Geography

Romania is situated in the northeastern portion of the Balkan Peninsula, surrounded by Moldova, Bulgaria, Serbia and Hungary. On its southwest border is the Black Sea, which provides the country with an important outlet to the Mediterranean Sea and the Atlantic Ocean.

Getting There

Romania's main airport is 10 miles (16km) north of Bucharest. Within Europe, Austrian Airlines provides service to most major cities in Romania. If you are flying from the United States, Delta Airlines offers non-stop service from North America to Romania. Bucharest is no more than two hours by plane from most cities in Western Europe. Taxis and Sky Services minibuses from the airport are available 24 hours/day to take passengers anywhere in Bucharest or to another region in the country. Passengers should avoid cabs that do not display the price and have no meters. Car rental companies such as Budget, Europcar and Hertz are also available from the airport.

Taxes

There are no entry or exit taxes for Romania.

Visa Requirements

All passports must be valid for the period of intended stay. Visitors must hold return tickets or all documents required for further travel onward, sufficient funds for the period of stay and proof of accommodation. United States, United Kingdom, Canadian, Australian and Irish nationals require a valid passport but no visa for stays of up to 90 days.

Language

Romanian is the official language, but English is understood in Bucharest and in other major cities.

Time

GMT +2

Electricity

Electrical current is 220 volts, 50Hz. Two-pin European-style plugs are standard.

Health

Medical facilities in Bucharest are good, but they aren't as modern in smaller towns that often lack basic medical supplies. United Kingdom and most European Union citizens are entitled to free or low-cost emergency medical treatment upon presentation of a European Health Insurance Card (EHIC), but health insurance is strongly advised. There have been a number of Hepatitis A cases in Romania, and visitors are advised to seek medical advice about inoculations before travelling. Visitors should drink only bottled water.

Climate

Romania has a temperate climate with four distinct seasons. Spring and autumn are cool and pleasant; summers are hot, and winters are harsh and very cold with snow falling throughout most of the country. Spring and summer are the wettest seasons, but rain can be expected throughout the year.

Money

The leu (RON) is the official currency, which is divided into 100 bani. Money may be exchanged at banks, international airports, hotels or authorized exchange offices called casa de schimb or birou de schimb valutar. ATMs are available at banks, airports and shopping centers in cities. American Express, MasterCard and Visa are accepted in the main cities. Travelers' checks, preferably in euros, can be cashed at large banks, some hotels and certain exchange offices in Bucharest, but commission is high. It is recommended to travel with some euros in cash in case of difficulty using credit cards or travelers' checks. U.S. dollars are also accepted fairly widely, though the value can fluctuate. As of April 2008, the current exchange was 2.36 Romanian lei to the U.S. dollar and 3.56 Romania lei to the euro.

Culture

Romania offers a wonderful mix of quaint medieval towns and castles, large modern cities and diverse rural landscape seemingly untouched by modern history. It has the ninth largest territory and the seventh largest population (22 million people) among the European Union member states. Romania's unique culture is the product of its geography and distinct historical evolution. It is the coming together of three regions: Central Europe, Eastern Europe and the Balkans, but is not exclusively any of them. The dominant religious body is the Romanian Orthodox Church, an autocephalous church within the Orthodox communion.

About Bucharest

Romania's capital and largest city is Bucharest. It is the sixth largest city in the European Union with almost 2.8 million people. Known for its wide, tree-lined boulevards and Belle Époque buildings, Bucharest is a bustling metropolis. Remodeled in the late 19th century, the city features large neoclassical buildings, parks and its own Arc de Triomphe on Soseaua Kiseleff, an avenue longer than the famed Champs-Elysees and home to the city's mansion district. Former dictator Nicolae Ceausescu's legacy includes the Parliament Palace (formerly called the People's Palace), which at 3.76 million square feet stands as the world's second largest building after the U.S. Pentagon.

Credit Unions in Romania

Prior to communism, credit unions—previously called savings credit and assistance associations—played an important role in providing financial and social services to their members.

In 1949, the government subordinated savings credit and assistance associations to trade unions, transferred their funds to state property and changed their names to casele de ajutor reciproc (mutual assistance societies), more commonly known as CARs (pronounced "char-ays"). The only service these communist era CARs were allowed to provide was small loans based on three times a member's total savings.

In 1996, World Council of Credit Unions received funding for a development project in Romania. CARs have since been transitioning into the free market economy and offering new services based on market-driven savings and lending services.

Due to European legislation requirements, a law regarding CAR activity was issued in 2006 that defines CARs as non-banking financial institutions. Consequently, they are not allowed to mobilize deposits.

There is more than one representative body for Romania's CARs. Under Romanian law, CARs are not required to affiliate. The Romanian Federation of Credit Unions (FEDCAR) is a WOCCU member.

To view Romanian credit union statistics, click here.