Romanian Bank

[lionheart]

Hello

I plan to form a Romanian micro company - SRL. What would be a good bank to make the business account? I want a bank account in EUROS.

My partner suggested ING Bank.

I plan to also open a Revolut account and use this for more flexibility and less fees. But I prefer to have the "real" bank account to store the company funds. So what I want is:
1) reliability
2) English interface for web-banking and customer support
3) Low monthly fees.

 

[VESTANON]

Hello

I plan to form a Romanian micro company - SRL. What would be a good bank to make the business account? I want a bank account in EUROS.

My partner suggested ING Bank.

I plan to also open a Revolut account and use this for more flexibility and less fees. But I prefer to have the "real" bank account to store the company funds. So what I want is:
1) reliability
2) English interface for web-banking and customer support
3) Low monthly fees.

Yes a traditional bank, would provide the above listed factors..how do you intend to channel payments into the bank acct? Direct payments/deposits into the bank acct?..transfers from EMI to the bank?....as such put into consideration that traditional banks get finnicky about transfers from EMI..

 

[JohnLocke]

Rather than Revolut I would look into different EMI's like Wise, Intergiro, Ebury etc.

Also check this thread
https://www.offshorecorptalk.com/threads/40-000-from-paxum-to-ibkr.33292/

 

[lionheart]

Rather than Revolut

Why not Revolut? It is one of the biggest EMIs.

 

[lionheart]

I decided to go ahead with ING bank Romania. My accountant said it is the best option, cleaner interface.

 

[Sharma]

Hey there, @lionheart would you be able to introduce your relationship manager from ING Bank Romania. Considering a bank account there as well.

 

[lionheart]

Hi, I have not formed the company yet. I will tell you when I do.

 

[Macint]

I have many companies in Romania and also my business partners & clients, I thought it was a good idea as well to deal with ING bank.

I am operation in Romania with 20 years approximately and have worked with all the current banks in Romania which there are many, but I must say ING bank was disastrous putting it mildly,
I first opened an account with ING bank 8 years ago and closed it after 6-months, then 3 years ago go I opened another business account with ING bank and also for some current business partners, it was a nightmare to get to your account operational, KYC checks to be done in person even after setup, had to fly out shareholders of companies to turn up in person 2 times per year and we just doing transaction with real estate, the staff at the front kept changing, high turnover of staff, relationship managers kept changing, yes nice online system, but prefer any day higher fees and deal with not so nice online banking systems by other competitors because you can do business and function

My advice is build a relationship with a bank like alpha bank, Raiffeisen Bank &
Credit Europe Bank for example who have great functionality in general and great products on offer to business clients, also if you build a relationship with a bank manager that cares, is professional and understand how it works in the West your road ahead is smoother, also most staff in Romanian banks are very young and very very inexperienced and are not helpful, but when you get them good their great!

 

[lionheart]

I have many companies in Romania and also my business partners & clients, I thought it was a good idea as well to deal with ING bank.

I am operation in Romania with 20 years approximately and have worked with all the current banks in Romania which there are many, but I must say ING bank was disastrous putting it mildly,
I first opened an account with ING bank 8 years ago and closed it after 6-months, then 3 years ago go I opened another business account with ING bank and also for some current business partners, it was a nightmare to get to your account operational, KYC checks to be done in person even after setup, had to fly out shareholders of companies to turn up in person 2 times per year and we just doing transaction with real estate, the staff at the front kept changing, high turnover of staff, relationship managers kept changing, yes nice online system, but prefer any day higher fees and deal with not so nice online banking systems by other competitors because you can do business and function

My advice is build a relationship with a bank like alpha bank, Raiffeisen Bank &
Credit Europe Bank for example who have great functionality in general and great products on offer to business clients, also if you build a relationship with a bank manager that cares, is professional and understand how it works in the West your road ahead is smoother, also most staff in Romanian banks are very young and very very inexperienced and are not helpful, but when you get them good their great!

Hello @Macint
The friend that recommanded ING has two small companies there. But she also lives several months per year in Romania plus has family there. So maybe it is easy for them to pass by the ING office and straigthen things out. I will ask again.

I do not intend to use the bank a lot, I will immediately open a TransferWise account for my online business anyway, they are perfect for this. I just want the traditional bank not to get in my way when I use them for the most basic and needed tasks (like paying taxes maybe, or safekeeping the company funds?).

Other issues are:
Cost: I do not want to spend much on a bank that I will rarely use, when TW does everything for almost 0 cost.
Mobile/SMS: I deal with Cyprus and Bulgarian banks. They all send SMS to international mobiles for their e-banking security. Is there an issue with Romanian banks, needing local mobile number?

Based on these, which one would you recommend?

 

[JohnLocke]

It is not clear to me what you want to use this company for and why you need it?

 

[lionheart]

It is not clear to me what you want to use this company for and why you need it?

Hi

The Romanian SRL will help save taxes and make VAT more simple.

 

[Macint]

Hello @Macint
The friend that recommanded ING has two small companies there. But she also lives several months per year in Romania plus has family there. So maybe it is easy for them to pass by the ING office and straigthen things out. I will ask again.

I do not intend to use the bank a lot, I will immediately open a TransferWise account for my online business anyway, they are perfect for this. I just want the traditional bank not to get in my way when I use them for the most basic and needed tasks (like paying taxes maybe, or safekeeping the company funds?).

Other issues are:
Cost: I do not want to spend much on a bank that I will rarely use, when TW does everything for almost 0 cost.
Mobile/SMS: I deal with Cyprus and Bulgarian banks. They all send SMS to international mobiles for their e-banking security. Is there an issue with Romanian banks, needing local mobile number?

Based on these, which

or e-banking security, you can get local mobile number no problem, buy €15 vodafone sim, it's good for a month outside Romania, but will receive sms for 6 months if not top up, then top up online after 6 months with €15 and off you go again.

Myself I like alpha bank, that's because I have dealt with them for 15 years+ and can go right to the top (the TOP) if I want if I have issues, yes the fees can be a little bit higher compared to the west, but I am happy because it is functional which is more than important and also I do work with 7 other banks in Romania to spread it around a bit, also First Bank, was the former Piraeus Bank, which was acquired by U.S. fund J.C. Flowers I started to work more and know most of the senior management and up to now it's been a good experience and hopefully will get better.