As a member of the European Union, Hungary is expected (based on the latest forecast of the Hungarian National Bank)to adopt the euro by 2030. Currently, the official currency is the forint (HUF or Ft), which is equivalent to £0.0025, $0.0031, or €0.0029 (check the daily conversion rates on xe.com or mnb.hu). Although euros can be spent in some tourist areas, change is typically given in forint. The Hungarian banking sector is overseen by the Magyar Nemzeti Bank (MNB), a member of the European System of Central Banks and the European System of Financial Supervision. The sector comprises 60 institutions, including 26 commercial banks, nine foreign bank branches, five mortgage banks, four building societies, three specialized banks, and 13 credit or saving cooperatives, totalling over 2,300 individual branches. Of course, the numbers are constantly changing.
Local banks generally provide services such as deposits and withdrawals, account management, overdrafts, credit services, online and mobile banking, savings accounts, and loan and mortgage services. ATM and mobile SMS services are also available, and some banks may offer travel insurance. The Hungarian Post Office provides banking, bill payment, and money transfer facilities as well.
While some Hungarian banks offers English language interface on their websites, not every page is fully translated. It may be preferable to visit a branch in person to fully understand their individual service offerings and charges. However, not all local branches employ English-speaking staff, so an interpreter may be necessary.
There are no restrictions for foreign residents wishing to open a Hungarian bank account, even for expats from outside the European Union (except for countries specifically under embargo). Some Hungarian banks will offer accounts in both forints and other currencies, such as the euro or US dollar. Opening an account within the country is mandatory for companies registered in Hungary.
To open a bank account in Hungary, you will need to follow these steps:
By following these steps, you can successfully open a bank account in Hungary and manage your finances with ease. Remember to keep your account information secure and regularly monitor your account activity to ensure your financial safety.
Please note that this information is for general informational purposes only and does not constitute an offer or solicitation. Company Express Kft is not authorized to recommend or facilitate any kind of banking services.