E-commerce: How can a local IBAN save you money in Romania and Bulgaria?
More and more companies running an e-commerce business in countries like Romania, Bulgaria, or Hungary notice the benefits of having a local IBAN – also called RO IBAN, BG IBAN, or HU IBAN. It not only saves companies money when trading in these markets, but is also easy to obtain from fintech companies like Paysera.
Local currencies
With a total population of 36 million, Romania, Bulgaria, and Hungary are emerging and growing consumer markets with a promising e-commerce future. Though the countries are EU members, they use their own currencies – Leu (RON), Lev (BGN), and Forint (HUF), which are volatile currencies.
Fluctuations of RON, BGN, and HUF can have a significant impact on the cost and pricing of your goods, and ultimately your company’s profits. Therefore, many international businesses look for a simple solution to leverage the volatility of these currencies.
Save by acquiring a local IBAN
Whether you own an e-shop or sell goods online at a marketplace like eMAG, the Romanian version of Amazon, a wisely chosen way to accept and convert online payments of RON, BGN, and HUF can save you real money.
Paysera offers a handy solution for online retailers to consolidate online payments – local IBANs: a Romanian IBAN (RO IBAN), Bulgarian IBAN (BG IBAN), and favourable exchange rates into euros (Hungarian IBAN to be launched soon).
Why choose Paysera RO, BG, or HU IBANs?
- The buyer’s payment drops into the merchants’ account immediately
- Good exchange rates for collected payments
- A refund takes up to 1 day instead of several days like it does when it comes to foreign banks
- A refund usually costs cents instead of several euros like it does in the case of foreign banks
- The same account can be used to pay RO, BG, or HU fiscal obligations
How to get a Romanian or Bulgarian IBAN with Paysera?
- Download the app from Google Play, the App Store, or Huawei AppGallery
- Create a personal account
- When your personal account is approved, create a business account
- When your business account is active, contact the Paysera Client Service and ask for a RO or BG IBAN.
Romanian IBAN example
Example: RO49 AAAA 1B31 0075 9384 0000
The country code for Romania is RO. AAAA – is a bank identifier. The rest is the customer's account number. In total, the Romanian IBAN consists of 24 characters.
Bulgarian IBAN example
Example: BG80 BNBG 9661 1020 3456 78
The country code for Bulgaria is BG. BNBG 9661 – is a bank and its branch identifier number. The rest is the account number. In total, the Bulgarian IBAN consists of 22 characters.
