Traveling to Romania offers a captivating journey through history, culture, and natural beauty. As you explore this enchanting country, understanding the local currency will enhance your experience. The official currency of Romania is the Romanian leu (RON), which has a rich historical background and plays a crucial role in everyday transactions. This currency guide will delve into the currency’s history, its denominations, practical usage tips for travelers, and an overview of major banks in Romania.
Currency Overview
The Romanian leu was first introduced in 1867, marking a significant step in establishing a national currency after Romania gained independence from the Ottoman Empire. The name “leu,” meaning “lion” in Romanian, is believed to have originated from the Dutch currency “leeuwendaalder,” which was widely used in the region during the 16th and 17th centuries. The leu has undergone several transformations over the years, with the current version being the fourth iteration since its inception.
Denominations
- Banknotes:
- 1 leu
- 5 lei
- 10 lei
- 50 lei
- 100 lei
- 200 lei
- 500 lei
- Coins:
- 1 ban (bani)
- 5 bani
- 10 bani
- 50 bani
The banknotes feature notable Romanian historical figures and landmarks, reflecting the country’s cultural heritage.
Currency History
The history of the Romanian leu is marked by several key events:
- In 1860, efforts were made to create a national currency, but it wasn’t until 1867 that the first leu was officially minted.
- The leu was initially pegged to gold but abandoned this standard in 1914, leading to significant devaluation during World War I.
- After World War II, the value of the leu plummeted, prompting a revaluation in 1947 where 20,000 old lei were exchanged for 1 new leu.
- In 2005, another major revaluation occurred when the old leu (ROL) was replaced by the new leu (RON) at a rate of 10,000 ROL = 1 RON. This change simplified transactions and improved economic stability.
Currently, Romania is preparing to adopt the euro as its official currency, likely within the next few years.
Currency Usage Guide
When traveling in Romania, it’s essential to use Romanian lei for all transactions. While some tourist areas may accept euros or other currencies, using local currency will ensure better exchange rates. Here are some practical tips:
- Exchanging Currency: Currency can be exchanged at banks, exchange offices, and ATMs throughout major cities. Always compare rates before making exchanges.
- Using ATMs: ATMs are widely available and generally accept international debit and credit cards. Be aware of any fees associated with withdrawals.
- Credit Cards: Major credit cards like Visa and Mastercard are accepted at most hotels, restaurants, and shops. However, smaller vendors may prefer cash.
- Cash Transactions: It’s advisable to carry some cash for small purchases or when visiting local markets where card payments may not be accepted.
Tips for Travelers
- Know Current Exchange Rates: Familiarize yourself with current exchange rates before your trip to avoid unfavorable conversions.
- Keep Small Denominations Handy: Having smaller bills can be useful for tips or small transactions where larger notes might not be accepted.
- Bank Hours: Banks generally operate during standard business hours (usually Monday to Friday). Plan your banking activities accordingly.
- Digital Payments: While cash is common, digital payment methods are increasingly accepted in urban areas. Consider using mobile payment apps where available.
Major Banks in Romania
Here are some prominent banks operating in Romania:
- Banca Transilvania (BT):
As the largest bank by assets in Romania, Banca Transilvania offers a wide range of retail and corporate banking services. It is known for its innovative digital banking solutions and extensive customer base. - Banca Comercială Română (BCR):
Part of the Erste Group, BCR holds a strong position as one of Romania’s largest banks. It boasts an extensive branch network and offers diverse financial solutions tailored to individual and business needs. - CEC Bank:
CEC Bank has seen significant growth and is recognized for its customer service and community-focused approach. It provides various banking services including loans and savings accounts. - BRD – Groupe Société Générale:
BRD is a key player in corporate banking services while also offering retail banking products. It maintains a solid financial standing with popular digital services. - ING Bank:
Known for its user-friendly digital platforms, ING Bank excels in providing innovative banking solutions for both personal and business clients. - Raiffeisen Bank:
Raiffeisen Bank is noted for its excellent customer service and reliability in financial health. It offers a comprehensive range of banking products. - UniCredit Bank:
A prominent player in corporate banking, UniCredit Bank also provides robust digital solutions that enhance customer experience across its services. - Exim Bank:
Specializing in trade and export financing, Exim Bank supports businesses with specialized financial products aimed at fostering international trade. - Alpha Bank:
Alpha Bank remains stable and reliable with a wide array of services including personal loans and investment options across its branch network. - OTP Bank:
OTP Bank is known for steady growth and customer-focused services, offering personalized banking solutions alongside innovative digital offerings.
Understanding the local currency and banking system will help ensure a smooth travel experience in Romania, allowing you to fully enjoy its vibrant culture while managing your finances effectively.
