Currency, Paying, Credit Cards
The official currency of Hungary is the forint (HUF).
Common paper bills are the 20,000, 10,000, 5,000, 1,000, 500 and 200 forint bills.
The coins come in 100, 50, 20, 10, 5. As of March 1, 2008 coins 2 and 1 are no longer
accepted.
If you want to exchange currency in Budapest, your best deal will probably be found
using your bank card at the ATM. (You may be charged for using your card outside of your
country by your Bank each time you withdraw cash.) You may also go to a bank or an
exchange point (you find those in all shopping centers). Exchange points generally
provide better exchange rates than banks. If you want to avoid the hassle of exchanging
money, you can also pay with your credit or banking card in most stores and restaurants.
Cash, Visa, MasterCard and American Express are accepted in most places. Also, POS
bank transfers are possible with the most common debit cards.
In general, you will be able to use most internationally recognized credit cards at larger
stores around town. But when you shop in smaller grocery stores and souvenir shops,
you might have to pay in cash.
The most common ways of paying rent and utilities in Hungary is pre-authorized bank
transfer, of postal checks.
Common paper bills are the 20,000, 10,000, 5,000, 1,000, 500 and 200 forint bills.
The coins come in 100, 50, 20, 10, 5. As of March 1, 2008 coins 2 and 1 are no longer
accepted.
If you want to exchange currency in Budapest, your best deal will probably be found
using your bank card at the ATM. (You may be charged for using your card outside of your
country by your Bank each time you withdraw cash.) You may also go to a bank or an
exchange point (you find those in all shopping centers). Exchange points generally
provide better exchange rates than banks. If you want to avoid the hassle of exchanging
money, you can also pay with your credit or banking card in most stores and restaurants.
Cash, Visa, MasterCard and American Express are accepted in most places. Also, POS
bank transfers are possible with the most common debit cards.
In general, you will be able to use most internationally recognized credit cards at larger
stores around town. But when you shop in smaller grocery stores and souvenir shops,
you might have to pay in cash.
The most common ways of paying rent and utilities in Hungary is pre-authorized bank
transfer, of postal checks.
Expatriates in Hungary tend to use the foreign-owned retail banks such as Magyar
Külkereskedelmi Bank Rt (MKB), or CitiBank Rt.
Most banks provide e-banking today in Hungary.
In a short time, about 30 minutes, you can open a Forint-based account or a USA dollar or
Euro account according to your needs, and it is likely that a minimum deposit will be
required.
In order to obtain a bank card, you will be asked to make an up-front deposit of Forint
50,000 or € 200.
Külkereskedelmi Bank Rt (MKB), or CitiBank Rt.
Most banks provide e-banking today in Hungary.
In a short time, about 30 minutes, you can open a Forint-based account or a USA dollar or
Euro account according to your needs, and it is likely that a minimum deposit will be
required.
In order to obtain a bank card, you will be asked to make an up-front deposit of Forint
50,000 or € 200.
Banking in Hungary
To open a bank account, you must present your passport and another identification
document (such as driver's license, tax card, etc.).
You can open a bank account either in foreign currency or in Hungarian forints. A bank
account in foreign currency can be opened with at least 100EUR.
A bank account in Hungarian forints can be opened with at least 100,000 HUF (about 400
EUR). This account bears interest - plus you can change your forints into other currencies
at any time.
A bank account in Hungarian forints can also be opened without a minimum amount, but
this kind of account bears no interest and you cannot change your forints in other
currencies at any time. There is also no bank card with this kind of account.
There are several banks that offer banking services in English.
No restrictions are known on services for those who are new to Hungary. On the other
hand, applying for credit can be challenging for a non-Hungarian citizen.
Banking hours: regular branches are usually open from 9 a.m. to 5 p.m. - Monday through
Thursday. On Friday, banks close earlier - usually at 3 or 4 p.m. With the exceptions of
some shopping mall bank outlets, Hungarian banks are not open Saturday. All banks are
closed on Sundays and on state holidays.
Automatic teller machines (ATMs)
ATMs are really common in Hungary and are accessible anytime. However, beware of
higher services charges for using ATMs that are not affiliated with your origin bank.
Traveler's checks may be cashed in banks, but are not accepted in shops. They may also
be exchanged at some downtown booths.
Bank Cards Over half of the population uses bank cards twice a month on average, almost
exclusively for cash withdrawals from their current accounts. By investing heavily in
information technology and using its extensive branch network, OTP (Hungarian-owned)
bank has become the market leader in this new, growing business with more than 40% of
all ATMs and bank cards issued in Hungary and more than 70% of all bank card
transactions.
You don't have to worry about buying Hungarian Forints ahead of time and carrying cash
on you. ATM machines are widely available in major cities, and you can use your Visa or
MasterCard.
Useful Links
To open a bank account, you must present your passport and another identification
document (such as driver's license, tax card, etc.).
You can open a bank account either in foreign currency or in Hungarian forints. A bank
account in foreign currency can be opened with at least 100EUR.
A bank account in Hungarian forints can be opened with at least 100,000 HUF (about 400
EUR). This account bears interest - plus you can change your forints into other currencies
at any time.
A bank account in Hungarian forints can also be opened without a minimum amount, but
this kind of account bears no interest and you cannot change your forints in other
currencies at any time. There is also no bank card with this kind of account.
There are several banks that offer banking services in English.
No restrictions are known on services for those who are new to Hungary. On the other
hand, applying for credit can be challenging for a non-Hungarian citizen.
Banking hours: regular branches are usually open from 9 a.m. to 5 p.m. - Monday through
Thursday. On Friday, banks close earlier - usually at 3 or 4 p.m. With the exceptions of
some shopping mall bank outlets, Hungarian banks are not open Saturday. All banks are
closed on Sundays and on state holidays.
Automatic teller machines (ATMs)
ATMs are really common in Hungary and are accessible anytime. However, beware of
higher services charges for using ATMs that are not affiliated with your origin bank.
Traveler's checks may be cashed in banks, but are not accepted in shops. They may also
be exchanged at some downtown booths.
Bank Cards Over half of the population uses bank cards twice a month on average, almost
exclusively for cash withdrawals from their current accounts. By investing heavily in
information technology and using its extensive branch network, OTP (Hungarian-owned)
bank has become the market leader in this new, growing business with more than 40% of
all ATMs and bank cards issued in Hungary and more than 70% of all bank card
transactions.
You don't have to worry about buying Hungarian Forints ahead of time and carrying cash
on you. ATM machines are widely available in major cities, and you can use your Visa or
MasterCard.
Useful Links
MNB (National Bank of Hungary)
www.nb.hu
CIB Bank (IntesaBCI Group)
www.cib.hu
Citigroup
www.citibank.com
Hungarian Foreign Trade Bank
www.mkb.hu
| banking, retail banks, international banking, e-banking, credit card, obtaining credit cards, visa, master card, mastercard international banking, bank transfer, cash withdrawal, ITM machines, bank cards, bank card transactions, foreign currency accounts |
Banking in Hungary
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