (you usually have to upload some ID documents to confirm your identity), and set upyour money transfer to Romania.
Which provider should you use for transferring money to Romania?
Thankfully, gone are the days when the only options to send money to Romania were an expensive bank transfer (banks take huge margin on the exchange rates) or an equally expensive cash transfers via an old-fashioned money transfer branch.
There are now a lot of solutions to send money to Romania, whether you need the money to arrive on a bank account, in cash or on a mobile wallet. The cheapest solution will be to use one of the online providers offering low-cost transfers to bank accounts in Romania. Companies like TransferGo or TransferWise (website not available in romanian) are available from a lot of countries and act as intermediary to convert your money at the best exchange rate before sending it to Romania.
If you need the money to arrive in cash, Azimo and Worldremit (website not available in romanian) cover almost all Romanian cities and offer very competitive rate. Western Union remains a valid solution for many transfers towards cash, especially if you need the money to arrive quickly.
Find out which provider offers the best exchange rate and lowest fees for your next money transfer to Romania
Depending on the definitions, we are between 4 and 12 million Romanians living outside Romania. The largest Romanian Diaspora is in Italy, followed by Spain, Germany and the United States.
Many of us still have family, friends or businesses in Romania which means we regularly send money back to Romania. Comparing which providers will give you the best rates to exchange your money into Leu (RON) and offer the lowest fees can help you save a lot of on your next money transfer. Use the above form to find which solution is the best for you.
What information do you need to send money to a bank account in Romania
IBAN (ex. RO49 AAAA 1B31 0075 9384 0000)
The IBAN (International Bank Account Number) is an international norm for identifying bank accounts.
Name of the recipient
The name of the recipient's bank account's holder.
All banks in Romania are part use the IBAN system to identify bank accounts and facilitate transfers from abroad. This means in most cases, you won’t need to have the SWIFT/BIC information of the recipient’s bank account.
With most of the providers we compare on Monito, the only information you will need from the recipient to make a transfer is their full name and IBAN number.
While not yet in the Eurozone, Romania is also part of SEPA (Single Euro Payment Area), which facilitates EUR-EUR transfers if you have a bank account in Euro in Romania.
There are around 30 banks operating in Romania. As a general rule, all the banks and providers on Monito will be able to send money to all banks in Romania.
If you use one of the money transfer providers we recommend on our platform, the transfers to the recipient’s bank will be a local transfer (unless stated otherwise), meaning no fees will be applied by the receiving bank. In the contrary, if you make a direct bank transfer (which we do not recommend) using the “share cost” option (SHA), the receiving bank will generally charge you additional fees.