Banking

Banking in Moldova

Moldova's banking system is modernizing and welcoming to foreign residents, though it's less developed than Western European systems.

Banking System Overview

Central Bank: National Bank of Moldova

Commercial Banks: 11 total (4 foreign-owned)

Major Banks:

• OTP Bank (Hungary-owned) - largest by assets
• Banca Transilvania Moldova (Romania-owned) - modern, tech-forward
• Erste Bank (Austria-owned)
• Victoria Bank (local)
• Moldova Agroindbank (local)

SWIFT: All commercial banks are SWIFT members for international transfers

Opening a Bank Account

Requirements for Non-Residents:

• Valid passport
• Visa or residence permit
• Proof of address (rental agreement, utility bill)
• Tax identification number (may be required)
• Initial deposit (varies, typically small)

Process:

1. Choose bank and branch
2. Bring required documents
3. Complete application forms
4. Initial deposit
5. Receive debit card (1-2 weeks)

KYC (Know Your Customer): Banks conduct thorough checks; be prepared for questions about income sources

Account Types

Current Account (Checking):

• For daily transactions
• Debit card included
• Online banking
• Low or no monthly fees

Savings Account:

• Interest-bearing (rates vary)
• Limited transactions

Multi-Currency Accounts:

• Hold MDL, EUR, USD, and other currencies
• No restrictions on conversion/transfer for investment
• Useful for digital nomads and expats

Banking Services

Available:

• Debit cards (Visa, Mastercard)
• Credit cards (limited for non-residents)
• Online banking (improving)
• Mobile apps (major banks)
• SWIFT transfers
• Currency exchange

ATMs: Widespread in Chisinau, limited in rural areas

Card Acceptance:

• Growing in cities
• Cash still preferred in many places
• Always carry some cash

Costs and Fees

Typical Fees:

• Account maintenance: €0-5/month
• Debit card: Free or small annual fee
• ATM withdrawals (own bank): Free
• ATM withdrawals (other banks): €0.50-1
• SWIFT transfers: €10-30
• Currency exchange: 1-3% spread

Note: Significantly cheaper than Western European banks

International Banking

SWIFT Transfers:

• Available at all commercial banks
• Processing: 2-5 business days
• Fees: €10-30 per transfer

Receiving Money:

• SWIFT transfers accepted
• Provide: SWIFT code, account number, bank details
• EUR and USD commonly used

Sending Money:

• SWIFT or wire transfer
• Online services (Wise, Revolut) may offer better rates
• Cryptocurrency increasingly used by digital nomads

Currency and Exchange

Multiple Currencies: Can hold accounts in MDL, EUR, USD, RON

Exchange: No restrictions on conversion/transfer for investment purposes

Exchange Offices: Common in cities, competitive rates

Online Exchange: Available through banking apps

Digital Banking

Online Banking: Available at major banks

Mobile Apps: OTP Bank, Banca Transilvania have functional apps

Quality: Improving but behind Western standards

Language: Romanian primarily; some English available

Taxes and Reporting

Interest Income: Subject to taxation

Foreign Account Reporting: May be required depending on tax residency

Consultation: Recommended to consult tax advisor about obligations

Recommendations for Expats

Best Banks for Expats:

1. Banca Transilvania Moldova - modern, Romanian-owned, improving tech
2. OTP Bank - largest, stable, international presence
3. Erste Bank - Austrian quality standards

Account Strategy:

• Open local account for daily expenses in MDL
• Maintain international account (Wise, Revolut) for flexibility
• Consider multi-currency account if receiving foreign income

Tips:

• Bring all documents on first visit to speed up process
• Ask about online banking capabilities upfront
• Keep both MDL and EUR/USD for different purposes
• ATM fees add up—use your bank's ATMs when possible