Send money internationally to Romania (RON) using the mid-market exchange rate. Check and compare the rates from the major financial providers.
Send money to Romania
What is the best RON exchange rate today?
How much does it cost to send money to Romania?
- International money transfers shouldn’t be expensive.
- Make sure your provider doesn’t add hidden fees or bad exchange rates to your money transfer.
- You should choose a provider that uses the mid-market exchange rate to convert your money.
Sending money to Romania
3.3 million of Romanian people live abroad. According to the last report of the UN department. Those people are mainly located in other European countries nearby, primarily in Italy with more than 1 million of people and Spain with almost 800'000 people. The primary reason for Romanian expatriation is the research for a better situation with better job opportunities in richer neighboring countries. Those people send money back to Romania to their loved ones on a regular basis.
They are not the only ones in need to send money to Romania. Indeed many European companies and individuals do business with Romania or hire Romanian people for some services. For example it is advantageous to hire a freelancer in Romania as the cost of the service is lower than the same service in Western Europe. Moreover Romanian are well-educated with many schools there. It often happens also that European companies have subsidiaries in Romania in order to outsource some jobs for a lower cost. Smart move. As a result these companies are in need to send money to Romania on a regular basis.
In total the equivalent of 3.2 billion of US dollars were sent to Romania last year.
So what are the solutions to move money there?
Should I use my bank to transfer money to Romania?
Banks are the first option people think about when it comes to moving money abroad. The reason is that most people don't even know that other options exist. And it's too bad because banks are obviously not the best option to send money abroad. First with harder regulations a few solutions provide money transfers abroad. It takes time to transfer money with a bank and the worst about banks is the fact that they are the most expensive solution. People don't realize it because generally banks announce a transaction fee and so we think this is the only fee we pay. But it's false. Banks are tricky. They take their margin on the exchange rate they provide for the transfer. This can make the transfer very expensive especially for big amounts transferred.
You should definitely avoid your bank to send money to Romania, you better have to use a money transfer company.
How to compare the solutions and choose the best option?
Many money transfer operators exist on the market. They all have different policies regarding the pricing of a transfer. The rates offered depend on the payment and delivery method used, on the speed of the transfer and on the country you send money from.
A transfer by cash pickup will be very fast but more expensive than a bank deposit transfer for example. Depending on your need you should compare all the solutions and choose the best for your transfer thanks to a comparison platform for international money transfers.