Does anyone with a Revolut for Business account have experience with monthly recurring payments to Romanian banks (e.g. ING, Banca Transilvania, etc.) and state treasury accounts (e.g. Trezoreria Statului - Bugetul de stat) from an USD Revolut account?
Having a business I need to make monthly transfers like salaries (to RO banks), income fees (to Treasury accounts), and I’d like to know if there are any fees associated with these transfers and how much. These transfers will convert from USD to RON (Romanian Lei) as I’ll have USD in the Revolut account.
I don’t know if these transfers can be made through SEPA or will they go through SWIFT or other method which incur extra fees. I don’t know even if SEPA is possible for transfers to state treasury accounts.
I have a personal premimum account and have transferred RON to romanian banks with no fees. The transfers are ususally taking 2 days.
I have also transffered EUR into a romanian bank and the money arrived within the day.
@clns , you will need to apply for a RON account on Revolut then transfer the salaries into the RON Banks (there shouldnt be fees as long as wired on SHA basis). It depends on the bank of the employee.
Regarding tax payments to Trezorerie, you won’t be able to wire it from Revolut because of the fiscal identification number which needs to be provided in the payment system (that is possible only through a romanian bank trasnfer). The solution for this problem would be to open an account with either ING or BT in Romania, transfer the amount from Revolut into your ING account and wire from there the taxes to fiscal authorities.
@clns , salaries are fine to wire. Just the payments for vat // profit tax (impozit) // social contributions can’t be wired from Revolut into the Treasury accounts. You need to do that from a local ING account
Those transfers from EUR (Revolut) to RON (RO Bank) are considered Local Transfers ? I look forward to start with the free tier on Revolut Business and I am not sure if they are icluded in those 5 free local transfers.
Any updates on making treasury payments? This is not exactly an optional feature - as a Romanian business, you’re expected to pay your taxes. And it would be somewhat pointless to pay for a bank account that will offer all kinds of bells and whistles, but not the basics.
Transfers to the Romanian State Treasury are still not working and confirmed not working by Revolut via chat about a month ago.
The reason is the Tax ID field which Revolut does not have. It used to work before Jun 2022, but something changed (probably the intermediary bank) and it stopped working since.
There was no solution provided by Revolut nor any estimate or confirmation that they are working to find a solution. If you need Treasury transfers, you’ll need to look elsewhere.
I was on to Revolut support about this today. The agent said the issue has been flagged and they’re working on a fix. They expect the fix to be “soon”.
This is a real PITA for me as I’m an EU citizen living in Romania and my registration paper for Romania is out of date and it takes months to renew and in the meantime the ANAF billls are mounting up.
I am also interested to have an RON account for my revolut business to receive payments in RON, and to make payments to ANAF Treasury for taxes-vat. We should raise this problem to support team. I dont want to open ING or BT account honestly.
EDIT: it seems i have already RO iban and i can receive payments and send payments in RON currency. This is awesome. There should be no problem also paying the taxes.
My guess is the transfer to the treasury in Romania will be returned to your account. Please let me know if this is successful though.
Basically, from what I know as I’ve had a few fights in ING and BT coincidentally (BT won’t open a business account if you’re not Romanian… not sure how many EU laws that infringes, but welcome to Romania), but the Romanian treasury has put something in place that when a transfer is going to them a new field will open where the CUI of the sender will appear. Obviously Revolut not being a Romanian Bank doesn’t get these memos, so they don’t have this facility.
Interested to here if your transfer gets through though.
I am facing the same issue, today I was on a chat with support and they couldn’t provide more details other than “this kind of transaction is unavailable”. I look forward to seeing if there is any plan to address it in the future.
Well now we have romanian iban, so motive for payment with CUI info should work ok.
when they see the entry they surely know where its coming from, name of company and CUI as motive.
we need to try and make a payment.
So far im happy with everything, if we cant solve this , ill just make the cheapest account with BT for payments and be done with it.
seems like BT is the second best after revolut. what experiences you have with romanian banks?
I don’t see why the fix should take so long. All RON transfers to the TREZ should simply have two reference fields in a transaction. The main reference field and then the CUI / CNP reference reference field. Simple as that.
If you’re not Romanian then Ro banks are horrible to deal with. BT won’t allow you open a business account if you’re not Romanian for example. I think Uni Credit are the best for non Ro nationals, but have little experience with them.
I see that many of you are suggesting opening an additional account with a local/traditional bank to perform this kind of transaction. I asked Wise’s support if they allow transactions to TREZ, and it would seem that they do. Have anyone considered opening such an additional account with Wise for paying taxes? Would you see it as a more viable solution compared to the local banks?
EDIT: I received a more straight-to-the-point reply to my support ticket and it seems they don’t support it either:
Are there any restrictions on sending to RON?
You can’t use Wise to pay taxes, insurance, and other fees to Romanian government bodies. They need a specific reference called a personal ID, which we don’t support.
That’s great info, thanks. I don’t see why it’s such a dev problem for Revolut. RON transfers = second pop up reference where you enter the company’s CUI or personal CNP, depending on what the transfer is for. Hopefully Revolut fix this soon.
