Taking the time to compare your options can help you save money when you need to send money to Romania.
When you need to get money to a loved one overseas, the last thing you want to have to deal with is navigating a potentially complicated and expensive process. Sending money from the United States to Romania doesn’t have to be expensive. Compare the transfer fees and exchange rates of the many options available to you to get the most Romanian leus for your dollar.
From bank transfers and online transactions to options that allow recipients to collect your funds within minutes, sending an international money transfer to Romania is easy. However, do your research and shop around for the best available deal.
Compare Money Transfer Services
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Banks versus money transfer companies
We use our banks to take care of all our other financial needs, so surely we should use them when we need to send an international money transfer, right? Not necessarily. While major U.S. banks offer money transfer services, they usually present less competitive exchange rates coupled with high transfer fees.
You can often save money by using the services of a dedicated money transfer company. These providers specialize in handling overseas money transfers, offering attractive exchange rates and affordable transfer fees.
Adrian’s marriage may have broken down long before he moved to the U.S., but this Romanian expat still remains in close contact with his ex-wife in Bucharest. When she asks him for an urgent transfer of $1,000 he is happy to oblige, and he decides to compare the services of two online transfer companies to see which one can save him the most money.
As you can see in the table below, Adrian can send an extra $72 RON using the second transfer company and can also save $10 USD in transfer fees.
|Money transfer company 1||Money transfer company 2|
|Exchange rate||$1 USD = $2.761 RON||$1 USD = $2.833 RON|
|Transfer method||Online transfer||Online transfer|
|Transfer time||1-3 days||1-3 days|
|Amount received (in RON)||$2,761 RON||$2,833 RON|
How do I compare transfer companies when sending money to Romania?
- Exchange rates. Exchange rates can vary quite substantially between money transfer providers, so see which company offers the best rate for your transfer destination.
- Transaction fees. Some companies with fantastic exchange rates also charge high fees, so make sure to check how much you will have to pay to get your funds to your beneficiary.
- Transfer methods and options. Check to see how you can place a transfer: online, over the phone, at a branch and/or using a smartphone app. You may also be able to benefit from flexible transfer options, such as the ability to place a forward contract, which allows you to lock in an ideal exchange rate now and transfer the money later, or schedule recurring payments months in advance.
- Minimum and maximum limits. If a company imposes minimum and maximum limits per transaction, make sure these will not affect your ability to make the transfer.
- Processing time. How long will it take for your recipient to be able to access the money you send?
- Pickup options. Will the funds you send be deposited into a bank account or mobile wallet, or will your recipient be able to collect the transfer in cash within minutes?
- Customer service. Check to see whether you can access phone, email and live online chat support if you ever have a question about a transfer.
What are my options for sending money to Romania from the U.S.?
- Specialist transfer providers. Companies like World First and TorFX can help you send secure and affordable international transfers.
- Cash pickup transfer providers. Western Union and MoneyGram both have extensive cash pickup networks around the world.
- Bank transfers. Your bank can handle an international money transfer to Romania for you, but they will usually charge high fees and offer poor exchange rates.
- International checks. International guaranteed checks are a slow but safe transfer method.
Emergency cash transfers in Romania
There are several companies that can help you send an emergency cash transfer from the U.S. to Romania should you ever need to, but be warned that these transfers are usually more expensive. High fees and lower exchange rates typically apply to urgent transactions, so it’s important that you review the full cost of your transaction before you hand over any money.
Find a money transfer location near you
Tips for picking up cash in Romania
- Don’t visit a cash pickup branch in an area where you don’t feel safe.
- Don’t go alone — ask a friend to accompany you.
- Don’t display your cash in public.
- Don’t carry money around for any longer than necessary.
- Deposit the cash you collect in your bank account ASAP.
What are the steps to send money to Romania?
You will most likely need to follow these steps when you want to send money to Romania:
- Sign up for an account. It’s usually free to sign up for an account and you can do so online by providing your name, contact information and a valid photo ID.
- Enter your transaction details. Provide information about how much money you’re sending, in which currency and where to. You’ll also need to provide your recipient’s bank account info or details of where they will collect the cash.
- Complete your transaction. Review the exchange rate and fee that will apply to your transaction to determine the full cost of the transfer. Once you’ve paid for the transaction, hold onto any receipt you are given so that you can track your funds.