Moldova is a rather small country located in Eastern Europe. Of all post-Soviet republics, Moldova was the first to introduce the European system of economic and financial management. Today, Moldova is a developed country that has signed a trade agreement with the European Union omgblog. Moldavian banks do their best to attract non-resident clients and foreign direct investments. Banking in Moldova can be highly beneficial for people from other countries because the local banks offer very attractive service conditions.
You have to pay a personal visit to the bank if you would like to open a bank account in Moldova. In some cases, several personal meetings with the bank manager are going to be necessary. In addition, you have to do the preparatory work carefully. We suggest that you should seek professional advice on setting up a bank account in Moldova.
How to open a bank account in Moldova
Most salaried workers in Moldova are paid to their bank accounts. Besides, bank loans are a popular financial instrument in the country. If you have a bank account in Moldova, you can order several plastic cards that will be linked to the account. You can use the cards to pay for goods and services in Moldova as well as other countries. You can also use plastic cards to pay your utility bills, make money transfers, and so on.
Some banks in Moldova may be unwilling to open personal accounts for non-resident clients but this unwillingness can be overcome with ease. Tell the bank manager that you would like to make a comparatively large deposit and he or she will open an account for you instantly. Money talks, as you know.
All Moldavian banks will open accounts in the Moldavian leus and US dollars. Many banks in the country will open accounts in other national currencies too.
If you would like to open a bank account in Moldova for your company, it is also quite possible. Theoretically, you might be able to set up a bank account in Moldova even for an offshore-registered company. It would be safer, however, to register a company in Moldova if you would like to have a corporate bank account in the country. Your foreign company has to be at least licensed to do business in Moldova if you are to be able to open a corporate account. To be on the safe side, you had better register a company in Moldova. The process is not difficult at all, especially if you involve an expert in it.
Types of bank accounts in Moldova
You can open the following types of accounts with Moldavian banks:
| Account type | Account use |
| Current | The account can be used for current payments. Companies and individuals can open current bank accounts in Moldova. |
| Regular deposit | You can earn an interest on a regular bank deposit in Moldova. |
| Fixed-term deposit | You can earn a higher interest if you make a fixed-term bank deposit in Moldova. |
| On-demand deposit | You can put money aside if you don’t know when you are going to need it. No interest is paid on an on-demand bank deposit in Moldova. |
An addition to that, you can apply for a bank loan in Moldova. Please note, however, that the interest rate is often going to be a bit higher than it is in Europe or North America.
Most popular banks in Moldova
There are quite a few banks in Moldova and below we list only the most popular ones.
Moldindconbank. This is the largest financial institution in the country. It provides banking services to resident and non-resident clients. It is probably the most reliable bank in Moldova. It is especially popular with wealthy customers from foreign countries.
Energbank. The bank ranks high in financial ratings because it offers high interest rates on deposits. In addition to taking deposits from customers, the bank provides a wide range of other banking services. It has offices in all Moldavian cities without exceptions.
Mobiasbanca. This is the most innovative bank in Moldova. It quickly employs all the latest financial and banking technologies. Besides, it charges comparatively low services fees and stays loyal to its customers.
Moldova Agroindbank. The bank provides services mostly to private individuals and small businesses. It has correspondent banks in many foreign countries, which makes it easy to transfer money to and from Moldova. The bank is not overly demanding when it comes to taking foreign customers onboard. Domestic customers enjoy low service fees and commissions.
Bank cards from Moldindconbank
We suggest that you should consider the opportunity to order a plastic bank card from Moldindconbank. Naturally, you can do it only if you set up an account with the bank. The good news, however, is that the card can be ordered remotely and sent to you with a courier wherever you are. Moldindconbank issues MasterCard and Visa cards but we are going to dwell only on MasterCard cards below.
MasterCard Debit. Put some money in your bank account and you will qualify for a debit card from Moldindconbank. You can use the card to pay for goods and services in many countries of the world. You can use it for online payments too.
MasterCard debit cards are contactless cards: simply bring it close to the screen of the payment terminal. You don’t have to enter the PIN code if the payment is smaller than 1,000 leus in Moldova. In foreign countries, the limits may differ.
Advantages:
- You can use the card anywhere.
- It takes only 6 seconds for the payment to go through.
- No need to insert the card into the payment terminal (ATM) slot.
- No need to hand the card to the teller to make a payment.
- No need to wait for change from the teller.
You can use contactless MasterCard cards from Moldindconbank in 68 countries. If you see a MasterCard logo or a MasterCard PayPass logo in an outlet, you can use your card there.
In addition, you can order a credit card from Moldindconbank.
MasterCard Standard. The most widespread international pay card. You can have MDL, USD or ЕUR on your credit card. The card is contactless.
MasterCard Gold. A premium class card. The holder enjoys special treatment wherever he/ she uses the card.
MasterCard Platinum. A card for elite clients. It gives access to a wide spectrum of bonuses and special opportunities.
Finally, MasterCard World Elite. The card gives unique privileges, exceptional comfort, and limitless opportunities.
