Open a Bank Account in Moldova

Almost every transaction in Moldova must be completed through a bank account. For this, all local and foreign individuals and companies must set up bank accounts with local financial institutions. The opening of a company in Moldova also includes a step where the opening of an account to deposit the share capital is mandatory.

The banking sector in Moldova has evolved a lot in the last few years and it is quite modern; many transactions being completed online. Below, our agents explain the procedures related to setting up a bank account in Moldova. We specialize in company formation in Moldova, so if you want to set up a business here, you can rely on us during the entire procedure, including the creation of a corporate bank account.

The Moldavian banking system

In order to set up a bank account in Moldova, one should first get acquainted with the banking system here. The modern banking system was enabled in 1991 and it currently is made up of the Central or National Bank and commercial banks. The National Bank issues the licenses of all banks and regulates and oversees their activities.

The Moldavian banking system is made of local and foreign banks operating through branch offices. It is safe to open bank accounts with any of these financial institutions.

We can also help foreign investors who want to open companies in Moldova in the financial sector. We are also at your disposal with EORI registration assistance in Moldova.

Types of banks accounts in Moldova

Just like in any other European country, there are various types of bank accounts which can be set up in Moldova. Both companies and natural persons are welcomed to open bank accounts with commercial banks here.

The most common types of accounts to be created in Moldova are:

1. personal bank accounts which are usually used by citizens and residents in Moldova to receive their salaries;
2. corporate bank accounts which are used by local and foreign companies with activities here;
3. savings and retirement bank accounts are also available for natural persons in Moldova;
4. merchant accounts which are used by online businesses to receive payments from customers.

Depending on your needs, our company registration agents in Moldova can help you set up a bank account for your business.

Opening a personal bank account in Moldova

The opening of a personal bank account in Moldova is quite simple and requires only a few documents, among which identification papers and proof of residential address in the country. There are banks which allow for the opening of the account to be completed online. In certain cases, where a person is employed in a Moldavian company, the employer can set up the bank account on behalf of the employee.

Personal bank accounts can be open in just a few days, during which the paperwork is submitted and approved and then a debit card is issued to the account owner. It is useful to know that a person can also ask for a credit card.

Setting up a corporate bank account in Moldova

The corporate bank account is required for any company to be registered in Moldova. Foreign companies setting up subsidiaries in Moldova are also required to have bank accounts in this country, as such entities are treated as local businesses.

In order to open a bank account for a company in Moldova, proof of a registered address is required. In this sense, we can help with virtual office services in order to help you speed up the process.

In order to open a corporate bank account in Moldova, one does not need extensive paperwork, especially if the company is about to be registered. However, the opening of account must be done before the company is incorporated in order to deposit the share capital. However, it should be noted that the opening of a bank account for a company can take a little over one month. This is why the procedure should start as soon as one decides to register a company here.

Our company formation specialists in Moldova can help foreign investors who want to open bank accounts upon the establishment of a business here. We can also assist with VAT registration in Moldova.

The Moldavian financial sector in numbers

Moldova has evolved a lot from an economic point of view and foreign investors have put their mark on many industries in the country, the financial one being one of the most important. At the level of 2017:

• - approximately 81% of the capital in Moldavian banks was held by foreign investors;
• - the total assets of Moldavian banks accounted for 72.95 billion Moldavian lei or 3.66 billion USD;
• - 3 large banks held 64% of the total bank assets in Moldova;
• - on average, the persons opening savings accounts kept them for less than 12 months.

For guidance in opening a bank account in Moldova, do not hesitate to contact our local representatives.