What Is the Best Way to Send Money to Romania?

Sending money internationally, particularly to Romania, is a common financial activity for many individuals. Whether supporting family members, managing investments, or covering expenses, the process can appear intricate. Understanding the available options and the specific requirements involved helps ensure funds arrive securely and efficiently. Navigating international transfers effectively hinges on selecting an appropriate method and providing accurate information.

Choosing Your Transfer Method

Several distinct methods exist for transferring money from the United States to Romania, each with unique characteristics concerning speed, cost, and convenience. Traditional bank transfers, often facilitated through the SWIFT network, involve sending funds directly from one bank account to another. These transfers typically take between one and five business days to complete, though various factors can extend this duration. Banks generally charge fees for these services, and the recipient’s bank may also levy a charge for receiving an international transfer.

Online money transfer services have emerged as a widely used alternative, often offering lower fees and more favorable exchange rates compared to traditional banks. Companies like Wise (formerly TransferWise), Remitly, Xoom, and Revolut allow users to initiate transfers through their websites or mobile applications. These services frequently utilize their own networks of local bank accounts, which can significantly speed up transfers, often delivering funds within minutes to one or two business days. Funds can typically be deposited directly into a bank account, or in some cases, made available for cash pickup.

Traditional money transfer operators, such as Western Union and MoneyGram, provide another avenue, particularly useful when the recipient needs cash quickly. These services leverage extensive networks of agent locations in Romania where recipients can pick up funds, often within minutes of the transfer being sent. However, the convenience and speed of these services can come with higher fees and less competitive exchange rates when compared to many online platforms. When choosing a method, consider the transfer’s urgency, total cost (including fees and exchange rates), and the recipient’s access to bank accounts or cash pickup locations.

Gathering Required Information and Documents

Gathering necessary information and documentation is a preparatory step before initiating any money transfer to Romania. As the sender, you will need to provide your full legal name, current address, and contact details. For compliance with financial regulations, a valid government-issued identification, such as a passport or driver’s license, is required. For transfers from the United States, you may also need your Social Security Number (SSN) or Taxpayer Identification Number (TIN) for reporting purposes, especially for larger amounts.

For the recipient in Romania, you will need their full legal name, exact address, and a contact telephone number. If money is sent directly to a bank account, specific banking details are essential. This includes the recipient’s bank name, the bank’s SWIFT/BIC, and their International Bank Account Number (IBAN). A Romanian IBAN is a 24-character alphanumeric code, beginning with ‘RO’, followed by two check digits, a four-character bank identifier, and a 16-digit account number. The SWIFT/BIC identifies the specific bank, while the IBAN uniquely identifies the individual account within that bank.

For transfers intended for cash pickup, only the recipient’s full name, matching their government-issued identification, is required at the pickup location. For certain transfer amounts or anti-money laundering (AML) compliance, you may be asked to state the transfer’s purpose, such as family support or a gift. For larger transfers, some service providers may also request proof of your source of funds to meet regulatory requirements.

Understanding Fees and Exchange Rates

Sending money internationally involves two primary financial considerations: transfer fees and exchange rates. Transfer fees can be structured in various ways, including fixed amounts per transaction or as a percentage of the total money sent. These fees can vary significantly depending on the service provider and the amount being transferred, with some services offering reduced fees for larger transactions.

The exchange rate determines how much Romanian Lei (RON) your recipient will receive for your U.S. Dollars (USD). The mid-market rate, also known as the interbank rate, represents the true value of one currency against another without any markups. Most money transfer services and banks add a markup to this mid-market rate, which serves as an additional, often less obvious, fee. This exchange rate markup can be a substantial portion of the total cost, typically ranging from 1% to 3% of the transaction amount.

To accurately assess the total cost of a transfer, compare the “amount recipient receives” across different services. This transparent approach accounts for both upfront fees and any embedded costs within the exchange rate. While less common with online services, some international transfers may also incur fees from the recipient’s bank upon arrival.

Initiating and Tracking Your Transfer

After selecting a transfer method and gathering all necessary information, initiating the transfer is typically straightforward. For online platforms, you will begin by logging into your account or registering as a new user. You will then specify Romania as the destination country and input the amount you wish to send. The next step involves selecting the desired delivery method, such as a direct bank deposit or cash pickup.

Carefully enter the sender and recipient details, ensuring accuracy to prevent delays or complications. Before finalizing, the platform will display a summary of the total cost, including any fees and the applied exchange rate, along with the precise amount the recipient is expected to receive. You will then choose your payment method, which commonly includes options like debit or credit card, or a direct bank transfer. After reviewing all details, you will confirm and authorize the transaction.

Following initiation, you will receive a confirmation, often via email or SMS, which includes a transaction ID or tracking number. This number is essential for monitoring the transfer’s progress. Most services offer online portals or mobile applications where you can use this tracking number to check the status of your funds.

Informing your recipient of the expected arrival time and sharing the tracking number can help them anticipate and confirm receipt of the funds. Should any issues arise, contacting the service provider’s customer support and potentially requesting a trace on the transfer using the reference number can help resolve concerns. Transfers can vary in speed, with cash pickups often completed in minutes, while bank deposits generally take one to five business days.