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Monday, April 04, 2005
Business in Romania blog
While there is no major problem in getting resonable ammounts of cash out of your bank account, the situation changes when it comes to large ammounts.

It seems many Romanian banks have quite a tough procedure in allowing you to retreat large ammounts without prior notice of about 24 hours.

For example:

- At CEC you can take back ammounts up to 10 million lei.
- At Volksbank, you can get easily up to 30 million lei, with the regular 0,4% tax. But for ammounts that exceed this level you have to pay 1% tax, unless you give a prior 24 hours notice to the bank about your intention.
- At HVB and Banca Romaneasca you have to notify the bank 24 hours before taking out more than 10.000 EUR. For BCR and Daewoo Bank this level is set at 3.000 EUR.

What is even worse is that this is not generaly announced in the banks. Except for CEC, almost none of the banks has any information displayed about the maximum level you can extract at one time.

Do you know of similar practices in other countries? What is the banks' politics in this case in the EU?

Posted by Mihai Botea : 4/04/2005 06:30:00 pm Getting money out of your bank
Business in Romania blog
Business in Romania blog


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