Loans for salaries from abroad

Romanians who work abroad have faced difficulties

so far when contracting a loan. The situation has changed, since now loans may be accessed also on the basis of income other than the one obtained within the country.

The Italo-Romena Bank, a bank of small dimensions, held by the Italian Veneto Banca, expressed its wish to launch such loans, especially in the real estate or apartment renovation field.

The phenomenon of work abroad has known a very large extension lately, thus the offer of the bank institution considers the business potential of the temporary migration for work outside of the country. In the offer, there are included the services for money transfer, merchandise and human transportation companies or websites where those away for work may send amounts of money for purchase of homestead electronic equipment, books and many other products, which are delivered later to the families of those away.

It seems that the total number of those working in Italy exceeds one million persons, and transfers between the two countries would exceed two billion Euros. Until the finalization of launching the stand-by, the Italo-Romena Bank introduced the “no frontiers” account, through which Romanians have the possibility to send money to the country. The commission paid for this account is 9 Euros, fixed value, which is paid trimestrially. Although competition in the bank transfer market is high, users complain that they are forced to pay huge commissions. The advantage of the Italo-Romena bank is the fact that Romanians may request the transfer of the money from any of the offices of the bank in Italy.

Such a “no frontiers” account was conceived also by the Romanian Commercial Bank, Banca Comerciala Romana, for Romanians working in Spain. It is similar to the Western Union system, by which one can effectuate payments in currency. The novelty is that, until now payments could be made only in dollars, and now Euros can be transferred as well. The trace takes only 10 days, and the commission is paid only by the person sending to the country, varying from 20 to 300 dollars, for any amount below 10.000 dollars. The one receiving the money may do this by simply providing a password, communicated beforehand by the one sending the money.


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