How to send money to Romania
Learn how to make a money transfer to Romania with the best exchange rate in 4 easy steps
1. Check if the Romanian leu conversion rate is in your favor
Even though the evolution of the currency market is fluctuating, it never hurts to monitor it in order to optimize how much you (or your recipient) receives after the currency exchange. Follow the evolution of the Romanian leu exchange rate and transfer your money at a favorable moment.
2. Make your choice among the 30 providers available to send money to Romania in order to select the best one.
Monito lists quite a few companies to make money transfers to Romania, such as TransferGo, TransferWise, Western Union, MoneyGram, Currencies Direct. Using the most competitive money transfer provider from the available options is a sure way to save on fees and exchange rate.
3. Choose the best option for your personal needs
Based on which criteria will make your choice? The total cost, speed, customer reviews? Consider the advantages and disadvantages before deciding which provider to use.
Another important aspect is to pay attention to the pay-in and pay-out methods. Credit cards, debit cards or a bank transfer are the most often available pay-in methods to send money to Romania online. On the recipient's side in Romania, you can decide if your want the money to be sent directly to the recipient's bank account or be available for cash pick-up.
4. Sign up and start your transaction with the service you selected
The last step is to register on the provider's online portal - be aware you will often need to upload a copy of your ID and/or a proof of adress - and set upyour transfer.
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.