Bank account in Romania for non-residents: a practical guide

Bank account in Romania for non-residents: the short answer

You do not need a Romanian bank account to buy property in Romania: payments can go from abroad straight to the account named in the contract. A local account becomes necessary when you take a mortgage from a Romanian bank, and it is very convenient for local taxes, utility bills, building fees or rental income. To open one you need a passport, an address abroad and a NIF, which the bank itself requests for you from the tax authority.

"Do we have to open an account there?"

It is one of the first questions investors ask me, usually out of worry. A bank account abroad sounds like more bureaucracy, more reporting and more risk.

The honest answer: it depends on what you plan to do with the property. If you buy with cash and do not rent out, you can manage without one. If you take a Romanian mortgage or rent the property out, you will open an account sooner or later. Here is how to do it properly.

When a Romanian account is required, and when it is just convenient

Situation	Romanian account?	Note
Cash purchase from abroad	Not required	Payment goes from your account abroad to the account named in the contract
Off-plan purchase from a developer	Not required	Advances go to the project's dedicated account under Law 207/2025
Mortgage from a Romanian bank	Yes, in practice	Repayments are collected from an account at the same bank
Renting the property out	Strongly recommended	Receiving rent and paying the rental tax happen locally
Local taxes, electricity, building fees	Very convenient	Possible from abroad, but simpler with a local account

If you are buying off-plan, the payment address is not "the company account". Under Law 207/2025, advances go to a dedicated, supervised project account. We explain the mechanism in our article on how your money is protected when buying off-plan.

The NIF: the step before the account

A Romanian bank will not open an account for a non-resident without a tax identification number. The good news: under the Fiscal Procedure Code, when a non-resident asks to open an account, the bank itself sends the tax authority a request to assign a NIF, and the number is returned to the bank within 5 days.

So if you do not have a NIF yet, the bank can handle it. If you already have one, for example through the notary, bring it. All the routes to a NIF are in our guide to the NIF in Romania.

Which documents the bank will ask for

Every bank sets its own list, so check in advance. These items come up almost everywhere:

A valid passport.
Proof of address abroad, such as a recent utility bill or bank statement.
Your tax residence details and the tax identification number of your country of residence. Some banks ask for an official tax residence certificate.
The purpose of the account: buying property, a mortgage, renting out.
Documents on the source of funds, especially for large amounts.

The last item sometimes surprises people, but it is standard. Romanian banks are bound by Law 129/2019 on preventing money laundering, so they will ask where the money comes from. Arriving with a preliminary contract, bank statements and proof of the source of funds shortens the process a great deal.

In most cases a non-resident needs to visit a branch. Some banks offer online opening, but it is usually designed for residents, so check first.

From the field: when the money is “too clean to be true”

Attorney Ilan Leibovitch recalls:

A branch manager at a bank in Bucharest once asked me whether the money of three of my clients was legal. They were Israeli entrepreneurs with entirely legitimate businesses, trying to transfer funds to buy a residential project in Romania. No crazy sums, and nothing suspicious.

Five years ago, in a deal elsewhere in Europe, we showed basic documents on the source of funds and the bank approved the transfer within hours to a few days. Today I prepare a file of 200 to 300 pages for every deal, sometimes tracing the money back a decade: 12 to 24 months of bank statements, an explanation for every significant deposit, an accountant’s confirmation of the source of funds, and sometimes tax authority certificates and notarised affidavits. One client had to explain a deposit of ILS 800,000 into a savings plan. He had sold an apartment in Tel Aviv, but the bank also asked for the sale contract, an accountant’s confirmation and even the buyer’s accountant’s report.
A bank account in Romania is a tool, not an obligation. Open it when it has a job to do.

My advice: start organising the documents three to six months before you find a property, and be completely transparent, including about “embarrassing” things such as a loan from family.

The list above is the minimum. In practice, it pays to arrive at the bank with a source-of-funds file already prepared, rather than waiting to be asked.

Lei or euro?

In Romania you can hold accounts in lei, in euro and in other currencies, and most banks open several currency accounts under the same customer.

A simple practical rule:

A euro account for transfers from abroad, the property price and a euro mortgage.
A lei account for everything local: property tax, electricity, gas and building fees.

The reference exchange rate is published daily by the National Bank of Romania (BNR). Compare it with the rate your bank gives you on conversion, because that is often where the real fee hides. We cover moving money from abroad and its costs in our guide to transferring money to Romania.

How well your money is protected

Deposits at banks in Romania are guaranteed by the Bank Deposit Guarantee Fund (FGDB) up to €100,000 per depositor per bank, in any currency and regardless of the depositor's nationality or residence. The cap is the same across the European Union.

According to the FGDB, there is also an additional, temporary guarantee of up to a further €100,000 for 12 months on amounts that come from real estate transactions and certain other events. If you hold a large sum in an account ahead of a payment, ask your bank whether the conditions apply to you.

Five mistakes to avoid

Opening the account at the last minute. Customer checks take time, and the NIF can take up to 5 more days.
Sending an advance to an account not named in the contract. Every payment goes only to the account set out in writing.
Arriving without documents on the source of funds. This is the most common delay.
Ignoring the conversion rate. The gap between the reference rate and the bank's rate adds up.
Forgetting to report at home. A foreign account may need to be reported to the tax authority of your country of residence. Check with your tax adviser.

In our project in Balotești, most buyers pay from abroad and open a local account only when they take a mortgage or plan to rent out.

Frequently asked questions

Can I buy property in Romania without a Romanian bank account?

Yes. Payment can go from an account abroad to the account named in the contract, and for an off-plan purchase, to the project's dedicated account. A local account is needed in practice when you take a mortgage from a Romanian bank.

Can I open an account remotely?

Some banks offer online opening, but it is usually designed for Romanian residents. A non-resident generally needs to visit a branch once. Check with your chosen bank in advance.

Do I need a NIF to open an account?

Yes, but you do not have to get it beforehand. Under the Fiscal Procedure Code, the bank requests the NIF from the tax authority, and the number is returned within 5 days.

Is money in a Romanian account guaranteed?

Yes. The FGDB guarantees deposits up to €100,000 per depositor per bank, in any currency. There is also an additional temporary guarantee for amounts from real estate transactions, under conditions your bank can explain.

Does a Romanian account help me get a mortgage?

It is a practical requirement, not an advantage. The mortgage is assessed on your income, your down payment and the property. We cover the terms for non-residents in our article on Romanian mortgages for non-residents.

The bottom line

A bank account in Romania is a tool, not an obligation. Open it when it has a job to do: a mortgage, renting out or day-to-day running costs. And when you do, arrive with the documents, an explanation of where the money comes from, and patience for a week of checks.

If you are working out how to structure your payments, book a 30-minute call with me. We will go through what you need and when.

Moti Azulay, Compass Group Romania

Sources and data: National Bank of Romania (BNR) · Bank Deposit Guarantee Fund (FGDB) · Romanian legislation portal: Fiscal Procedure Code, Law 129/2019, Law 207/2025 · Romania's National Agency for Fiscal Administration (ANAF).

This article is for general information only and is not legal, tax or financial advice. Account opening requirements vary between banks. Before acting, check directly with the bank and consult a local adviser.

This article is general information, not legal, tax or financial advice. Consult local professionals before any transaction.

A bank account in Romania for non-residents: do you need one to buy property, and how do you open it?