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Hungary – Banking

Hungary is a country in Central Europe with a well-developed banking system. There are many local and international banks operating in Hungary, offering a range of products and services to both residents and non-residents. In this article, we will discuss the main local banks in Hungary, whether major UK and USA banks have a presence in Hungary, accounts and services specifically aimed at expats, typical bank opening hours, any specific areas of concern, and how to open a bank account in Hungary.

Local banks in Hungary

There are many local banks in Hungary, with the three largest banks being:

International banks in Hungary

There are several major UK and USA banks that have a presence in Hungary, including:

Accounts and Services for Expats

Most banks in Hungary offer accounts and services specifically aimed at expats. These services can include multilingual support, assistance with setting up a new account, and specialized products designed to meet the needs of non-residents. Some banks may also offer expat-specific savings and investment products.

Specific Areas of Concern in Hungary

One area of concern for expats in Hungary is the prevalence of hidden fees and charges. It’s important to carefully review the terms and conditions of any bank account or service you are considering, and to ask questions about any fees that may apply. Additionally, while Hungary is a member of the European Union, it does not use the euro as its currency. Instead, the Hungarian currency is the forint (HUF), so expats may need to be aware of exchange rates and potential currency conversion fees.

Opening a Bank Account

Opening a bank account in Hungary is generally a straightforward process. Follow these steps:

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  1. Research different banks and compare their account offerings to determine which one best meets your needs.

  2. Once you’ve chosen a bank, visit a branch location in person to begin the account opening process. Some banks may also allow you to open an account online.

  3. To open a bank account, you will typically need to provide the following documents:

  • Valid passport
  • Proof of address (e.g. utility bill, rental agreement)
  • Hungarian tax identification number (you can obtain this from the Hungarian Tax and Customs Authority)
  1. Depending on the bank, you may also need to make an initial deposit to open the account.

  2. Once your account is open, you will typically receive a debit card and instructions for accessing online banking services.

Overall, opening a bank account in Hungary is generally a simple process as long as you have the necessary documentation and a basic understanding of the local banking system.