Bank account: differences and similarities



Bank accounts have become an important tool for individuals and businesses to carry out various transactions that they were forced to create from the very beginning. What you should know is that there are differences and similarities between open bank accounts for individuals and open bank accounts for companies. The similarities and differences between the two types of bank accounts are explained in detail below.

Bank Accounts – Classification and Opening Procedures

There are many types of bank accounts, but the main types are personal accounts and legal person or business accounts. The latter are again of various types, since in Romania companies can be small, medium or large. Both types of customers can open bank accounts, each with specific procedures. For example, there are many similarities and differences between opening a bank account for a business and opening a bank account for someone who works and gets paid on the card.

Open a bank account

The differences and similarities between a bank account opened by a natural person and a legal person account are important in terms of the documents that must be prepared and submitted. Also, companies can designate a bank account representative to represent them in all the deals they do, as there are quite a few.

personal bank account

Minor confusions regarding payroll often arise, most often related to the bank account on file on the card, which is not true. People should know that the bank account number is not written on the card, it is made up of 24 characters. The SWIFT code of the bank.

Personal bank account type

It is also the easiest to create and is available at all banks in Romania. Savings accounts can only be opened for deposits to be held and withdrawn on specific dates mentioned in the contract with the bank. Its main advantage is the interest it generates by keeping the deposit amount. A bank deposit is a financial instrument «linked» to a bank account into which funds are deposited, also for the purpose of saving large amounts of money.

Unlike individuals, businesses cannot open savings or deposit accounts.

Open a personal bank account

Bank accounts can be opened for individuals over the counter or online. People can choose to open a traditional or online bank account and the procedure is the same. When opening an online bank account, the person may be required to go to the bank to sign certain documents or even pick up a card. For those wondering how much it costs to open a bank account, the simple answer is that each bank has its own fees and commissions.

If you want to close a bank account, it is usually enough to submit a request to the bank.

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