Money Transfers to Romania: Euro - Lei, Pound Sterling - Lei

According to the World Bank data, migrants from Romania sent 8.2 billion euros back to their home country in 2021. This is a record volume of remittances in the last 30 years. The total amount of transfers from the Romanian diaspora represents 3.2% of the country’s GDP, placing Romania in the third position among EU countries in terms of remittances as a percentage of GDP.

More than 60% of the money transfers come from Spain, Italy, and Germany, where the largest Romanian communities reside.

In this article, we will discuss what channels Romanian migrants use to send money and how they can save on money transfers. Previously we wrote about tax deductions in EU countries.

According to some estimates, there are 4 to 6 million Romanians living outside of Romania, making it one of the largest ethnic communities in Europe.

As European Union citizens, Romanians can move to any of the 27 EU countries and work there as employees or engage in entrepreneurship. They do not require work permits, and having a passport or ID card is sufficient for entry.

Data from 2021 shows that the largest number of Romanian expatriates live in Italy, Germany, Spain, and the UK, despite the decrease in the number of Romanian citizens coming to the UK due to additional legalization requirements following Brexit.

Data on the number of Romanian citizens (2021):

In 2021, the largest amount of money was sent from Germany — 1.27 billion euros, according to NBR for Liberty. The United Kingdom ranked second with personal remittances amounting to 1.18 billion euros. Italy followed with 857 million euros, and Spain with 412 million euros.

Migrants mostly use online money transfer services, which allow them to send money to Romania through mobile applications or payment system websites.

In the tables below, we will examine the conditions for sending money transfers to Romania from the aforementioned countries using several popular services.

*The information about commissions, currencies, etc. is taken from the websites of the specified money transfer services for transferring 100 euros (18.05.2023).

After studying the data on money transfer conditions from Italy, we conclude that it is most advantageous to send money to Romania using the Korona application. The absence of commission fees and an attractive conversion rate allow you to receive more lei for each euro.

You can send a Korona transfer to cards of any Romanian banks and receive cash at Smith&Smith network locations.

The conditions for sending money from Spain are very similar to those for Italian users, so we recommend referring to the above table. However, there are slightly more options available for sending money from Germany.

*The information about commissions, currencies, etc. is taken from the websites of the specified money transfer services for transferring 100 euros (18.05.2023).

When sending money from Germany, the Korona application does not charge a commission for transfers from card to card or from card to cash withdrawal.

In the comparative tables above, we analyzed the conditions for sending transfers in euros, now let’s consider the options for transferring money in British pounds.

*The information about commissions, currencies, etc. is taken from the websites of the specified money transfer services for transferring 100 pounds (18.05.2023).

According to surveys conducted before the coronavirus pandemic, most Romanians considered moving to more prosperous European Union countries temporarily — for around 10-15 years. After this period, they planned to return to their homeland.

On the other hand, in Romania itself, the vacant job positions left by the country’s citizens are gradually being filled by immigrants from Asia, particularly from Nepal. Noticeable changes are occurring in the labor market structure as a result.

Furthermore, the Romanian diaspora itself has undergone changes in recent years. There has been an increase in educated immigrants, especially in Germany, the UK, and France. The number of female migrants has also increased.

The children of immigrants are much better integrated into the society of the destination countries and no longer consider Romania as a place they would like to return to.

Nevertheless, re-emigration does occur. However, those who return increasingly struggle to find positions in existing government or business structures, as they are less familiar with the internal situation in the country. As a result, they often become self-employed and start their own businesses.

Returning to remittance services, it should be noted that transfers to Romania are a very popular direction and are offered by many providers. For example, in addition to the mentioned services, money transfers are also provided by postal services and banks. However, the conditions there are somewhat worse, with higher fees and longer delivery times.

The Korona app has been operating in EU countries for several years, but it only fully entered the money transfer market in Romania in 2023.

The service allows sending money to a card or for cash pick-up, often without charging a commission. The transaction process is very simple, and delivery is instant.

The calculation of the amount can be done without entering personal data. Information about the sender will only be requested after the user has decided to proceed with the transfer process.

The “Limits” tab in the Korona mobile app contains up-to-date information on the allowable amount of transferred funds. In general, amounts of several tens of thousands of euros can be sent through Korona.

The levels of limits are as follows:

KoronaPay service has a European license and complies with all EU requirements regarding the security of money transfers and confidentiality of personal data.

Money can only be debited from cards that support 3D Secure technology (where a confirmation code is sent via SMS for banking transactions). This protocol is an additional step in user authentication for online shopping and other operations.

Many Romanian expatriates have already appreciated the attractive conditions for sending money in the Korona app, and they have left reviews on the Trustpilot platform. Here are just a few of them.

In conclusion, it should be noted that money transfer services for Romanian citizens working abroad are services they use quite regularly. That’s why the task of service providers is to create the most comfortable conditions for their users. We are confident that KoronaPay fulfills this 100%.

You can download the Korona app right away and find out the conditions for sending money. It’s worth mentioning that this can be done without entering personal data, immediately after authorization.

In our blog, we write a lot about migration to Europe and between European countries, as well as about the most advantageous ways to transfer money from one country to another. You can check out all the topics here.