Banking
Although Hungary is part of the European Union, not part of the EuroZone. The official currency of Hungary is the Hungarian Forint (HUF). The Forint is not pegged to the Euro so exchange rates vary (follow exchange rates here). Some stores now accept the euro as well, but the change back is always received in HUF, usually exchanged at a rate significantly worse than at exchange offices. A wealth of currency exchange offices available in all major cities for cash exchange. However, there are several digital and online banks available for HUF currency at better exchange rates.
There are several banks in Hungary in which foreigners can easily open an account. The biggest ones, according to the number of branches, include OTP Bank, K&H Bank, Erste Bank, Budapest Bank and CIB Bank.
In most cases, you will need the following to open a bank account in Hungary:
- ID or passport.
- Address card or proof of address such as an apartment lease contract.
- Residence permit or work visa (if outside of the EU).
Opening a bank account usually happens in person, however, in some cases, banks offer the opportunity to open the account via video call. For further information, visit the links of mentioned banks in Hungary.
Hungarian banks provide a comprehensive range of banking services, including account management, currency exchange, pension funds, insurance and mortgages. Banking in Hungary is not free of charge, depending on the type of account of your choice, you are required to pay an opening fee, bank card fee and account management fee. It is important to consider that ATM usage is also only free of charge to a limited amount and it varies by bank. All major banks provide internet banking services for simple easy handling of finances.