Opening a Bank account in Hungary

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:

1. Choose a bank: Research and select a bank that best suits your needs. Some popular banks in Hungary include OTP Bank, K&H Bank, Erste Bank, and CIB Bank (please view all banks here: https://en.wikipedia.org/wiki/List_of_banks_in_Hungary) Consider factors such as fees, services, and accessibility when making your decision.
2. Gather required documents: To open a bank account, you will need to provide identification documents such as a valid passport or ID, proof of address (for the owners and directors), and corporate documentation. Some banks may also require additional documents, such as proof of income or customer contracts.
3. Visit a local branch: Once you have gathered the necessary documents, visit a local branch of your chosen bank to open an account. It is advisable to make an appointment in advance to ensure a smooth process.
4. Complete the application process: During your appointment, a bank representative will guide you through the account opening process. You will need to fill out an application form and provide the required documents. The bank may also conduct a background check to verify your identity and financial history.
5. Deposit the minimum amount: Most banks in Hungary not require a minimum deposit to open an account. If so then this amount varies depending on the bank and the type of account you choose. Ensure you have the necessary funds available to meet this requirement.
6. Receive your account details and debit card: Once your application is approved, the bank will provide you with your account details, including your account number and IBAN. You will also receive a debit card, which you can use to access your funds and make transactions.
7. Register for online banking: To manage your account more efficiently, consider registering for online banking services. This will allow you to access your account, make transactions, and monitor your balance from anywhere with an internet connection.

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.