Methods of Payment
The least risky for the American exporter and most widely accepted method of payment is by an irrevocable letter of credit. This method, however, is not necessarily the most competitive for winning sales in Romania. An L/C represents a credit obligation for the Romanian buyer, who may not be willing (or able) to borrow at a cost-effective rate. Cash-against-documents or open-account terms entail more risk for the exporter but may be preferable for the buyer. Each exporter must weigh the element of risk in a transaction against the relationship with the buyer and degree of competition.
Commercial banks offering international trade services can describe the risks and merits of each payment method, but American exporters are well advised to establish payment policies for international sales based on their business strategy. In addition to the due diligence tools discussed earlier, there are other forms of U.S. Government support for managing risks. The U.S. Export-Import Bank (Ex-Im Bank) offers a program of export credit insurance to enable U.S. exporters to extend credit terms with protection against the risk of non-payment.
In summer 2025, ratings agencies S&P, Fitch, and Moody’s, maintained Romania’s investment grade rating while maintaining a negative outlook. The reviews highlighted the importance of carrying out Romania’s fiscal reforms, with the agencies highlighting the fiscal risk associated with Romania’s persistent twin deficits, rising net external debt, and a deterioration in public finances.
For more information about the methods of payment or other trade finance options, please read the Trade Finance Guide.
Banking Systems
The number of Romanian and foreign banking institutions has increased from five in 1990 to more than 35 at present, and all are authorized to engage in a full range of traditional banking functions as authorized by the Romanian National Bank.
Major credit cards are accepted by large hotels, car rental companies and stores in the main cities in Romania. A card with a chip and/or PIN may be required to make credit card purchases.
Foreign Exchange Controls
Romania has no foreign exchange restrictions. The local currency, the Romanian New LEU, (abbreviated RON) is fully convertible for business (current account) purposes, with a fully liberalized capital account, and a central bank applying a managed float to reduce currency fluctuations. Foreign investors may freely repatriate profits and dividends in hard currency. The exchange rate as of September 22, 2025 was USD 1 = 4.332 RON.
U.S. Banks & Local Correspondent Banks
All commercial banks now operating in Romania have international correspondent relationships, and all are members of the domestic inter-bank payment-settlement system. Since 1996, Citibank has been the most well-known U.S. bank in Romania, owned by Citibank Europe. This is a credit institution authorized and supervised by Central Bank of Ireland. It carries out its activities in Romania through a branch, Citibank Europe plc, Dublin – Romania Branch. Although Citibank Romania does not engage in retail banking, it has corporate banking branches in major cities, including Bucharest and Timisoara.
The Romanian financial landscape includes several international bank subsidiaries and several major Romanian banks. Most of these have parent corporations in other countries such as the U.S. (Citibank, J.C. Flowers & Co, NCH Capital), Austria (Erste Bank, Raiffeisen Bank, and Porsche Bank), France (BRD – Societe Generale and Credit Agricole Bank), Italy (Unicredit Bank and Intesa Sanpaolo Bank), Greece (Alpha Bank), Cyprus (Vista Bank), Hungary (OTP Bank), Holland (ING Bank) and Turkey (Garanti Bank).