Thousands of expatriates and millions of visitors come to Romania every year. To be honest, Romania is a beautiful country that also has a lot to offer in terms of quality education. If you are in the country, you can go hiking in the mountains if you like it. You could also visit the huge and charming Palace of Parliament in the center of Bucharest. Whatever you prefer, you can be sure that you will have the best time of your life.
Whether you're in the country to enjoy the atmosphere in a beer hall or nightclub, or you want to visit a castle in Transylvania, you're going to need money. For most people, the credit card is the most popular means of payment. If you are one of them, then you are in luck, because Romania is becoming more and more of a card economy.
Overview of the money economy in Romania
If you've researched Romania, you know it has the largest e-commerce market in Central and Eastern Europe. Romania was a paper-only economy for the longest time. Then came the COVID-19 pandemic. Romania has changed quickly and moved to electronic payments.
During the pandemic, most businesses refused cash payments and asked their customers to pay by card and contactless. Today, more and more companies in the country accept credit card payments. However, you should know that stores in smaller towns and villages do not accept credit cards. So you should always have some money with you.
Another drawback to using a credit card in Romania is the increasing number of cases of credit card fraud. As an expatriate, you should exercise extreme caution when using a credit card in the country in question. It's a sad fact, but credit card fraud is very popular in Romania, so be careful.
Using a credit card in Romania
Using your credit card in Romania is largely the same as in any other European country. It is simple and straightforward. This is especially true for the big cities and towns. So don't think too much and don't let scammers stop you from using this convenient payment method.
Also, I believe you have to take a certain amount of risk in every aspect of life. So use your credit card wisely in Romania and take all the precautions available to you. The most commonly accepted credit cards in the country are Visa and Mastercard. Most stores in big cities and towns accept these cards. Another widely used card is the American Express credit card, although it is not as popular as the first two.
Using a credit card in smaller towns or rural areas of Romania is a whole other issue. I would recommend taking cash with you when traveling to or visiting such places. Most stores do not accept credit cards and there are few ATMs available. So if you decide to visit a castle in Transylvania on a Saturday or Sunday morning, you should take some cash with you. It will come in handy.
But you can also take your credit card with you, because you never know. Some local stores accept credit cards that are chip and pin compatible. I should also point out that in Romania you are less likely to be asked for identification after a credit card transaction. So don't be afraid to use your card if you forgot your ID at home.
Most stores have a minimum amount for card purchases, so you should use cash for smaller purchases. Also note that cabs and most public transport do not accept credit cards.
Possible credit card fees that may apply in Romania
As in many other countries, there are credit card fees you should expect to pay in Romania. The first point is the fees for foreign transactions. There is a non-sterling fee of about 3% per use. This means that for every 500 pounds you charge on your card, you pay a fee of 15 pounds. However, this depends on your credit card. So choose wisely.
In some cases, a business owner may offer to pay in a currency other than lei. It is popularly known as dynamic currency conversion (DCC). I wouldn't go for it because it comes with higher fees. Likewise, your provider may charge a fee for cash advances. So you should check with them before signing up.
And finally, there are the ATM fees. It is charged by an ATM operator when you withdraw cash with a credit card. My advice: do not use your card to withdraw cash unless you are in an emergency situation.
For cash advances and transactions not denominated in sterling, most providers start charging interest on the day your account is debited. This is in contrast to the normal "up to 55 days interest free" that applies to those who pay off their balance in full each month.
The best credit card to use in Romania
Look for credit cards that allow commission-free currency conversion. You should also opt for providers that don't charge you a penalty if you use your credit card to withdraw cash. Always remember to use ATMs that do not charge fees, so avoid the ATMs in stores or bars.