In Romania, bank account opening appears straightforward on paper. In practice, a foreign company without local guidance often encounters lengthy compliance reviews, repeated document requests, and unexpected refusals – all before a single transaction is processed. The underlying cause is not Romanian banking law alone. It is the combined weight of anti-money laundering obligations, beneficial ownership verification rules, and each bank's own internal risk policies, which vary considerably across institutions.
Opening a bank account in Romania as a foreign company requires satisfying both regulatory know-your-customer obligations and each bank's internal compliance criteria. The process involves submitting a structured documentary file covering corporate identity, beneficial ownership, and the economic rationale for the account. From document submission to account activation, the timeline typically runs between two and six weeks.
This guide covers the step-by-step procedure, the full documentary checklist, the most common errors made by international clients, cost expectations, and a decision framework for choosing the right approach based on your business situation.
The regulatory setting for foreign companies in Romania
Romania is a full European Union member state. Its banking sector operates under EU-wide banking legislation, including the directives on anti-money laundering and the supervision of credit institutions. The Banca Nationala a Romaniei (National Bank of Romania) is the primary supervisory authority. It sets prudential standards and oversees compliance with AML obligations across all licensed credit institutions.
Romanian banking legislation requires every bank to conduct customer due diligence before opening any account. For foreign companies, this obligation is more demanding. The bank must verify the legal existence of the entity, identify all persons with significant control, and assess the intended use of the account. This is not a formality. Banks face regulatory sanctions for deficient onboarding files, which means compliance teams apply strict standards even where the business rationale is entirely routine.
The AML legislative regime in Romania aligns with EU directives and covers the identification of the beneficial owner. the natural person who ultimately owns or controls the company, directly or through a chain of entities. Where the ownership structure involves intermediate holding companies in multiple jurisdictions, each layer must be documented. Banks are entitled to request additional materials at any point in the review process. Failure to provide them within the requested timeframe can result in the file being closed.
Correspondent banking relationships also shape the onboarding experience. Romanian banks that route international transactions through large EU or US correspondent banks apply the risk criteria of those correspondents to their own clients. A foreign company from a jurisdiction that is flagged under correspondent banking risk policies may face heightened scrutiny, regardless of whether it would otherwise qualify as a standard client.
Foreign companies considering broader financial activity in Romania – including capital market transactions or securities accounts – should note that banking access is a precondition. Our analysis of capital markets services in Romania covers the additional requirements that apply once a corporate banking relationship is established.
Step-by-step procedure for opening a corporate account
The process follows five distinct stages. Each stage has a defined set of actions, responsible parties, and typical timeframes. Understanding the sequence prevents the most common cause of delay: submitting incomplete materials and waiting weeks for a response before the gap is identified.
Stage 1: Bank selection and pre-screening (one to two weeks)
Not every Romanian bank accepts foreign company accounts. Some institutions limit onboarding to EU-registered entities. Others accept non-EU companies but apply enhanced due diligence procedures that extend the timeline by several weeks. The first step is identifying banks whose product offering, currency options, and risk appetite match your profile. This assessment should include a pre-screening conversation with the bank's corporate banking team before any formal application is submitted.
During pre-screening, the bank will typically ask about the company's country of registration, its industry sector, the expected transaction volume, and the nature of counterparties. Answering these questions clearly and consistently at this stage significantly reduces the risk of complications later.
Stage 2: Document preparation (one to two weeks)
Document preparation is where most delays originate. The core documentary file for a foreign company includes the following:
- Certificate of incorporation or equivalent constitutional document, apostilled or legalised
- Articles of association or equivalent governing document, translated into Romanian
- Extract from the relevant commercial register, dated within the past three months
- Proof of registered address and, where different, principal place of business
- Corporate structure chart showing all entities in the ownership chain up to the ultimate beneficial owner
- Identity documents for all beneficial owners holding a qualifying interest and for all authorised signatories
- Supporting documentation for the beneficial owner's residential address
Banks will also request a business description – typically a one to two page summary of the company's activities, its primary markets, expected transaction volumes, and the purpose of the Romanian account. This document is reviewed by the compliance team, not the relationship manager. It should be factual, specific, and consistent with the corporate documents provided.
Where the company's jurisdiction of incorporation requires an apostille under the Hague Convention framework, this must be arranged before submission. Romanian banks generally do not accept uncertified foreign documents. Translation requirements apply to all non-Romanian and non-English materials; certified translations into Romanian are required for constitutional documents.
Stage 3: Formal application submission (one to three days)
The formal application is submitted to the bank's corporate banking department, usually through a dedicated relationship manager. At this point the KYC file is transferred to the compliance team for review. The relationship manager serves as the communication channel but does not control the compliance decision.
Stage 4: Compliance review and KYC assessment (one to four weeks)
This is the longest and least predictable stage. The compliance team reviews the file against AML obligations, internal risk criteria, and any applicable correspondent banking requirements. They may issue a request for additional information – known as an RFI – at any point. Each RFI restarts the internal clock. Responding promptly and completely is essential. Partial responses generate follow-up requests and extend the timeline further.
Complex ownership structures involving holding companies in multiple jurisdictions generate the most RFIs. Where the ultimate beneficial owner holds interests through three or more intermediate entities, the bank may request constitutional documents and register extracts for each intermediate entity. This is a known pain point for international groups with centralised holding structures.
Stage 5: Account activation and initial deposit (two to five days)
Once the compliance review is complete and the application approved, the bank issues account details and requests an initial deposit. The minimum deposit amount varies by institution and account type. For standard corporate current accounts, it typically falls in the range of a few hundred euros or the Romanian leu equivalent. The account becomes operational once the deposit is received and the bank's internal activation process is complete.
For a tailored strategy on corporate bank account opening in Romania, reach out to info@ferrazwhitmore.com.
Common errors by foreign companies and how to avoid them
Practitioners advising international clients on Romanian banking matters observe a consistent set of errors. Identifying them in advance prevents the delays and refusals they produce.
Underestimating the beneficial owner verification requirement. Many foreign companies prepare corporate documents carefully but give insufficient attention to the beneficial owner identification file. Romanian banking legislation – consistent with the EU AML legislative regime – requires identification of every natural person holding a qualifying ownership interest or exercising effective control. Where that person is a politically exposed individual, enhanced due diligence applies. Submitting a beneficial owner file that is incomplete, inconsistent with the corporate structure chart, or missing certified identity documents triggers an automatic RFI and can extend the timeline by several weeks.
Providing documents without apostille or legalisation. A foreign commercial register extract without an apostille is routinely rejected. The same applies to constitutional documents. International clients often assume that an EU-to-EU document transfer does not require certification. This is incorrect for Romanian banking purposes. Banks apply their own documentary standards, which are stricter than what some EU administrative processes require.
Submitting stale register extracts. Romanian banks require that register extracts be dated within the past three months. Documents obtained during earlier legal processes – for instance during a prior investment transaction – are often rejected for being out of date. This is a straightforward point but generates a disproportionate share of initial rejections.
Providing a vague business description. The business description is a compliance document, not a marketing summary. It should name specific counterparty types, describe the direction of expected cash flows, and identify the Romanian activities that generate the need for a local account. Generic descriptions of the company's industry or market position do not satisfy the bank's requirement to understand the account's intended use.
Choosing the wrong bank for the business profile. Not all Romanian banks are equally well-positioned to handle accounts for companies from non-EU jurisdictions. Alternatively. For companies operating in sectors that attract heightened AML scrutiny. such as financial services, real estate intermediation, or commodities trading. Selecting a bank without first assessing its risk appetite for your profile leads to rejection after a full compliance review, wasting several weeks. A preliminary discussion with the bank's corporate team – ideally supported by a law firm in Romania with existing banking relationships – resolves this before the formal process begins.
Our full-service support for banking and finance matters in Romania, including account opening coordination, is described on the banking and finance services page for Romania.
Cost ranges and decision framework
Understanding the cost structure helps international companies calibrate their approach. Costs fall into two categories: bank fees and professional fees.
Bank fees for corporate account maintenance in Romania are set by each institution. They typically include a monthly maintenance charge, transaction fees for domestic and international transfers, and fees for specific services such as SWIFT transfers or currency conversion. These are commercially competitive by EU standards. Initial deposits are generally modest.
Professional fees depend on the scope of support engaged. A legal adviser managing the document preparation, translation coordination, beneficial owner verification file, and bank liaison typically charges fees in the range of several hundred to a few thousand euros, depending on ownership structure complexity. For groups with multi-layered holding structures, the preparation work is more substantial and costs reflect that.
The decision framework for foreign companies considering Romanian banking access depends on three variables: registration status, ownership structure complexity, and intended account use.
Companies already registered in Romania – either as a branch or a subsidiary – have the strongest onboarding profile. They can provide Romanian registration documentation, which simplifies the KYC file considerably. The timeline for these entities typically falls at the lower end of the two-to-six-week range.
Companies not yet registered locally but seeking an account for pre-incorporation purposes face a more limited product set. Only a small number of institutions support unregistered foreign company accounts. The account functionality is restricted, and full transactional access requires completing the local registration process. In most cases, it is more efficient to pursue registration and banking access in parallel rather than sequentially.
Companies with complex ownership structures – particularly those involving intermediate holding entities in jurisdictions outside the EU – should budget additional time and professional support for the beneficial owner documentation layer. The compliance review for these profiles is more intensive, and the probability of RFIs is higher. Engaging a lawyer in Romania at the document preparation stage, rather than after a first rejection, materially reduces the total elapsed time.
Companies in sectors with elevated AML sensitivity should select their banking partner with particular care. Some Romanian banks have developed specialised compliance procedures for sectors such as financial intermediation and real estate. Others apply blanket restrictions. Identifying the right institution before submitting a formal application is the single most important strategic decision in the process.
For cross-border comparison purposes, a related analysis of the account opening process in another EU civil law jurisdiction is available in our guide to banking and account opening in Portugal.
Self-assessment checklist before initiating the process
This checklist identifies whether a standard corporate account opening process applies to your situation, or whether additional steps or specialist support are needed.
Your company is eligible for a standard onboarding process if:
- The company is registered in an EU or EEA jurisdiction, or in a jurisdiction not listed on the EU's AML high-risk third-country list
- The ultimate beneficial owner is a natural person whose identity can be verified with standard identity documents
- The ownership chain involves no more than two intermediate holding entities
- The company's sector is not classified as high-risk under the bank's internal AML policy
- The intended account use involves identifiable, recurring transaction types with known counterparty profiles
Before initiating the formal application, verify that:
- All corporate documents are apostilled or legalised and dated within the past three months
- Certified Romanian translations are prepared for all constitutional documents
- The beneficial owner identification file is complete, including proof of address and identity for every qualifying individual
- A factual, specific business description has been prepared in English or Romanian
- The selected bank has been pre-screened for its risk appetite relative to your company's profile
If your ownership structure involves more than two layers, if your sector attracts AML scrutiny. Alternatively. If prior account opening applications in Romania or other EU jurisdictions have been declined, engaging specialist legal support before submission is strongly advisable.
To discuss how the bank account opening process applies to your specific situation in Romania, contact us at info@ferrazwhitmore.com.
Frequently asked questions
Q: How long does it take to open a bank account in Romania for a foreign company?
A: The process typically takes between two and six weeks from document submission to account activation, depending on the bank and the completeness of the KYC file. Complex ownership structures or high-risk jurisdictions in the ownership chain can extend the review period significantly. Engaging a lawyer in Romania to prepare the file in advance materially reduces the risk of delays.
Q: Does a foreign company need a local representative to open an account in Romania?
A: Not as a formal legal requirement, but in practice most Romanian banks require at least one authorised signatory to appear in person at a branch for identity verification. Some banks accept remote onboarding for EU-registered entities through video identification, but this remains the exception rather than the rule. A locally based legal representative simplifies coordination and reduces back-and-forth with compliance teams.
Q: Can a foreign company open a bank account in Romania before registering a local branch or subsidiary?
A: A small number of Romanian banks permit foreign companies to hold accounts without a local registration, primarily for project-based or pre-incorporation purposes. However, the account scope is usually restricted, and full transactional access requires either a registered branch or a Romanian subsidiary. Most foreign investors open the account in parallel with the registration process to avoid timing gaps.
About Ferraz & Whitmore
Ferraz & Whitmore is an international law firm in Romania and across Europe, advising business clients on banking and finance matters, corporate structuring, and cross-border transactions. Our team combines Portuguese civil law expertise with English common law tradition, providing international companies with coordinated support across 46 jurisdictions. In Romania, we assist foreign companies with the full bank account opening process – from bank selection and KYC file preparation to beneficial owner verification and compliance liaison. We work with international entrepreneurs, institutional investors, and in-house legal teams who need practical, results-oriented counsel. The firm's banking and finance practice covers both EU and non-EU client profiles, including those with complex ownership structures or AML-sensitive business activities. Our attorneys have advised on banking access and credit facility matters across civil law and common law systems throughout Europe and the CIS. As a law firm in Romania working with international clients, Ferraz & Whitmore is a member of leading international legal associations and participates in cross-border practice groups focused on banking regulation and AML compliance. To explore legal options for establishing banking access in Romania, schedule a consultation at info@ferrazwhitmore.com.
Disclaimer: This publication is provided for informational purposes only and does not constitute legal advice. The information herein should not be relied upon as a substitute for professional legal counsel tailored to your specific circumstances. Ferraz & Whitmore assumes no liability for actions taken or not taken based on the contents of this material. For advice regarding your particular situation, please contact info@ferrazwhitmore.com.