Romania - Banking Systems Romania - 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.
Romania’s membership in the EU and greater integration into world financial markets exposed its economy to the international financial crisis starting in 2008. The dominant role of foreign banks in the market has brought benefits but has also made Romania captive to the decisions of these banks’ home offices (especially in the Euro Zone) and their shareholders. However, Romania has proven a profitable market for these banks, and none have expressed plans to exit the market.
Major credit cards are accepted by large hotels, car rental companies and stores in the main cities in Romania. However, credit cards are unlikely to prove useful in small towns or away from tourist areas. A card with a chip and/or PIN may be required to make credit card purchases. Many American banks allow cardholders to set up a PIN prior to travel, in case one is needed. Regardless, you should notify your bank of your international travel, and the potential legitimate use of your card abroad, prior to leaving the United States.