Right of access to a payment account with basic features

When applying for or accessing a payment account, consumers resident in the EU must not be discriminated against by credit institutions due to their nationality or place of residence or any other ground, as provided for in Article 21 of the Charter of Fundamental Rights of the European Union. The conditions applicable to holding a payment account with basic features is in no way discriminatory.

In accordance with Law No 258 of 19 December 2017 on the comparability of fees related to payment accounts, payment account switching and access to payment accounts with basic features, with subsequent amendments and supplements, all credit institutions offer payment accounts with basic features to consumers in order to guarantee access thereto for all consumers in the national territory and to prevent distortions of competition.

Consumers who, on the application date, do not hold another payment account with any other credit institution in Romania, including a basic payment account, are entitled to open a payment account with basic features, unless the consumer declares that he has received notice that a payment account will be closed.

Consumers legally resident in the European Union, including consumers with no fixed address and asylum seekers, and consumers who are not granted a residence permit but whose expulsion is impossible for reasons of fact or law, have the right to open and use a payment account with basic features offered by credit institutions located in the territory of Romania.

Facilitation of cross-border account opening for consumers

Where consumers indicates to their payment service provider that they wish to open a payment account with a payment service provider located in another Member State, the payment service provider must provide, on receipt of such a request, the following assistance to the consumer:

• free-of-charge provision of a list of all the currently active standing orders for credit transfers and debtor-driven direct debit mandates, where available, and with available information about recurring incoming credit transfers and creditor-driven direct debits executed on the consumer’s payment account in the previous 13 months;
• transfer of any positive balance remaining in the payment account held by the consumer to the payment account opened or held by the consumer with the new payment service provider, provided that the request includes full details allowing the new payment service provider and the consumer’s payment account to be identified;
• closure of the payment account held by the consumer.

Regime for non-residents

Current foreign-exchange and capital operations, as listed in the Nomenclature annexed to Regulation No 4/2005 of the National Bank of Romania on the foreign-exchange regime, as republished, as subsequently amended and supplemented, are carried out freely between residents and non-residents, in the foreign currency and the national currency (RON).

Pursuant to Regulation No 4/2005 of the National Bank of Romania on the foreign-exchange regime, as republished, as subsequently amended and supplemented, the regime applicable to non-residents provides that:

• non-residents are entitled to acquire, hold and use financial assets in foreign currency and national currency (RON);
• amounts held in the national currency (RON) and in listed foreign currencies by non-residents can be converted on the foreign exchange market;
• non-residents can open and maintain foreign currency and national currency (RON) accounts with credit institutions;
• non-residents can repatriate and transfer the financial assets they hold.