Money in Romania: Things To Know About Romanian Leu and Currency Exchange
Romania is a vibrant city with excellent dining with an electric architectural masterpiece, and with a great nightlife.
The city has everything that can make your stay a memorable one. It is also one of the safest and cheapest countries in Europe.
But how will you enjoy all these things if you don’t know much about the Romanian currency and their exchange?
How do you pay for things in Romania if you don’t have a prior knowledge of the currency
That is why workforgov.ng put together this article to aid you in making your travel an unforgettable one in Romania.
Currency in Romania
What currency does Romania use?
This should be the first question on the mind of every first-time traveler.
In 2007 Romania joined the European Union, but are yet to adopt the Euro, although this is scheduled to take place in 2019.
Romania official currency is Leu (Lei in plural)
The exchange rate for leu fluctuates based on supply and demand. One Leu abbreviated as (L1) is made up of 100 Bani
A 2005 reform changed the value of Leu so that the new L1 is equivalent to the old L10,000. As at the time of this publication, the old banknotes in higher denominations are no longer in circulation.
What is the Romanian Leu Denomination?
You might also ask, what denomination can I get the Romanian Leu?
Let me mention to you that the new lei banknotes are available in denominations of 1, 5, 10, 15, 100, 200 and 500. The most widely used denominations are L1, L5, L10, L50, and L100. Others like L200 and L500 are rarely in use and are not dispensed by ATMs either.
If you are traveling to Romania with Euros, the good news is that some hotels in Bucharest do accept Euro.
How to Exchange Money in Romania
It is very likely that won’t find Lei here in Nigeria because they are not readily available outside of Romania.
So the best option is to exchange your money once you arrive in the country. So, where can you get the best exchange rate?
ATMs offer the best exchange rate, however, banks and authorized exchange bureaus can help out as well.
When you arrive, you have to shine your eyes as a Nigerian, as some companies will claim not to charge fees and commissions on an exchange.
This might be true but they may not give you at a favorable exchange rate.
To stay safe, make sure you know the exchange rate before you commit your money to someone.
Also to get value for your money, you must have new, undamaged bills.
Money Exchange Tips: Unless otherwise, avoid exchanging your money at airports and train stations, as they offer the worst rates and charge hefty commissions. Also, some larger hotels in the city may exchange Euros, Pounds and US dollars, but they’ll also offer unfavorable rates.
Can I Use Travelers Cheque in Romania?
This is what most travelers ask, especially first-timers.
It is possible to cash your traveler’s cheques at larger banks or at the airport. But outside of Bucharest, it might be very difficult to do so.
Can I Use My Credit and Debit Cards in Romania?
As a Nigerian will my credit and debit card be accepted in Romania?….
Your Visa, Mastercard, and AmEx are accepted in large hotels, stores, restaurants and by car rental companies in Romania.
But the thing is that most places only accept chip-and-pin cards, so if your card is not chip-and-pin enabled, contact your bank before you leave the country.
Importantly, not to overspend, always perform your transaction in the local currency which is Lei when paying with cards. If you use Nigerian currency i.e Naira, the exchange rate will be calculated out using Dynamic Currency Conversion, which will not give you a favorable exchange rate.
How to Get Money in Romania?
Basically, there are two ways to get money in Romania; ATMs and Bank Cash Withdrawal.
ATMs in Romania
The most convenient, quickest and easiest way of getting money is the ATM. The ATM will also offer you the best exchange rate, but if and only if you choose to be charged the local currency i.e Lei.
ATMs Point is evenly distributed throughout the larger cities in Romania and as most accept Visa (Plus), MasterCard (Cirrus and Maestro) and AMEx.
You can use these ATM Locators provided by workforgov.ng
Please Note: ATM rife is rampant in Romania, so use only machines attached to banks or larger shopping complex with security cameras.
Banks in Romania
Romania has over 40 banks. The most popular bank in Romania is called BCR (Banca Comercială Română) and it has the biggest network of ATMs in the country.
Other major banks include; BRD (owned by French bank Société Générale), Alpha Bank, Raiffeisen Bank and UniCredit Bank.
Here’s a list of the most popular retail banks in Romania as compiled by workforgov.ng:
The following international banks have branches in Romania:
NOTE: before you travel, just to be on safer side, ask your local bank whether they have a partnership with a Romanian bank.
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