Taking the time to compare your options can help you save a whole lot of money when you need to send money to Romania.
Known for its castles, its medieval history and its soaring mountains, Romania is an intriguing and fascinating country. And although this central European nation might seem an incredibly long way away from Australia, sending an international money transfer between the two countries is actually quite easy.
There are plenty of transfer providers who can manage your international transaction for you, but it’s important that you compare costs between providers and shop around to ensure that you get value for money.
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Banks versus money transfer companies
When they need to send money overseas, many people just head straight to their bank and assume that they will get the best deal available. Unfortunately, banks offer some of the worst value for money in the international transfer market. They charge high transaction fees and provide some truly disappointing exchange rates, so don’t be afraid to shop around in an effort to save money.
In recent years, the finance industry has seen the emergence of a large number of specialist money transfer companies. These businesses concentrate on foreign exchange and on sending funds around the world, and they offer far better exchange rates and typically lower fees than the banks. Check out the services these companies have to offer before choosing a money transfer provider.
Adrian Sends Money to Romania
Adrian’s marriage may have broken down long before he moved to Australia, but this Romanian expat still remains in close contact with his ex-wife in Bucharest. When she asks him for an urgent transfer of $1,000 he is happy to oblige, and he decides to compare the services of two online transfer companies to see which one can save him the most money.
As you can see in the table below, Adrian can send an extra 72 RON using the second transfer company and can also save AUD $10 in transfer fees.
|Money transfer company 1||Money transfer company 2|
|Exchange rate||1 AUD = 2.761 RON||1 AUD = 2.833 RON|
|Transfer method||Online transfer||Online transfer|
|Transfer time||1-3 days||1-3 days|
|Amount received (in RON)||2,761 RON||2,833 RON|
How do I compare transfer companies when transferring and receiving money via Romania?
- Exchange rates. Exchange rates can vary quite substantially between money transfer providers, so see which company regularly offers the best rate for your transfer destination.
- Transaction fees. Some companies with fantastic exchange rates also charge high fees, so make sure to check how much you will have to pay to get your funds to your beneficiary.
- Transfer methods and options. Check to see how you can place a transfer: online, over the phone, at a branch and/or using a smartphone app. You may also be able to benefit from flexible transfer options, such as the ability to place a forward contract or schedule recurring payments months in advance.
- Minimum and maximum limits. If a company imposes minimum and maximum limits per transaction, make sure these will not affect your ability to make the transfers you need to.
- Processing time. How long will it take for your recipient to be able to access the money you send?
- Pickup options. Will the funds you send be deposited into a bank account or mobile wallet, or will your recipient be able to collect the transfer in cash within minutes?
- Customer service. Check to see whether you can access phone, email and live online chat support if you ever have a question about a transfer.
How do I send money to Romania from Australia?
- Specialist transfer providers. Companies like World First and TorFX can help you send secure and affordable international transfers.
- Cash pickup transfer providers. Western Union and MoneyGram both have extensive cash pickup networks around the world.
- Bank transfers. Your bank can handle an international money transfer to Romania for you, but they will usually charge high fees and offer poor exchange rates.
- International cheques. International guaranteed cheques are a slow but safe transfer method.
How do I receive money from Romania in Australia?
- Specialist transfer providers. Start researching now to find out which money transfer companies will send money from Romania to Australia.
- Cash pickup transfer providers. Search online to find your nearest cash pickup location.
- Bank transfers. Another option is to receive a transfer in your Australian bank account directly from a Romanian bank account.
- International cheques. Make sure you’re aware of all the fees and charges your bank will apply when you cash an international cheque.
Emergency cash transfers in Romania
There are several companies that can help you send an emergency cash transfer from Australia to Romania should you ever need to, but be warned that these transfers are usually more expensive. High fees and lower exchange rates typically apply to urgent transactions, so it’s important that you review the full cost of your transaction before you hand over any money. If you fail to read the fine print, you could end up taking a nasty blow to your hip pocket.
Cash pickup locations in Romania/ Western Union / MoneyGram branches in Romania
If you need to send a cash transfer to Romania, Western Union and MoneyGram are two companies that can help. These money transfer providers operate hundreds of thousands of cash pickup branches around the world, including several in Romania, so your recipient can collect the cash you send from one of the popular branch locations listed below. Just make sure they have their ID and a transaction reference number handy when they visit a branch.
- ATM Banca Transilvania
B Dul Decebal Nr 25 29 Piata Muncii Pa Atm A0042050 Bucuresti, Bucuresti +40-729-399046Open 24 hours
- Banca Transilvania
Str Srg Nitu Vasile Nr 14Agentia Piata Sudului Bucuresti, Bucuresti041543 +40-729-399046Open 9am to 5pm Monday to Friday
- Banca Transilvania
Blvd Tineretii 32Agentia Iosefin Timisoara, Timis 300587 +40-729-399046Open 9am to 5pm Monday to Friday
- BRD Groupe Societe Generale
Blvd General Dragalina Nr43Agentia Bega Timisoara, Timis 300158 +40-21-3016320Open 9am to 5pm Monday to Friday
Piata Unirii Nr. 1 Sect. 3Bucuresti, 040101800885821Open 7am to 11pm seven days
- Zaza Exchange
2A Dimitrie Cantemir Bvd.Bloc P2 ParterBucuresti, 40241722218378Open 7am to 11pm seven days
- Michael & Mari
Decembrie 55 16Timisoara, 300592800885821Open 7am to 11pm seven days
- Speed Transfer
ParterPiata Piatra CraiuluiI 1Timisoara, 300757735050053Open 9am to 6pm Monday to Friday, 9am to 1pm Saturday
Tips for picking up cash in Romania
Although Australian travellers to Romania are only advised to exercise normal safety precautions by the Department of Foreign Affairs and Trade, keep the following tips in mind when picking up cash:
- Don’t visit a cash pickup branch in an area where you don’t feel safe
- Don’t go alone - ask a friend to accompany you
- Don’t display your cash in public
- Don’t carry money around for any longer than necessary
- Deposit the cash you collect in your bank account ASAP
What are the steps to send money to Romania?
You will most likely need to follow these steps when you want to send money to Romania:
- Sign up for an account. It’s usually free to sign up for an account and you can do so online by providing your name, contact information and valid photo ID.
- Enter your transaction details. Provide information about how much money you’re sending, in which currency and where to. You’ll also need to provide your recipient’s bank account info or details of where they will collect the cash.
- Complete your transaction. Review the exchange rate and fee that will apply to your transaction to determine the full cost of the transfer. Once you’ve paid for the transaction, hold on to any receipt you are given so that you can track your funds.