The BNR rate and your bank's rate: why they differ
What the BNR reference rate represents, why your bank exchanges at a different rate, and how to work out what the gap costs you.
Published
What the BNR rate is
The rate shown by the National Bank of Romania is a reference rate. BNR calculates it every banking day from quotes in the interbank currency market and publishes it shortly after 13:00.
It is not a rate at which you can buy or sell currency. BNR doesn't exchange money for the public. The reference rate is used in accounting, in contracts, for calculating some taxes, and as a benchmark for everyone.
Why your bank has a different rate
A bank or exchange office gives you two rates:
- a buy rate, lower, at which it takes your foreign currency;
- a sell rate, higher, at which it gives you foreign currency.
The difference between them is the institution's earnings and covers its costs and risk. The BNR rate usually sits somewhere between the two.
How to work out what it costs you
Compare the rate you were given with the BNR rate for the same day. If BNR shows 5.00 lei for one euro and the bank sells you euro at 5.08 lei, you pay 1.6% above the reference rate. On 2,000 euro, that is 160 lei.
The rule is simple: the difference in percent, multiplied by the amount. On small sums it doesn't matter. On a down payment for a home, or a monthly loan payment in euro, it adds up.
Where the gap appears without you seeing it
- Card payments in another currency. The bank applies its own rate, sometimes with a conversion fee.
- Payments on foreign-currency loans. If you pay a euro instalment in lei, what counts is the bank's sell rate on the payment day.
- International transfers. Besides the fee shown, part of the cost can be hidden in the rate.
What you can do
Check today's BNR rate before a larger exchange and compare it with the offer you received. For large amounts, ask your bank for a negotiated rate. With the currency converter you can also find the BNR rate for a given day, useful for invoices and contracts.