A Guide on Banks and Exchanges in Hungary
Posted date: 20 Jul 2022
A Hungarian bank account is required for anyone wishing to live in Hungary for an extended period of time. You may avoid the exorbitant fees charged by most foreign banks when withdrawing money or by using your debit card abroad this way. Furthermore, it is preferable to open a forint account instead of a foreign currency account because the latter has extremely high fees when transferring funds to a forint account. This article can assist you in setting up your first bank account and explain the banking in hungary.
Despite being a member of the European Union, Hungary is not a member of the EuroZone. The Hungarian Forint is Hungary's currency (HUF). Because the Hungarian Forint is not tied to the Euro, exchange rates fluctuate. In overseas markets, the forint is abbreviated as Ft and is known as HUF. From August 1, 1946, it has been Hungary's official currency.
Accounting, currency exchange, pension funds, insurance, and mortgages are only a few of the services offered by Hungarian banks. The banks with the most branches in Hungary are OTP, Raiffeisen, and ERSTE. It's vital to keep this in mind when making your decision because utilizing an ATM from another bank will cost you a lot more money. You might also want to see which banks have places near you so that you don't have to go too far when you need to withdraw money.
Hungarian banks have a ticket-based waiting system, so expect things to move a little slower than you're used to. There must be an option for an 'English speaker' ticket if you don't know Hungarian for banking in hungary. Higher numbers may be called before you because most branches have only one or two English-speaking employees.
You will have the opportunity to discuss account choices and fees before filling out the paperwork. At least one other staff member must sign, stamp, and cross-check every document. The entire procedure takes up to 30 minutes.
Your bank account should be established real soon, and you may even have access to online banking straight away. You may need to return to the bank to obtain your bank card, or it can be mailed to your address.
Almost anywhere in the country, credit and debit cards can be used to pay. This method of payment is accepted by the majority of stores, hotels, restaurants, supermarkets, and gas stations in the capital, as well as smaller establishments. However, in smaller shops and private establishments, you may only be able to pay in cash, so keep some cash with you at all times.
Tip: Some credit cards include insurance as a bonus feature, such as travel insurance while shopping with the card. For more information, you should contact the bank in hungary exchange.
A bank account card must be canceled as quickly as possible if it is stolen or misplaced.
Budapest has many exchange bureaus, particularly in the city center. The orange-branded Exchange offices in tourist locations will provide very poor rates, and you should avoid them at all costs. The best deal is generally found in a little exchange agency on a side street. It's best to double-check what you've been given right away because they don't take claims after that.
While it's best to avoid bank in hungary exchange offices near airports and train stations, be aware of individuals who offer higher rates outside of these locations. They are scammers who will hand you worthless counterfeit currency, non-Forint notes, or out-of-date Forint notes.
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GSP Admin
