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"Bani trimiși acasă" - money sent home - is a phrase echoing in the homes of many Romanians abroad. But are you ensuring that every "leu" you send back to Romania is utilised to its fullest potential?  If you're looking to transfer money to Romania, understanding the dynamics can lead to better choices.

TL;DR:

• Romania's diaspora actively sends money back home, making it a prime corridor for remittances.
• International services like Western Union, Wise, and MoneyGram dominate the Romanian remittance scene.
• "Trimite bani acasă" emphasises the importance of family ties and the culture of supporting loved ones.

Romania has one of the largest diasporas in Europe. Whether they've moved for work, education, or other opportunities, many Romanians send a part of their earnings back home. This money supports families, fuels small businesses, and even aids in local development.

The phrase "Trimite bani acasă" encapsulates the sentiment of many Romanians abroad. There's a strong cultural tradition of supporting family and loved ones, which underlines the importance of remittances in the Romanian context.

Understanding the Market Dynamics

Regulations in Romania are friendly towards international remittances. However, always stay informed about any changes that may affect your transfers. Depending on where you're sending money from, transaction costs can vary. Bank transfers are popular, with institutions like Banca Transilvania, BCR (Banca Comercială Română), and BRD (Banca Română pentru Dezvoltare) being some of the major Romanian banks. Alternative methods like mobile payments or cash pickups are also gaining traction.

International remittance services like Western Union, Wise (formerly TransferWise), and MoneyGram are widely used for sending money to Romania. While these are big players, it's always worthwhile to shop around to ensure you're getting the best rates. SendRater sheds light on a broad spectrum of providers. We display not just the market leaders but also introduce you to competitive niche services for your Romanian transfers. For insights into the most competitive niche providers, check out SendRater's comparison service.

The presence of these international services, along with renowned Romanian banks, offers competitive exchange rates and varied delivery methods to recipients in Romania.

Action Plan:

1. Use comparison tools like SendRater to explore your options.
2. Consider the urgency of the transfer. Faster transfers might cost more.
3. Once you've chosen a service, ensure you have all the necessary details of your recipient.
4. Initiate the transfer and notify your recipient once done.
5. Use our (near) real time comparison tool to explore best money transfer rates to Romania.

Today's (06 Oct 2024) most favourable exchange rate for sending money from United Kingdom to Romania in GBP is offered by TransferGo at a rate of 5.94 RON. Including all the fees the recipients will receive 594.25 RON for your 100 GBP. For other currencies, please visit our rates page.