Opening an offshore account in Romania allows businesses to enjoy higher levels of privacy and anonymity compared to a traditional onshore bank account.
With the right partner bank, it's also possible to access global investment opportunities and conduct international transactions more efficiently.
However, opening an offshore account does have some requirements that need to be met. Here are the main things you'll need to consider when setting up an offshore account in Romania.
The first requirement is that you'll need proof of identity. This usually involves providing identification documents like a valid passport or national identity card.
Some banks may also ask for additional documents like a utility bill as proof of address. For businesses, you'll need documents that prove the company's ownership and registration.
Most Romanian offshore banks also require a minimum initial deposit when opening an account. This is typically in the range of 1,000-5,000 EUR but can vary between banks.
The deposit ensures the account holder is serious and acts as a sign of good faith. It also covers any bank fees incurred during the onboarding process.
Being a resident of Romania is not always necessary to open an offshore account there. Many banks allow non-residents to open accounts as well.
However, you may need to provide additional documentation in this case, such as evidence of income, employment, or assets to comply with know-your-customer (KYC) and anti-money laundering (AML) regulations. Meetings may also need to be conducted virtually through video calls rather than in person.
Finally, opening an offshore account for business usually involves providing company documents like certificates of incorporation, a valid business license, details of shareholders and directors, the nature of business operations, and estimated transaction volumes. This helps banks comply with their due diligence requirements for commercial clients.
By understanding and preparing these key requirements upfront, opening an offshore bank account in Romania becomes a smoother process for both individuals and corporations alike. Let's now look at the specific steps.
How to Open an Offshore Account in Romania?
Now that we understand the basic prerequisites, here are the typical steps to open an offshore bank account in Romania through a trusted digital banking provider like Jetonbank:
1. Choose an Offshore Bank
Your first step is selecting a reputable offshore bank license in Romania that can provide the type of account, services and jurisdiction that meet your needs. An ideal choice for most is Jetonbank due to their fully digital onboarding and wide range of services for businesses.
2. Complete the Online Application
Visit the bank's website and fill out a simple online application form supplying the basic KYC information discussed earlier. With Jetonbank, this can often be done within 10 minutes.
3. Prepare Supporting Documents
You'll need scanned copies of your valid ID/passport, evidence of address, and any other KYC/AML documents relevant to your profile such as income proofs or business docs.
4. Schedule a Video Call
The bank will contact you to arrange a brief video call for identity verification purposes. This allows them to match your documents to your face in keeping with regulations.
5. Make Initial Deposit
Once verified, you'll receive payment details to wire your minimum opening deposit amount. Most often this can be done through a crypto transfer for added convenience when using Jetonbank.
6. Account Activation
Within 1-2 business days, your offshore bank account will be activated and ready to use. You can immediately access internet banking, request your debit card, and begin international fund transfers or investments.
Opening an offshore account in Romania through high-caliber banks like Jetonbank is really straightforward as long as you meet the basic requirements. Our entirely digital process makes us one of the fastest and simplest options available anywhere in the world.
How to Do Offshore Banking in Romania?
With an offshore bank account now open in Romania, the next logical question is how to do offshore banking daily. Fortunately, most aspects can now be managed digitally thanks to digital offshore banks like Jetonbank.
Here are some key things account holders can do from abroad:
- Send and receive wire transfers: Money transfers both internationally and locally are streamlined online. Great for business operations.
- Access internet banking portals: Includes features like bill pay, card management, e-statements and more. Very similar to normal online banking services.
- Open multi-currency accounts: Hold balances in several major currencies like EUR, USD, GBP to facilitate global trading and expenses.
- Apply for offshore credit/loans: Some banks offer personal loans, mortgage loans, or business credit lines with competitive terms.
- Use offshore debit/credit cards: Useful for purchases, ATM withdrawals, and more. Linked directly to your Romanian account.
- Trade currencies and securities: Take advantage of forex and market access via the bank's trading platforms if available.
- Make online/mobile deposits: Conveniently add funds from anywhere by transfers, crypto conversion, or payment processors integrations.
- Communication through secure channels: Message your banker through encrypted emails or video meetings for quick assistance.
In essence, managing all financial needs abroad becomes as seamless as using regular online banking services back home - but with the benefits of being offshore. It empowers location-independent entrepreneurs and digital nomads.
Can Anyone Open an Offshore Account in Romania?
While the general requirements provide a broad eligibility for offshore banking in Romania, there are still some restrictions on who can open an offshore account:
- Citizens and residents of Romania cannot typically hold offshore accounts in their own country for tax optimization purposes.
- Residents of sanctioned countries may be declined due to heightened regulatory checks from banks. This includes nations under European Union or United States embargoes.
- Minors usually need a parent/guardian listed on their offshore account applications due to age limitations in banking.
- Politically exposed persons (PEPs) face additional due diligence as they are sometimes seen as higher risks for money laundering.
- Individuals or entities engaged in unethical or illegal activities won't be accepted as customers by reputable offshore banks.
- Documentation to prove identity, address, source of wealth and other KYC criteria must be provided as requested by each bank's protocols.
Beyond these limitations, offshore banking in Romania is generally quite accessible to the average person from most other countries. As a developed nation, Romania upholds strong compliance standards that attract worldwide clientele.
So those who aren't high-profile politically or suspected of illicit goals can typically gain account approval. The process may take a bit longer for non-residents, but remains possible online.
Opening an Offshore Account in Romania Online
Given the digital capabilities at banks like Jetonbank, opening an offshore account in Romania is now more convenient than ever - it can largely be done from anywhere online with no need for travel. Here are the basic steps:
- Visit the bank's website and locate their account opening form or application portal.
- Enter personal details like name, email, phone number, date of birth, etc. and create a password-protected client profile.
- Upload clear copies of required ID documents like a passport/ID (both sides scanned together).
- Take a short selfie video for further identity verification purposes during processing.
- Provide address proof like a utility bill photo and brief description of source of wealth details.
- Read and electronically sign any applicable terms and conditions documents.
- Transfer the minimum initial deposit amount - usually a few hundred euros.
- The bank will then review submissions and may follow up through email/messaging centers if needed.
- Once approved, login credentials are provided to access internet banking.
The digital application streamlines everything into a quick, contactless process.
Within just 1-2 weeks typically, individuals can obtain all the capabilities of an offshore Romanian bank account remotely without the need for prolonged paperwork or office visit logistics. It's hugely convenient for the globally mobile.
Which Bank is the Best to Open an Offshore Account in Romania?
When comparing the options for opening an offshore account in Romania, one digital bank stands out as particularly strong - Jetonbank. Here are some of the key reasons it's often the top choice:
- Entirely online and mobile experience for 100% remote account opening and management on any device. No branches.
- Licensed and regulated by the Financial Services Unit of Commonwealth of Dominica, ensuring safety and compliance.
- Accepts non-resident clients globally with fair eligibility. No travel needed for onboarding or verification.
- Multi-currency balance holding in EUR, USD, GBP and more for convenient cross-border activities.
- Competitive exchange rates on international wires and transfers with low, transparent pricing.
- User-friendly online banking portal and responsive customer support remotely via email, chat and phone.
- Provides core services like wires, online bill pay, virtual and physical debit cards, e-statements.
- Recommended for expats, entrepreneurs and digital nomads seeking an advanced offshore bank.
Jetonbank stands out as the top choice for those keen to embark on borderless offshore banking from anywhere, securely, and with an emphasis on pure practicality through its seamless online-only model.
Our premium services paired with global availability make Jetonbank an excellent fit for opening an offshore Romanian account.
