With some banks, withdrawal notifications are necessary even for sums of 5,000 lei (EUR1,170), or otherwise clients will have to pay additional fees going as high as 1% of the withdrawn sum.
Bankers say these caps are part of the security policy. A regular bank office does not hold tens of thousand euros, so the bank needs time to transport the money to a particular office.
For instance, CEC Bank clients need to notify the bank 24 hours before any cash withdrawal over RON5,000. For foreign currency, the maximum sum that can be withdrawn without a previous notification stands at EUR5,000.
In the case of Banca Comerciala Romana (BCR), withdrawals of more than EUR5,000 or the lei equivalent (around RON21,000) need to be announced two days ahead in writing or by phone.
A similar notification is required in the case of Bancpost and Piraeus for those looking to withdraw more than EUR5,000. Two days’ notice is what Banca Carpatica requires, too, but its clients can withdraw up to EUR10,000 or RON42,500 without prior appointment.
Piraeus clients withdrawing over EUR5,000 without an appointment are charged a 1% fee. Clients of Banca Romaneasca will also pay a 1% fee if they want to withdraw more than EUR10,000 or RON35,000 without prior notice. The notification has to be submitted at least one day ahead.
Other banks, such as Alpha Bank and Millennium impose even two caps.
Most banks accept phone notifications as well, but in certain cases clients need to send a written notification or even go to the bank to fill out a form. Banca Transilvania, Alpha Bank or Bancpost accept only written notifications.
Dutch-held ING set the cap at RON10,000 or EUR10,000 with no prior notice, but in case the office holds enough cash the money can be released immediately with no additional fee.
Volksbank allows retail clients to announce their intention to withdraw more than EUR3,000 by phone or in writing, with the money being released on the next day. However, companies can only submit written notifications.
Small banks, fighting for market share, are the most flexible when it comes to cash withdrawals from their branches. For instance, Romanian International Bank has no cash withdrawal cap in place but recommends advance notification if clients plan to withdraw more than RON10,000 or EUR5,000. In case the office does not have enough cash and the withdrawal request comes early in the day, the cash will be made available in the same day in most cases, RIB’s officials say.
(English version by Catalina Apostoiu; Editing by Loredana Fratila-Cristescu)