A New Kind of Internet Banking


I decided to add this post today, after a long time of innactivity, in the hope that other people in my situation would benefit from what I am about to share.

Nowadays we live in a global word, and despite Covid-19, things are not starting to become local again, but rather more global, online focused. There is no exception when it comes to banking.

Although I still understand the reason to use a bank, I don't fully embrace the idea of making profits from administration fees. This has been a common practice in Romania in the last decade, and it seems at the time of this writing that is still the case. 

So what's changed today is the fact that I discovered TransferWise (one of the many online banking companies out there) offers a way to open an online  account for free. It took 5 min for an operator to check my ID and approve the account online. That gave me an actual IBAN for a RON (Romanian currency), as if I was based in Romania. 

The moment I had it operational (which took maybe 10 min maximum as I said), I immediately transferred all my money from ING Bank Romania them gave them a ring asking to close the account. It was that simple and now I can do all the payments I could do earlier, free of administration fees and with lower comissions for domestic transactions. Also international fees are substantially lower and at an exchange rate that is close to the National Bank rate published on the day. 

Happy days people! Hope you'll join me in this effort to reduce these admin fees to zero for all Romanian banks out there. They are other ways to make money nowadays, and they know it, since they have various financial options at their disposal. Asking for admin fees and commissions and increasing the exchange rates to make millions out of thin air have no real justification. People should not accept this practice anymore!

Have a good day!

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