Legal basis, purpose, and coverage
- The circular letter is issued for reference and guidance, directing attention to Romanian rules on foreign exchange and lei import and export limits.
- The circular letter transmits and records information reported to the BSP Governor by the Philippine Embassy in Bucharest.
- The information was transmitted from the Department of Foreign Affairs (DFA) through DFA Assistant Secretary Jose A. Zaide, Jr. of the Office of the European Affairs.
- The circular letter directs that the attached Romanian rules govern compliance with Romanian customs authorities for the entry and exit limits described.
Foreign currency on entry into Romania
- Upon entry into Romania, natural persons and persons representing legal persons must declare to Romanian customs authorities foreign currency cash they bring in and traveller’s checks exceeding the equivalent of US Dollars 1,000.00 up to a maximum equivalent of US Dollars 10,000.00 per person and journey.
- The customs declaration upon entry is needed upon exit from Romania to justify traveller’s foreign exchange on hand.
- Foreign currency brought in exceeding US Dollars 10,000.00 must remain in the custody of Romanian customs authorities.
- For foreign currency held in custody for excess amounts, the Customs Officer must issue a receipt showing the depositor’s particulars, details of the amount entrusted, the date, and the Officer’s stamp.
- Within three (3) years from the depositing date, the depositor must present the receipt and apply for release of the deposited amount to the Customs Office.
- Upon expiry of the three (3) years, the deposited amount goes to the State budget revenues.
Foreign currency on exit from Romania
- Upon exit from Romania, residing natural persons must declare foreign currency they carry out of Romania in an amount exceeding US Dollars 1,000.00 up to a maximum of US Dollars 5,000.00 or its equivalent per person and journey.
- The declared amount upon exit for residing natural persons must be supported by documentation:
- If drawn from a bank, the amount must be supported by a bank document; or
- If obtained through conversion from lei, the amount must be supported by a foreign exchange bulletin.
- Foreign currency carried out by residing natural persons exceeding US Dollars 5,000.00 or its equivalent must remain with customs authorities, and customs authorities must issue a receipt to the owner.
- The amount kept by customs authorities must be released upon re-entry into Romania within three (3) years from the depositing date.
- Upon expiry of the three (3) years, the retained amount goes to the State budget revenues.
- Natural persons representing legal persons residing in Romania and dealing in international transport and tourism may carry out of Romania foreign currency up to a maximum of US Dollars 10,000.00.
- Non-resident natural persons may bring out of Romania:
- foreign exchange cash up to a maximum amount declared in the customs declaration signed upon entry into Romania; and
- foreign currency from transfers to and drawings from personal bank accounts, or from conversion of traveller’s checks declared upon entry into Romania.
- Non-resident natural persons must have documents supporting the foreign exchange on hand upon exit from Romania, and amounts exceeding the described limits must be deposited with customs authorities and may be released upon re-entry into Romania.
Special foreign currency treatment
- Foreign currency limits and controls described for exit and deposit apply under Romanian customs authority custody rules for excess amounts, subject to the stated custody and release timelines.
- No special citizenship-based foreign exchange treatment is created beyond the categories expressly stated: residing natural persons, non-resident natural persons, and natural persons representing legal persons engaged in international transport and tourism.
Lei imports and deposits
- For lei currency, natural persons must declare and deposit with customs authorities amounts exceeding 100,000.00 per person and journey.
- For lei currency, only banknotes in lei below 5,000.00 may be brought into and taken out of Romania.
- The deposited lei amount may be reclaimed within three (3) years from the receipt.
- After three (3) years from the receipt, the deposited lei amounts are transferred to the State budget revenues.
Lei exports and related exemptions
- The export from Romania of Romanian state bond expressed in foreign currency or lei is allowed.
- Bearers of diplomatic passports may comply only with the export and import of lei currency.
Administrative coordination within the Philippines
- The circular letter indicates that the Department may transmit copies of the report to the Bangko Sentral ng Pilipinas and the Philippine Chamber of Commerce and Industry.