The business for the transfer of foreign currency to and from Romania has gained such importance that banks are no longer waiting for major money transfer companies to come to Romania, but are establishing their own companies or associating themselves with giants already present on the local market. MoneyGram Payment Systems, Western Union, Smith&Smith, Money Exchange Company or Dollar Expres are just a few of the companies handling rapid money transfers. The market is dominated by the two giants, MoneyGram and Western Union, who together claim 75 percent of money transfers to and from Romania, according to market analysts. On the whole, market shares have already been established, and surprises could come only from the expansion of banking networks with whom these companies are working.
According to studies by the Central Bank, 55 percent of Romanians opt for rapid money transfers, 40 percent for bank transfers, and 5 percent prefer sending money through someone.
